Apr 13

- Social Security, Treasury target taxpayers for their parents’ decades-old debts (Washington Post, April 10, 2014):

A few weeks ago, with no notice, the U.S. government intercepted Mary Grice’s tax refunds from both the IRS and the state of Maryland. Grice had no idea that Uncle Sam had seized her money until some days later, when she got a letter saying that her refund had gone to satisfy an old debt to the government — a very old debt.

When Grice was 4, back in 1960, her father died, leaving her mother with five children to raise. Until the kids turned 18, Sadie Grice got survivor benefits from Social Security to help feed and clothe them.

We do the math on the Obama administration’s surprising claim about for-profit education programs
Now, Social Security claims it overpaid someone in the Grice family — it’s not sure who — in 1977. After 37 years of silence, four years after Sadie Grice died, the government is coming after her daughter. Why the feds chose to take Mary’s money, rather than her surviving siblings’, is a mystery.

Continue reading »

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Jan 02

- Retirement Unlikely For Many Blue-Collar Americans (Dec 31, 2013):

WASHINGTON – Tom Edwards grew up in a family that’s been cutting trees and hauling timber in the Pacific Northwest for more than a century. The Spanaway, Wash., resident says he has worked as a logger since he was a kid — it’s just what an able-bodied youngster was expected to do.

Now, at 53, with business in a slump and little money in savings, he’s pessimistic about his chances of retiring.

“It’s never going to happen. By the time I reach retirement age, there won’t be Social Security. There’s not going to be any money,” Edwards said. “I’ll do like my father did: I’ll work ’til I die.”

Continue reading »

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Nov 24

- Killing The “We Paid Our Taxes; We Earned Our Benefits” Social Security Ponzi Meme ( Ludwig von Mises Institute,, Nov 22, 2013):

“We paid our Social Security and Medicare taxes; we earned our benefits.” It is that belief among senior citizens that President Obama was pandering to when, in his second inaugural address, he claimed that those programs “strengthen us. They do not make us a nation of takers.”

If Social Security and Medicare both involved people voluntarily financing their own benefits, an argument could be made for seniors’ “earned benefits” view. But they have not. They have redistributed tens of trillions of dollars of wealth to themselves from those younger.

Social Security and Medicare have transferred those trillions because they have been partial Ponzi schemes.

Continue reading »

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Oct 08

- Social Security Warns Benefits Could Get Cut (Wall Street Journal, Oct 7, 2013):

The Social Security Administration has begun warning the public it cannot guarantee full benefit payments if the debt ceiling isn’t increased.

When asked by the public, the agency is notifying beneficiaries that “Unlike a federal shutdown which has no impact on the payment of Social Security benefits, failure to raise the debt ceiling puts Social Security benefits at risk,” according to a person familiar with the agency directive.

Continue reading »

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Jul 22

- Insolvent Spain Forced To “Borrow” From Social Security Fund To Pay Pensions (ZeroHedge, July 22, 2013):

Spain’s slow-motion implosion into an insolvent singularity has been one of the most amusing sideshows for over a year. The chief reason for this is the sheer schizophrenic and absurdist polarity between the sad reality, visible to everyone, and the unprecedented propaganda by the government desperate to paint a rosy picture. While on one hand the economic data shows very clearly the painfully obvious sad ending for this chapter of European integration, it continues to be punctuated almost daily by such amusing confidence games as Spain’s Economy Minister de Guindos telling anyone who cares to listen that the labor market is improving “beyond the seasonal pick up” and that Q2 GDP would be close to zero (because 0% GDP is the new killing it). That’s the good news.  The bad news is that as Reuters reports, and contrary to fairy tales of unicorns and soaring 0% GDP, Spain’s government is so insolvent, it was just forced to “borrow” from its social security reserve to fund pension payments.

From Reuters:

Spain tapped its social security reserve fund for the second time in a month on Monday, the Labour Ministry said, to help with extra summer pension payments as unemployment and retirement costs deplete government funds.

The government turned to the fund for 3.5 billion euros ($4.6 billion) on July 1 then for a further 1 billion euros on Monday. Spanish pensioners receive two cheques in summer and two over the Christmas holidays.

