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“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said. “You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”Schiff says that, despite “phony” signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed’s never ending money printing.…According to Schiff, these numbers are unsustainable. And the Fed has no credible “exit strategy.”Eventually interest rates will rise… and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.…“The crisis is imminent,” Schiff said. ”I don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”“We’re broke, Schiff added. ”We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.”…“The Fed knows that the U.S. economy is not recovering,” he noted. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”A noted economist, Schiff has been a fierce critic of the Fed and its policies for years. And his warnings have proven to be prophetic.…His recent warnings, however, have been even more alarming. Will they also prove to be true?In his most recent book, “The Real Crash” How to Save Yourself and Your Country“, Schiff writes thatwhen the “real crash” comes,” it will be worse than the Great Depression.Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, “wiping out all savings and sending consumer prices into the stratosphere.”…“All we can do now is prepare for the crash,” Schiff said. “If we brace ourselves properly and control the impact, we will survive it.”
President James Madison
Truth is most people don’t realise that the issuing of money is essentially a private business, and that the privilege of issuing money has been a major bone of contention throughout history
In 43 years, 147 banking crises around the world, and even including ridiculous banana republics and tinpot dictatorships, it seems it is only in Cyprus that they actively stole depositor money.*
In some cases (as in Iceland) depositors did lose money on bigger, uninsured deposits because banks went bust and were liquidated ... but that seems quite different from actively stealing the depositor money to re-support the bad banks or to pay off some big creditors - like the European Central Bank - which yet continue to grab Cypriot funds.
Why did the EU-ECB-IMF steal the depositor money, when even internal troika memos said this could set off disastrous euro contagion?
Several theories are out there:
(1) It is a scheme to frighten depositors around the world into spending or investing their uninsured deposits. This is supported by the sudden near-simultaneous 'leaks' of possible deposit confiscations in New Zealand, Canada, Switzerland, the US and UK.
(2) It is a desperate last-ditch scheme to prop up the petro-dollar, i.e., the US dollar as reserve currency, which is at death's door as the BRICS and half the world join bi-lateral trade agreements by-passing the dollar. As IMF chief Lagarde (worked for big American law firm) and Angela Merkel (husband works for US Pentagon companies) are both American agents, they pushed this scheme onto the EU, not caring about damage to Europe. France was so angry at this they sent police to raid Lagarde's apartment.
(3) The EU 'project' of a grand united Europe is collapsing, so the final EU 'Hail Mary' play is to catastrophically destroy the EU banking system by creating pan-European bank runs, such a huge 'crisis' they hope this will finally lead to the 'United States of Europe' against all popular wishes.
(4) The Germans, Dutch and other North Europeans are so anally-obsessive about limiting their own taxpayer losses they idiotically blind themselves to the destruction of Europe they are causing.
(5) It is a test of how much theft people will submit to, like the theft of billions of customer funds in the US in the MF Global, Peregrine Financial and Sentinel cases ... with all legal avenues blocked, and America's owners of 300 million guns remaining passive.
(6) It is part of the general ramping toward global cataclysm, World War III, etc.
How can Americans ever be expected to reverse the slide into debt-slavery if real wages are stagnating? Even when using the official government inflation numbers which understate the real level of price inflation (CPI-W until 2009 and CPI-U from 2010) real wages in America have been flat at best since 2008.
Did you notice the mysterious vertical jump in the data series between December 2009 and January 2010? It was here when the government changed the inflation index it uses to calculate real wages from the CPI-W to the CPI-U. This change from one bogus number to a different bogus number resulted in an instant jump in real wages - further distancing the illusion from reality. Why are no mainstream economists telling us about this?
This arbitrary change in the inflation formula used to compute real wages is a great example of how government numbers do not reflect real economic activity. In reality, these numbers are completely meaningless in the real world. These numbers only have value in the illusionary matrix created by the Intellectual Idiots and the central planners for us to live in. It is smoke and mirrors to hide the ongoing failures of the central planners and the Intellectual Idiots advising them.
- S&P is at highs but the real economy has not recovered
- Rates at 0% is indicative of a recession or maybe a depression
- middle class jobs have not returned signals an economy in trouble
- and that these the three put together is a major problem
- it is impossible to borrow your way out of debt...
- or spend your way to prosperity
- our representatives in Washington do not think the rules of mathematics do not apply to them
- very few people understand the power of the exponential curve
- and recognizing it when its right in front of you (national debt)
- that this system puts our kids in jeopardy (owing $350,000 at the age of 4)
- most people think these problems are so far off in the future that it is senseless to worry about them now
- they are wrong
- See Something, Say Something should be applied to our government - we should tell our neighbors what our government is doing
- Nikita Kruschev had at least one thing right, politicians are the same all over, "they promise to build a bridge even where there is no river."
- Leadership starts at the top (and drops off fast from there) - and you gotta call them on their bullshit (Bush abandoning free-markets to save free markets & Obama 'stopping these ridiculous wars' and still fighting them 5 years late)
- It is wrong that the Attorney General openly admits that large banks are 'too big to jail'
- It's wrong when guys in suits and ties get off easy (Cassano, Corzine, Mozilo), yet organic farmers and young entrepreneurs have their business closed down and lives ruined - so the Justice Department can send a message that noone is above the law.
