Posted on 07/13/2015 3:47:47 PM PDT by Jan_Sobieski
...Mr. Obama’s mission to destroy America’s economy is complete. The damage he has done is irreversible. The dollar is history. The American economy is going down, and soon.
The posh commentators say the collapse will be gradual rather than sudden. But few are now predicting there will not be collapse at all. Here are just some of the pointers. First and foremost, U.S. public debt is $18.3 trillion. By the time Mr. Obama leaves the White House late next year, he will have doubled it in a single “presidency.” On top of that, Uncle Sam has unfunded liabilities of at least $100 trillion – Medicare, Medicaid, Freddie Mac, Fannie Mae, Social Security and so forth.
Partly as a result of all that debt, and partly through scandalous mismanagement, the U.S. Federal Reserve Bank is insolvent – insolvent even though it has robbed the citizen blind by reducing the value of the dollar to just 4 cents compared with what it would buy when the Fed was founded a century ago.
At book value, the Fed pretends to be solvent, but that is because it accounts for its assets at cost and not at today’s market price. The Fed has $60 billion in capital, about twice that in total assets, and $4.5 trillion in liabilities. Its average leveraging was around 40:1 over the past half-century. Now it is leveraged at more like 80:1. That kind of leveraging among the private banks was what brought about the crash of 2008.
[...]
To quote Margaret Thatcher again, socialism is all very well until other people’s money runs out. Other people’s money has now run out. Expect trouble ahead...
(Excerpt) Read more at wnd.com ...
I read those articles too, and yeah, it did happen.
Part of the reason we can’t pay those unfunded mandates now, is because we have well in excess of 40 million people out of work. Add in welfare recipients who could work and we may be approaching 75 to 100 million people.
Not only would we not have to pay those folks each month, we would have tax revenues coming in.
Granted the unfunded mandate programs need to be re-organized.
We need to retire those with something better. With people working they can pay their own retirements.
I do think there will have to be a structured government involvement, but there’s no reason people can’t retire by 50-55 years of age with enough money to live as long as they want, if it is structured properly.
This doesn’t mean the government could abuse the funds as it does today. Those funds would be placed in a structured interest bearing account. Loans to participants would also earn interest.
In 30 years, the government could just about be out of the Social Security and Medicare business for good. There goes your unfunded mandates and a much happier and more successful live for our citizens.
Start paying off the debt now. Start allowing and assisting individuals set up their own retirement funds while still supporting the old system to an extent. Then phase it all out.
Wage earners now would have to fund their own retirements and a portion of the old system too, but even doing that they would retire at a much better position than those on SS today.
That would wind up a win/win.
Well, that was bleak. Monckton is no chicken little and it is very sobering to hear our peril put so succinctly. Even if you are wise and turn your paper money into tangible assets how can you ever stop governments from stealing everything you have once the crash hits.
“To clean up welfare would see riots of millions and millions who now and forever need it to survive”
Sooner or later welfare is going to end. It has to. If it happens in your lifetime you better be ready.
I don’t think it would be popular with the welfare recipients. Too bad.
Let them riot. Put it down. They’ll get over it now or in a generation or two if need be.
The nation is more important than those free-loaders.
Look, the harsh reality is, welfare has not worked. It doesn’t loft people. It makes them dependent.
End it.
I have toyed with the length of time to phase it out over. I started at 24 months, but 48 may be more workable.
On the first month you get 23/24ths or 47/48ths of what you used to get. Each month it declines. In 24 to 48 months, welfare as we have know it would be over.
At the same time, give incentives to businesses to bring jobs back from overseas and employ people.
I would toy with the idea of developing housing at cost, that the occupant could buy. Having a vested ownership and equity, they would take better care of it.
Any crime emanating from these areas would be dealt with harshly. If our prisons became too full, I’d toy with the idea of an area where you would send these people to live with like minded animals. Put massive security in and let them tough it until they didn’t feel like being a public hazard again. If they wanted to spend their life in these areas, fine. The populace would be safe.
I would set up a RICO situation with every gang in the United States, with the goal of destroying them and that culture in five years.
Wire taps, raids, confiscations, drugs, guns... just end it. Get serious and do it.
Folks, this last paragraph is directed at hardened gang related people, and would only take place inside strict guidelines associated with ending gang activity.
These people would become a contributing part of society, or in essence die. They would be incarcerated in an outdoor setting with heaters, food, and facilities.
Anyone screwing around in there, would be subject to capital punishment.
The days of the hoodlums running the asylum would be over.
We’ve coddled these people for too long. There’s nothing that says we have to coddle them. End it.
Russia and China are now dumping U.S. Treasuries on the market by the sackful. They know America is going down, and they are getting out in good time.People have been saying for years that this is the harbinger of the collapse of the US economy. I really have no hope that it can be avoided. Americans brought this on themselves by electing the satanic beast known as obama.
bump
I think the markets will hold just long enough for the Republicans to get their man in office and then the damn will break. It will ALL be the Republicans fault of course. AND it will also be followed by some attack or event that is even more devastating.
That is my prediction and I will not back down from it.
Most of the outlays of the Federal Criminal Enterprise is dispensing ‘free’ money to senior citizens via Social Security and Medicare. Throw in WIC, welfare, free this, free that to any voting minority and you wind up with an intractable problem. Let’s not even bring up Federal and state underfunded pensions, a military that we can’t afford and some 2 or 3 million Federal Criminal Enterprise employees who are incapable of doing any kind of work other than filling out a weekly status report and what do you have - a rotting corpse of a once great country. The best we can hope for is a new Dark Ages.
It can be reversed. Anything done so far can be undone.
Bush, Christie, and Rubio lack the guts or the patriotism to do it, but a real American like Cruz or Walker could completely reverse the damage. A conservative could completely repeal Obamacare. A conservative could completely repeal almost every federal firearms law.
A conservative could cut real spending by 5% or 10% a year until we get back to a reasonable budget. A real conservative could nominate strict constructionists to the expected 4 Supreme Court openings coming in the next eight years.
I'm prepared if we get stuck with a big government liberal (whether a RINO or Hillary), but I am not ready to give up. Yet.
I paid into SS all my life. If it had been a private account, I would be getting a larger income. You need more education on this subject.
We shall see.
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