Continue reading »

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May 26

- 40 Statistics About The Fall Of The U.S. Economy That Are Almost Too Crazy To Believe (Economic Collapse, May 26, 2013):

If you know someone that actually believes that the U.S. economy is in good shape, just show them the statistics in this article.  When you step back and look at the long-term trends, it is undeniable what is happening to us.  We are in the midst of a horrifying economic decline that is the result of decades of very bad decisions.  30 years ago, the U.S. national debt was about one trillion dollars.  Today, it is almost 17 trillion dollars.  40 years ago, the total amount of debt in the United States was about 2 trillion dollars.  Today, it is more than 56 trillion dollars.  At the same time that we have been running up all of this debt, our economic infrastructure and our ability to produce wealth has been absolutely gutted.  Since 2001, the United States has lost more than 56,000 manufacturing facilities and millions of good jobs have been shipped overseas.  Our share of global GDP declined from 31.8 percent in 2001 to 21.6 percent in 2011.  The percentage of Americans that are self-employed is at a record low, and the percentage of Americans that are dependent on the government is at a record high.  The U.S. economy is a complete and total mess, and it is time that we faced the truth.

The following are 40 statistics about the fall of the U.S. economy that are almost too crazy to believe… Continue reading »

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May 18

- Auditing The IRS: “Is There Any Limit To The Scope Where You Folks Can Go?” (ZeroHedge, May 18, 2013):

While it does have all the impromptu genuineness of a made for C-Span soap opera, the following exchange between Rep. Mile Kelly (PA) and the IRS’ commissioner Miller was the highlight of yesterday’s grilling of the IRS by the House Ways and Means committee, because rehearsed or not, it does capture the prevalent sentiment the US public harbors not only toward its tax collectors, but the government in general.”

The IRS can do almost anything they want to anybody they want any time they want. This is very chilling for the American people…. This is a Pandora’s box that has been opened. The American people should be outraged and they are. This has nothing to do with political parties – this has to do with highly targeted groups. This reconfirms everything that the American public believes. This is a huge blow to the faith and trust the American people have in their government. Is there any limit to the scope of where you folks can go? Is there there any question that you should have asked: how much money do you have in your wallet, who do you get emails from, whose sign do you put up in your front yard: this ia tax question? The fact that you all can do just about anything you want to anybody: you can put anybody out of business any time you want…. I think the American people have seen what’s going on right now in the their government. This is absolutely an overreach and this is an outrage for all Americans.

And while contemplating these questions, let’s make government even bigger, and also why has that pesky Second amendment not been overturned yet?

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Apr 06

- Obama seeks deal, proposes cuts to Social Security (AP, April 5, 2013):

WASHINGTON (AP) — Seeking an elusive middle ground, President Barack Obama is proposing a 2014 budget that embraces tax increases abhorred by Republicans as well as reductions, loathed by liberals, in the growth of Social Security and other benefit programs.

The plan, if ever enacted, could touch almost all Americans. The rich would see tax increases, the poor and the elderly would get smaller annual increases in their benefits, and middle income taxpayers would slip into higher tax brackets despite Obama’s repeated vows not to add to the tax burden of the middle class. His proposed changes, once phased in, would mean a cut in Social Security benefits of nearly $1,000 a year for an average 85-year-old, smaller cuts for younger retirees.

Continue reading »

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Mar 21

- Chief Actuary for SS – Raid the Retirement Fund! (ZeroHedge, March 20, 2013):

Stephan Goss, the chief actuary for Social Security (SS) provided a detailed report on the status of the SS Disability Fund (DI) to the House of Representitives. The short story is that DI is going bust in a few years. The options to fix this problem were spelled out in the report. The extremes of the required “fix” range from an immediate cut in DI benefits of 16%, or an increase in DI payroll taxes of 20%.

Nothing new there. But, there is aPlan B” for the DI Fund. The solution is to raid the SS Retirement Fund for the deficits at DI: Continue reading »

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Mar 10

- Have Americans Given Up on Saving for Retirement? (TIME, March 7, 2013):

In the wake of the Great Recession, retirement-minded Americans are feeling an unprecedented amount of futility. They are undersaved and — worse — see little reason to do anything about it.

That’s the alarming conclusion in a new report from the Deloitte Center for Financial Services, which found that 60% of preretirees believe health care costs will consume their savings no matter how much they save. Similarly, 39% believe investment returns won’t be high enough to provide decent retirement income regardless of how much they manage to put away.