- The greatest trick the world's central bankers ever pulled was convicing you they were on your side.
- That Cyprus will not be able to live up to the terms of the latest bailout, and
- It won't be long before the ECB comes back for round 2
- Once the confidence in fiat currency is gone, its over...
- It's still a beautiful world, and that
- Most people want the same things in life, to be left alone to make their own decisions and live life the way they see fit
- It is better to deserve honors and not have them, than to have honors and not deserve them...
Our official national debt stands at $16.6 trillion. In 2008, the national debt was around $10 Trillion, meaning, we’ve added over $6 trillion in only 5 years. (Gee, is it possible that this has pissed Americans off more than Obama’s ethnicity?)
Real national debt including entitlement programs and future obligations is estimated between $60 Trillion and $120 Trillion.
Our official debt to GDP ratio (the amount of capital our country generates versus what it owes) stands at 102%. Historically, when a country crosses the 100% mark in its debt to GDP, there is a marked chance of economic crisis. If you count all of the programs and entitlements that the Federal Government doesn’t include in its “official” arithmetic, our debt to GDP ratio is actually closer to 400%. This means an economic crisis is ASSURED.
The Labor Department, using what they call “adjusted numbers” places unemployment at 7.9%. Real unemployment including U6 measurements (those people who are underemployed, and those people who have been unemployed for so long they no longer receive benefits and are no longer counted by the government) stands at over 20%.
In 2009, 32 million Americans were enrolled in food stamps. Today, that number has grown to 48 million. That’s a 50% increase in only 4 years.
The number of people on standard disability has hit a record of 9 million, and has grown every month for the past 192 months.
Today, China has announced a full blown transition into a consumer based economy and has established bilateral trade agreements with enough developing nations to easily replace the U.S. as an export market.
This past month, China announced a massive “urbanization project” in which they will sell over $6 trillion in Yuan denominated bonds worldwide. China has also surpassed the U.S. for the first time ever as the world’s largest trade market, meaning, the Yuan will now be more sought after than the Dollar as a global trade mechanism. The Chinese are nearly ready to dump the dollar, causing an international chain reaction that will brutally devalue our currency.
I think our economic worries are clearly reasonable…
3) Because We Are
In the calm before any great war, there is always an escalation of arms on both sides of the conflict. Anyone who has carefully studied the history of modern warfare KNOWS an escalation when they see one. At the same time, anyone who has studied the history of citizen disarmament knows that government restriction and confiscation of personal firearms almost always leads to genocide. Over the past decade, we have seen blatant indications that domestic agencies of the Federal Government are in the midst of arms stockpiling, and, in the past two months, they are pushing harder than ever before to reduce the defensive capabilities of the American public.
The Department Of Homeland Security has in only a few years placed orders for ammunition totaling at least 1.6 billion rounds, and new orders indicate they may be accumulating over 2 billion rounds. The DHS has initiated a disinformation campaign through the mainstream media claiming that this ammunition stockpile, which is to be delivered over the course of five years, is for “training purposes only”. Here is the reality…
First, by the department’s own numbers, training and qualification exercises taking place in three facilities nationwide use a total of 15 – 20 million rounds of ammo yearly. This means that if the DHS claims are true, they have ordered enough ammo to last a minimum of 75 years! No government agency plans this far ahead.
Second, the DHS and most federal and state law enforcement agencies DO NOT use hollow point pistol ammo and expensive Sierra Match King hollow point sniper rounds for “training”. Anyone who knows anything about combat simulation training knows that you use the cheapest plinking ammo you can find, and this includes the government. The ammo purchased by the DHS is used for one thing only; killing people.
Bottom line is that we have lived beyond our means by use of debt for some time now. Now that we are using one credit card to, not only spend with but to pay off our other credit cards, that avenue is about to vanish. What is left is the cold hard reality of our financial position, which is not that great. Expect about a 40 to 50% reduction in living standards all around as the debt pyramid collapses and we are forced to once again produce what we consume. The good news is that we are relatively blessed with abundant natural resources. So not the end of the world, but definitely an unpleasant adjustment.
Gun control means control. It means control for the government and the government starts controlling the people.
Arms are the only true badge of liberty. The possession of arms is the distinction of a free man from a slave. -Andrew Fletcher, 1698
Never Forget, even for an instant, that the one and only reason anybody has for taking your gun away is to make you weaker than he is, so he can do something to you that you wouldn't allow him to do if you were equipped to prevent it. This goes for burglars, muggers, and rapists, and even more so for policemen, bureaucrats, and politicians.
Liberty is a well-armed lamb contesting the vote.
-Benjamin Franklin, 1759
On August 31, 2008, the combined value of the balance sheets of the
US, UK, ECB, Germany, France, China, and Switzerland stood at $8.16 trillion.
By October 31, 2011, that total had reached $15.05 trillion. In other words,
it took eight central banks about five years to fabricate the equivalent value of
6,000 years' worth of gold production and since then, they have added another
couple of trillion dollars...."Isn't it ironic how one can fall off a cliff and still manage to hit the ceiling?"
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