Posted on 12/11/2013 8:10:15 PM PST by i88schwartz
MARK LEVIN: They've got this massive debt reduction bill that cuts $23 billion over ten years and no future Congress will change its mind. Ever, never. He promises this. This would be the same Johnny Boehner who just two years ago -- really almost two and a half years ago -- signed off on the debt ceiling deal. Remember that one that had the sequestered cuts in it? And they're not going to back off of that, until they back off of it.
No, ladies and gentlemen I will repeat what I told Paul Ryan yesterday. And you've heard it all day long by other hosts, I'm sure. We have over $90 trillion unfunded liability. You know where they come up with that number? From me, it's in the Liberty Amendments because I calculated it. And ladies and gentlemen, soon it's $100 trillion.
You know what that means? That means our kids and their kids and every future generation is going to be destroyed because there's not enough currency on the face of the earth to address that. Then we have what's called the fiscal operating debt and I distinguish that from the unfunded liabilities, the entitlements.
(Excerpt) Read more at realclearpolitics.com ...
Half of the country needs to find their virtual Galt Gulch.
Well Levin has finally come to the party. The train is too far down the tracks and its just what moment in time the crash will happen.
Actually, there is. Or to be more accurate, there will be. You've got a $100 trillion debt? No problem. Just print a trillion $100 bills and the problem is solved.
And I'm not being sarcastic here. The Fed's refuse to rein in spending. So hyperinflation is the only other option. And that's the choice that they'll make, sooner or later.
Be careful what you ask for Great One.
He has been in denial for a long while. Or he just did not want to vocalize it on air.
Translation: His money is not in our banks.
I think many people know this will happen. We are screwed.
So how much time so we have?
My prediction....as soon as GOP wins majorities and/or Presidency....then the roiling will start....to make it look like it is the GOP’s fault, of course.
Cannot print 100 trillion. In the largest US denomination we do not have enough ink or paper in the US Mint to print 55 trillion. For everyone edification, the ENTIRE WORLD GDP is 65 trillion and our debt exceeds that. We have not even discuss the US Treasury backing of Fed Reserve deals with the six large Wall Street banks and overseas banks, where we made loans or guarantee derivatives held by these banks to insure they do not collapse. Estimate add another 100 trillion to the already 100 trillion mentions by Levin. Preppers and Gold Bugs may not be so nutty after all.
More likely they'll print 100 trillion dollar bills.
It is not a matter of "if" but instead a matter of "when".
“He has been in denial for a long while. Or he just did not want to vocalize it on air.”
I believe it is the latter.
I think conservatives vs everyone else, will have great trouble agreeing on what constitutes “the fix”.
Remember, most of the newly "printed" money will exist in electronic accounts only, and will be shuffled between electronic accounts only.
Everyone will still get their promised social security checks, welfare checks, etc. Only they'll be paid with made-up electronic dollars. That will kick the can down the road another decade or two.
So it's either hyperinflation or revolution.
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When it does hit how can we survive?
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