Deloitte found exasperation at every turn: 58% don’t have a retirement plan; nearly 40% don’t know what an annuity or mutual fund is; and 20% expect to rely purely on Social Security for their retirement needs. More than half don’t trust anyone’s advice.

Continue reading »

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Jan 18

- Do You Want To Scare A Baby Boomer? (Economic Collapse, Jan 17, 2013):

If you want to frighten Baby Boomers, just show them the list of statistics in this article.  The United States is headed for a retirement crisis of unprecedented magnitude, and we are woefully unprepared for it.  At this point, more than 10,000 Baby Boomers are reaching the age of 65 every single day, and this will continue to happen for almost the next 20 years.  The number of senior citizens in America is projected to more than double during the first half of this century, and some absolutely enormous financial promises have been made to them.  So will we be able to keep those promises to the hordes of American workers that are rapidly approaching retirement?  Of course not.  State and local governments are facing trillions in unfunded pension liabilities.  Medicare is facing a 38 trillion dollar shortfall over the next 75 years.  The Social Security system is facing a 134 trillion dollar shortfall over the next 75 years.  Meanwhile, nearly half of all American workers have less than $10,000 saved for retirement.  The truth is that I was being incredibly kind when I said earlier that we are “woefully unprepared” for what is coming.  The biggest retirement crisis in history is rapidly approaching, and a lot of the promises that were made to the Baby Boomers are going to get broken.The following are 35 incredibly shocking statistics that will scare just about any Baby Boomer… Continue reading »

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Jan 13

- The Social Security System Is Already Broke (ZeroHedge, Jan 12, 2013)

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Jan 11

- The Federal Government Hands Out Money To 128 Million Americans Every Month (Economic Collapse, Jan 10, 2013):

The number of Americans receiving money directly from the federal government has grown from 94 million in the year 2000 to over 128 million today.  A shocking new research paper by Patrick Tyrrell and William W. Beach contains that statistic and a whole bunch of other very revealing numbers.  According to their research, the federal government hands out money to 41.3 percent of the entire population of the United States each month.  Overall, more than 70 percent of all federal spending goes to what they call “dependence-creating programs”.  It is the most massive wealth redistribution scheme in the history of the world, and it continues to grow at a very rapid pace with each passing month.  But can we really afford this?  Of course we never want to see a single person go without food to eat or a roof to sleep under, but can the federal government really afford to support 128 million Americans every month?  If millions more Americans keep jumping on to the “safety net” each year, how long will it be before it breaks and it is not there for anyone?  The federal government is already drowning in debt.  This year the U.S. national debt will easily blow past the 17 trillion dollar mark and we are rapidly heading toward financial oblivion.  We are stealing more than 100 million dollars from our children and our grandchildren every single hour of every single day with no end in sight.  If we don’t get our finances in order as a nation, what will the end result be? Continue reading »

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Dec 20

- An Hour In The Company Of Kyle Bass (ZeroHedge, Dec 19, 2012):

Last year’s AmeriCatalyst interview with Kyle Bass provided much more color than the normal 30-second soundbites that we are subjected to when serious hedge fund managers are exposed to mainstream media. This year, Bass was the keynote speaker and in the following speech (followed by Q&A), the fund manager provides 60 minutes of eloquence on the end of the grand experiment and its consequences. From Money Printing and Central Bank Balance sheets to Japan and the psychology of the current situation – which in many cases trumps the quantitative data – the question remains, “when will this unravel” as opposed to “if?”; Bass provides his fact-based heresy against the orthodoxy of economic thought “On The Financial Nature Of Things” extending well beyond his recent note. Must watch (there’s no football or X-Factor on tonight).

Make sure to stay tuned to the last 2 minutes when Kyle succinctly sums up our society…


YouTube

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Nov 27

From the WSJ article:

“The actual liabilities of the federal government—including Social Security, Medicare, and federal employees’ future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.”

But wait it gets worse:

FLASHBACK:

- US National Debt At $14 Trillion? Try $211 Trillion!!! (NPR, August 6, 2011):

“If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.”

