ping
GLD
The only thing that could un-default the United States, reboot the economy, rebuild are national wealth and make the dollar worth something is domestic energy production. We have 4 to 5 times the Saudis oil reserves in shale oil, coal diesel, nat gas, offshore oil, methane hydrate and on and on.
You know who understands this - Sarah Palin.
After our gold, oil and foreign currency reserves, the only thing left is your property. Be careful America, we could loose it all.
this is difficult to calculate ...
God can do the impossible, God bless America, forgive us our indifference to what has been happening in America, have mercy on Your people, show us Your Grace and loving kindness, in Jesus name, amen.
Folks, we can not fix this situation ... God can. His word tells us ...”His mercy is new every morning...” God is the only sure thing ... we must confess our sins, and believe in Him.
All they need to do to have the cash on hand is print money, which is EXACTLY what they will do.
Get your cash outa the bank.
Possible alternative would be to declare any commodity or resource that can be sold on the open market within 12 months as a “reserve”. As an example, declare the harvestable trees in the national forests as a “reserve”.
Alternatively, create a multi-tier reserve system with commodities. Anything that can be sold within 24 hrs, like gold, currencies, etc, is a T1 reserve. Anything that takes effort but can be sold on the market within 12 months a T2 reserve. Anything that takes 24 months to bring to market a T3 reserve and finally anything that takes 5 years or more to bring to market a T4 reserve. T3 and higher reserves would need to be discounted for risk to price and time value of money. The sum of T1 through T4 would be the current total reserve.
This would allow the US to STATE a better reserve picture but would not actually improve the imbalance. I am now of the opinion that the ONLY way out of this mess is to start a massive energy build / drill / sell program to the point that not only is the US energy independent but becomes a major exporter of energy. Then tax the exports to pay off the short term debts. If independence is established in the next 4 years and exports begun within the next 8 years, we may just have a chance.
BUT THE NUMBER ONE THING WE NEED TO DO IS STOP SPENDING MONEY THAT WE DO NOT HAVE!
However, given the current administration / Congress ... not going to happen.
ok - so what does that look like exactly?
A bankrupt USA?
What happens when we default?
Does that mean we just print more and then head into hyperinflation?
Or is it something beyond that even?
Placemarker
ZERO ain't worried.
He has the keys to the money machine. He can print till hell freezes over. He can create jobs with the snap of one finger (The middle finger)
He can see 390 million new jobs by the end of the year. . . . . . . . . .
Chump change compared to the $50 trillion in assets we lost in the last year, or the $117 trillion in unfunded social security and medicare liabilities.
Everyone please watch ‘The Secret of Oz’ and share it with everyone you know.
This will likely be the most important documentary you ever watch.
The Secret of Oz’ has been banned by Amazon.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=116825
This is the same guy who did ‘The Money Masters’ which if you haven’t already seen you should.
http://video.google.com/videoplay?docid=-515319560256183936#
here is a torrent download for it but, it would be preferable to support the filmmaker since this is such good and brave work.
http://www.mininova.org/tor/3157611
Please start sharing this with everyone you know.
—
i’m no economist but, it seems that there are two things we could do to really turn around this disaster.
1. end the criminal Fed and enact our own Sovereign currency (see ‘Secret of Oz’) that isn’t debt based (no interest) controlled by the people through Congress (a better one that isn’t filled with Marxists)
2. enact a consumption based tax system like the Fairtax
www.fairtax.org
these two would cause so much of a positive change we could have a very bright future where right now we are on the edge of a disaster.
Bookmark
Subjugation, by our enemies.
Its sure does not work good.
Subjugation, by our enemies.
Its sure does not look good for us.
Also, the US has tax revenue even at current depression levels sufficient to pay rates of 20% and upward on its privately held debt (meaning, owned by somebody other than an arm of the government itself). As such, there is no danger whatever of a funding crisis that cannot be met by spending reductions. This is emphatically not the case for the third world countries that suffer actual debt defaults.
Our budget issues are purely questions of political will and not remotely questions of what we can afford as a nation. Again, this is not remotely the case with the various third world basket cases that get into trouble with external debt.
The nearest parallel to the US is, instead, Japan, which has much higher levels of debt compared to GDP, financed at vanishingly low interest rates. They have been in that situation for nearly 20 years now - without any default or any prospect of one. Instead they have had persistent deflation.
The article is yet another example of the blatant lies and stupidity tolerated anywhere as long as it sound doom-ee and damns the US. In the present ideological situation, everyone is an eager consumer of such twaddle - the right because it views it as an attack on the present administration, the left because it views it as an attack on American capitalism justifying socialist measures.
But twaddle is what it is...
They will be forced to inflate our way out.
Well, the Euro just crashed through $1.50 and $1.51 in the last few hours:
EUR/USD 1.5135 + 0.0171
This is good news. It looks like only default will stop the liberal fascists from borrowing us into slavery. It is time now to split the country,repudiate the debt, and assign the debt to the elite political class who created it. Repeat after me: I refuse to allow the liberal fascists to enslave my grandchildren.