- Prof. Kotlikoff: ‘The US is bankrupt’, Government Debt At $200 Trillion – 840 Percent of Current GDP (The Globe And Mail, Oct 27, 2010):

Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

And again, prepare for total collapse.


- Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt (Wall Street Journal, Nov 26, 2012):

Hiding the government’s liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can’t.

A decade and a half ago, both of us served on President Clinton’s Bipartisan Commission on Entitlement and Tax Reform, the forerunner to President Obama’s recent National Commission on Fiscal Responsibility and Reform. In 1994 we predicted that, unless something was done to control runaway entitlement spending, Medicare and Social Security would eventually go bankrupt or confront severe benefit cuts.

Eighteen years later, nothing has been done. Why? The usual reason is that entitlement reform is the third rail of American politics. That explanation presupposes voter demand for entitlements at any cost, even if it means bankrupting the nation.

A better explanation is that the full extent of the problem has remained hidden from policy makers and the public because of less than transparent government financial statements. How else could responsible officials claim that Medicare and Social Security have the resources they need to fulfill their commitments for years to come? Continue reading »

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Oct 18


- Judge Napolitano on Social Security: ‘If It’s Not a Ponzi Scheme, I Don’t Know What Is’ (FOX News, Oct 17, 2012):

The cost of living increase for Social Security recipients will go up by 1.7% next year, one of the smallest jumps since the automatic adjustment for inflation was adopted in 1975.Never hesitant to express a strong opinion on the role of the federal government, Judge Andrew Napolitano weighed in on the current state of the Social Security system this morning on Fox Business Network.

First going back through the history of the Social Security law, Napolitano said, “The money that is deducted from our pay here every week is spent immediately by the federal government. But the money that is paid to our parents and grandparents is borrowed. So, if that’s not a Ponzi scheme, I don’t know what is.”

The judge credited Rep. Paul Ryan for at least addressing the unsustainability of the current system in his budget proposal.

He summed up the state of the entitlement system and the tough decisions that will eventually have to be made by saying, “There are too many people dependent on the federal government and now the federal government is about to run out of cash. What do we do?”

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Sep 19

- The Federal Reserve Is Systematically Destroying Social Security And The Retirement Plans Of Millions Of Americans (Economic Collapse, Sep 18, 2012):

Last week the mainstream media hailed QE3 as the “quick fix” that the U.S. economy desperately needs, but the truth is that the policies that the Federal Reserve is pursuing are going to be absolutely devastating for our senior citizens.  By keeping interest rates at exceptionally low levels, the Federal Reserve is absolutely crushing savers and is systematically destroying Social Security.  Meanwhile, the inflation that QE3 will cause is going to be absolutely crippling for the millions upon millions of retired Americans that are on a fixed income.  Sadly, most elderly Americans have no idea what the Federal Reserve is doing to their financial futures.  Most Americans that are approaching retirement age have not adequately saved for retirement, and the Social Security system that they are depending on is going to completely and totally collapse in the coming years.  Right now, approximately 56 million Americans are collecting Social Security benefits.  By 2035, that number is projected to grow to a whopping 91 million.  By law, the Social Security trust fund must be invested in U.S. government securities.  But thanks to the low interest rate policies of the Federal Reserve, the average interest rate on those securities just keeps dropping and dropping.  The trustees of the Social Security system had projected that the Social Security trust fund would be completely gone by 2033, but because of the Fed policy of keeping interest rates exceptionally low for the foreseeable future it is now being projected by some analysts that Social Security will be bankrupt by 2023.  Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years.  Yes, you read that correctly.  The collapse of Social Security is inevitable, and the foolish policies of the Federal Reserve are going to make that collapse happen much more rapidly. Continue reading »

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Sep 06

Related info:

- Homeland Security To Purchase ANOTHER 750 MILLION Rounds Of Ammo … In Preparation For All-Out Civil War

- DHS Buys Enough Ammo To Wage Seven-Year War Against The American People



YouTube Added: 05.09.2012

Description:

First it was the Department of Homeland Security, then it was the National Oceanic and Atmospheric Administration, and now the Social Security Administration is set to purchase 174,000 rounds of hollow point bullets that will be delivered to 41 locations across the country.

A solicitation posted by the SSA on the FedBizOpps website asks for contractors to supply 174,000 rounds of “.357 Sig 125 grain bonded jacketed hollow point pistol ammunition.”

An online ammunition retailer describes the bullets as suitable “for peak performance rivaling and sometimes surpassing handloads in many guns,” noting that the ammo is “a great personal defense bullet.”

The synopsis to the solicitation adds that the ammunition is to be shipped to 41 locations within 60 days of purchase. A separate spreadsheet lists those locations, which include the Social Security headquarters in Baltimore, Maryland as well as major cities across the country including Los Angeles, Detroit, Oklahoma City, Dallas, Houston, Atlanta, Denver, Philadelphia, Pittsburgh and Seattle.

Hollow point bullets are designed to expand as they enter the body, causing maximum damage by tearing apart internal organs.

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Jul 04

- Bernanke – My Goal is to Wreck Social Security (ZeroHedge, July 4, 2012)

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Jun 22

For your information.


- Ron Paul Admits He’s On Social Security, Even Though He Believes It’s Unconstitutional (Huffington Post, June 21, 2012):

Rep. Ron Paul (R-Texas) may rail against Social Security insolvency in the public eye, but that hasn’t stopped him from accepting the government checks.

The libertarian-leaning Republican and former presidential candidate admitted Wednesday that he accepts Social Security checks just minutes after he called for younger generations to wean themselves off the program, in an interview on MSNBC’s “Morning Joe.”

“I want young people to opt out of Social Security, but my goal isn’t to cut,” he said.

The Huffington Post’s Sam Stein then asked Paul, “A bit of a personal question — Are you on Social Security? Do you get social security checks?”

Paul admitted he does, stating, “[It's] just as I use the post office, I use government highways, I use the banks, I use the federal reserve system. But that doesn’t mean that you can’t work to remove this in the same way on Social Security.”

Paul also said he still pays more into Social Security than he gets in his checks.

Continue reading »

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Apr 29


YouTube Added: 26.04.2012

In case the YouTube video ‘disappears’:

Books from Jim Marrs @Amazon.com:

- The Trillion-Dollar Conspiracy: How the New World Order, Man-Made Diseases, and Zombie Banks Are Destroying America

- The Terror Conspiracy Revisited: What Really Happened On 9/11, And Why We’re Still Paying The Price

- The Rise of the Fourth Reich: The Secret Societies That Threaten to Take Over America

- Rule by Secrecy: The Hidden History That Connects the Trilateral Commission, the Freemasons, and the Great Pyramids

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Sep 14

- Only 1.75 Full-time Private Sector Workers Per Social Security Recipient (The Patriot Update, Sep. 13, 2011):

There were only 1.75 full-time private-sector workers in the United States last year for each person receiving benefits from Social Security, according to data from the Bureau of Labor Statistics and the Social Security board of trustees.

That means that for each husband and wife who worked full-time in the private sector last year there was a Social Security recipient somewhere in the country taking benefits from the federal government.

Continue reading »

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Aug 08

Related article:

- Prof. Kotlikoff: ‘The US is bankrupt’, Government Debt At $200 Trillion – 840 Percent of Current GDP (The Globe And Mail, Oct 27, 2010):

Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”



Laurence J. Kotlikoff served as a senior economist on President Ronald Reagan’s Council of Economic Advisers and is a professor of economics at Boston University.

- A National Debt Of $14 Trillion? Try $211 Trillion (NPR, August 6, 2011):

When Standard & Poor’s reduced the nation’s credit rating from AAA to AA-plus, the United States suffered the first downgrade to its credit rating ever. S&P took this action despite the plan Congress passed this past week to raise the debt limit.

The downgrade, S&P said, “reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.”

It’s those medium- and long-term debt problems that also worry economics professor Laurence J. Kotlikoff, who served as a senior economist on President Reagan’s Council of Economic Advisers. He says the national debt, which the U.S. Treasury has accounted at about $14 trillion, is just the tip of the iceberg.

“We have all these unofficial debts that are massive compared to the official debt,” Kotlikoff tells David Greene, guest host of weekends on All Things Considered. “We’re focused just on the official debt, so we’re trying to balance the wrong books.”

Kotlikoff explains that America’s “unofficial” payment obligations — like Social Security, Medicare and Medicaid benefits — jack up the debt figure substantially.

“If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.”

Continue reading »

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Jul 13

Oh, sure!

See also:

- Prof. Michael Hudson: Obama’s Debt Ceiling Doublespeak


- Obama says he cannot guarantee Social Security checks will go out on August 3 (CBS NEWS, July 12, 2011):

President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.

“I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue. Because there may simply not be the money in the coffers to do it,” Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.

The Obama administration and many economists have warned of economic catastrophe if the United States does not raise the amount it is legally allowed to borrow by August 2.

Lawmakers from both parties want to use the threat of that deadline to work out a broader package on long-term deficit reduction, with Republicans looking to cut trillions of dollars in federal spending, while Democrats are pushing for a more “balanced approach,” which would include both spending cuts and increased revenue through taxes.

Democratic and Republican lawmakers are expected to hold another round of negotiations with Mr. Obama at the White House Tuesday afternoon on long-term deficit reduction, though talks have yielded little results to date.

Mr. Obama told Pelley “this is not just a matter of Social Security checks. These are veterans checks, these are folks on disability and their checks. There are about 70 million checks that go out.”

Mr. Obama’s comments followed remarks from the Senate’s top Republican, who said Tuesday that he did not see a way for Republicans and Democrats to come to agreement on meaningful deficit reduction as long as Mr. Obama remains in office.

“After years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is probably unattainable,” Senate Republican Leader Mitch McConnell said in remarks on the Senate floor.

Still, McConnell said Republicans would “do the responsible thing” to avoid default, suggesting that a deal on the debt ceiling could be reached without a “real” deficit reduction package.

“The president has presented us with three choices: smoke and mirrors, tax hikes, or default. Republicans choose none of the above. I had hoped to do good, but I refuse to do harm. So Republicans will choose a path that actually reflects the will of the people, which is to do the responsible thing and ensure that the government doesn’t default on its obligations,” he said.

Mr. Obama has repeatedly said he wants a deal that would allow the U.S. to avoid confronting the issue again until after the 2012 elections and vowed on Monday that he would “not sign a 30-day or a 60-day or a 90-day extension.”

“This the United States of America and, you know, we don’t manage our affairs in three-month increments. You know, we don’t risk U.S. default on our obligations because we can’t put politics aside,” Mr. Obama told reporters at the White House yesterday.

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Jun 21

- Meet The Guy Who Robbed A Bank Just To Get Healthcare In Jail (Business Insider, Jun. 21, 2011):

With a undiagnosed growth on his chest and two ruptured disks, Richard James Verone needed medical attention and to get it he handed a note to a bank teller demanding $1.

Verone walked into an RBC bank in North Carolina, handed the teller the note, and she gave him the money. Then, according to the Gaston Gazette, he sat down and waited for the police to show up.

He said, “I didn’t have any fears. I told the teller that I would sit over here and wait for police.”

Never in trouble with the law, Verone worked for Coca-Cola for 17 years, but was laid off three years ago. He’s had part time jobs since, but nothing steady, and nothing with health insurance.

“If you don’t have your health you don’t have anything,” said Verone.

His plan includes a three year stint in prison, multiple surgeries, and then release — just in time to collect social security.

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Mar 10

After yesterday TrimTabs Charles Biderman made it all too clear who runs the stock market, today the same firm exposes the system’s dirty socialist core: “In a research note, TrimTabs highlights that government social benefits —including Social Security, Medicare, Medicaid, and unemployment insurance—were equal to 35% of all private and public wages and salaries in the 12 months ended January, up from 10% in 1960 and 21% in 2000.

“We have no quibble with the view that the U.S. economy is expanding at a moderate pace,” says Madeline Schnapp, Director of Macroeconomic Research at TrimTabs. “But we believe Wall Street does not fully appreciate the degree to which growth depends on government support.”

Schanpp’s conclusion: QE3 is inevitable, leaving aside debt monetization concerns, as without it the US welfare state will collapse. DXY: meet 50, just in time for the NYSE Borse to extends its rollup with the Zimbaber stock exchange.

More from TrimTabs:


“The pressure on the federal government to decrease runaway spending is intense, while state and local governments are slashing payrolls to eliminate deficits,” notes Schnapp. “Further declines in public-sector employment and transfer payments bode ill for wages and salaries, and they will exact an even larger toll on final demand.”

“We think very few market participants understand that the economy has become heavily dependent on government largesse,” cautions Schnapp. “We are hardly convinced that the recovery can persist without outside aid, so we expect the Fed to roll out QE3 shortly after QE2 ends at the close of June.”

One thing is certain: socialist status quo under Uber-Comrade Iossif Vissarionovich Bernankestein must continue as usual, or else US will no longer be able to say it is not Libya.

Continue reading »

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Feb 18

The videos are a flashback and a must-see.

More about Ron Paul:

- YAF Kicks Out Ron Paul

- Rep. Ron Paul of Texas Wins CPAC Presidential Straw Poll Again

- Rep. Ron Paul: Next US Crash Will Be Comparable To That Of Soviet Union, QE2 Is A ‘Total Failure’ And The Fed Is A ‘Central Planning Cartel’

- Ron Paul 2012 – Can you Hear us Now?

- Ron Paul: ‘Is the Gold Really There? Who Owns It?’


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Sep 21

Prepare for collapse and the Greatest Depression.


Sept. 20 — THE actual figure of the US’ national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post.

“The Government is lying about the amount of debt. It is engaging in Enron accounting,” said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America’s Economic Future.

“The problem is we’re seeing an explosion in spending,” added Andrew Moylan, director of government affairs for the National Taxpayers Union.

In 1980, the debt – the accumulated red ink incurred by the Federal Government – was $US909 billion.

This represented some 33 per cent of gross domestic product, according to the Congressional Budget Office (CBO).

Thirty years later, based on this year’s second-quarter numbers, the CBO said the debt was $US13.4 trillion, or 92 per cent of GDP.

The CBO estimates the debt will be at $US16.5 trillion in two years, or 100.6 per cent of GDP.

But these numbers are incomplete.

They do not count off-budget obligations such as required spending for Social Security and Medicare, whose programs represent a balloon payment for the Government as more Americans retire and collect benefits.

In the case of Social Security, beginning in 2016, the US Government will be paying out more than it is collecting in taxes.

Without basic measures – such as payment cuts or higher payroll taxes – the system could be on the road to bankruptcy, according to officials.

“Without changes,” wrote Social Security Commissioner Michael Astrue, “by 2037 the Social Security Trust Fund will be exhausted. There will be enough money only to pay about $US0.76 for each dollar of benefits.”

Mr Kotlikoff and Mr Moylan agree US national debt is much more than the official $US13.4 trillion number, but they disagree over how to add up the exact number.

Mr Kotlikoff says the debt is actually $US200 trillion.

Mr Moylan says the number is likely about $US60 trillion.

That is close to the figure quoted by David Walker, the US Comptroller General from 1998 to 2008.

He launched a campaign to convince Americans that the federal spending and debt is a greater threat than terrorism.

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Aug 11

Highly recommended reading.

The Greatest Depression is here.


john-williams-shadowstatscom

When Fed Chairman Ben Bernanke admits to seeing an “unusually uncertain” economy ahead, it’s pretty terrifying to imagine what he’s really thinking. What John Williams envisions-and he’s by no means looking to the far horizon-is a systemic collapse, a hyperinflationary great depression and the cessation of normal commerce. Despite that bleak outlook, however, when the economist and editor of ShadowStats.com sat down for this exclusive Energy Report interview, he also had some good news.

The Energy Report: A few months back, John, you said, “if you strangle liquidity you always contract an economy and deliberately or not, liquidity is being strangled, resulting in sharp declines in consumer credit, commercial and industrial loans.” Does this mean it would spur more economic growth if banks actually started lending?

John Williams: It sure wouldn’t hurt. We’re still seeing contractions in liquidity, and that’s adjusted for inflation. In real terms, M3 money supply is down almost 8% year-over-year. It’s the sharpest fall in the post -World War II era. It’s not so much the depth of the decline in the liquidity or the duration, but the fact that the liquidity turns negative year-over-year that signals the economy turning down.

We had the signal in December of 2009 indicating intensification of the downturn, in this case, within six to nine months. We’re in that timeframe now and see softening numbers. People are talking about a weaker economy. Even Mr. Bernanke has described the economy as “unusually uncertain” in terms of its outlook. Wording like that from the Fed is a pretty good indication that something’s afoot. Continue reading »

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May 19


Added: 13. Mai 2010

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