Posted on 02/04/2010 11:50:19 AM PST by Jack Black
Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.
One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.
(Excerpt) Read more at financialsense.com ...
I respectfully disagree, to a point. After we lose the battles in the State Legislatures and Governors' Offices due to massive voter fraud and other hijinks from the leftists, I think the war will be fought in the streets and alleys, cities and towns.
Not by voting with a ballot, but with a bullet. And this time, there will be no penalty for voting more than once!
“Need to start job hunting in Canada.”
You don’t think we’ll pull them down with us?
“Monetization also screws everyone, particularly those who have worked and saved for retirement.”
Gee, it’s a lucky thing I already got wiped out.
Whew! Had me worried for a minute there.
Sergeantdave’s unofficial economic report:
I’m seeing big growth in cash for service and a big leap in the quality and quantity of goods in the underground markets. High-priced manufactured foodstuff (yuppy spaghetti sauce, olive oil, nuts, imported Italian noodles, canned crab, etc.) is selling for about 50 to 75% less than on store shelves. Common low price food (cans of vegetables, tuna, soup, etc.) is sometimes selling for more than at the grocery stores. (Watch for expiration dates) Fresh fish very high prices, but get to know the fish monger and he’ll give a good price at end of day. Power tools galore for bargain bin prices. Hand tools priced high. Most ammo and arms are still in the high price range. Fresh fruit and veggies coming in daily at very low prices, except pineapples. Still $4 each. Meanwhile, the obuma booths at the local fleamarkets sit mostly unattended with massive disinterested crowds passing by.
“massive voter fraud and other hijinks from the leftists”
There is a saying in Illinois that the activities of the Daley machine (Dem) in Chicago will be pretty much counterbalanced by the activities of the Republicans in downstate Illinois.
Growing up in New Jersey, I saw that the Republicans in northwester NJ, and perhaps in other areas I did not know, were a counterweight to the activities (Dem) in Jersey City, Newark and Hoboken.
The Federal Government is a terminal cancer on this country, and the media and the lying politicians are passing out nausea medicine in the form of propaganda to mask the symptoms.
Reality can only be ignored so long, like the real unemployment rate of over 22% and a second Great Depression, the rise of a large and growing revolutionary movement, and the knowledge by a massive army of rebels that the rule of the degenerate Leftard reactionary corruptocrats can be ended by over 80 million heavily armed FReepers at any time.
“CAESAR, BEWARE THE ANGER OF THE LEGIONS!”
“So, what are we facing? Starvation? Invasion? Default on the national debt?”
Can you speak Chinese yet? (I already like the food)
States Rights will set this Nation back on its Founders foundation!”
That’s exactly what I keep thinking and hoping.
The way I see it, each state will leave the Union and have its own sovereignty.
That way the Fed government can go belly up and we may be able to avoid invasion.
It seems to me that the states who leave the Union the earliest (Like Vermont, and likely Texas, the dakotas, and Alaska) will fare the best.
I don;t know how Kentucky will fare, but it’s certainly not as bad off as some others such as CA, NY, NJ, etc.
Also, I think Kentucky and others that are actually commonwealths too may be better set up to be governed as a separate sovereign.
the treachery of the moneylending sytem is on so many levels, from retail sales monopolies, to utility monopolies, to credit card debt, to mortgages, to stocks and bonds, right up to national debt and taxation, it is all manipulated and orchestrated by the unbridled moneylending monarchy as in the old days of kings and queens
Is there any point where it becomes too much to bear? Have we been so sheeple-ized that we will just acquiesce to all this? Does the idea of our kids paying 75% of their income in taxes (and perhaps still not getting health care for it) upset anyone?
Great flag.
Don’t we pay 75% of our income in taxes already???
Feds 39%
State tax 11% = total so far of 50% taxes.
++++++++++ Self employed SS taxes of 15% (!!!!!!!!!) =
so far 65% TAXES.
next: fica, other taxes add up to what 5% ? So total so far is 70% ??? Right?
Now, let’s go to the store and buy something whoooooops 8.5% sales tax!!!
Aren’t we at 78.5%. ????????
If we are truthful and pay all they demand of us ..................
Park fees? Passports at $100 each. Toll roads? Gas tax? Sin taxes. Licenses??????
And don’t die —— gotta sell everything at firesale (90%) off prices)
after you already paid taxes on all the above .....
No one is revolting or fighting back, we all just take it.
Forever???
Getting worse?
What to do?
They've been doing that since at least March of '09.
Not at all...
I dont plan on going anywhere....bankrupt or not...
Who is more suited and prepared to live by the fruits of their own means?
Conservatives?
Or liberals?
We have had a democracy for some time (the republic died long ago), and such states always go either to tyranny or fall apart. We should assume the US is no different.
Democrats should never be treated with even the smallest amount of respect or tolerance. They are a walking lethal virus worthy only of eradication. They bring absolutely nothing good into the world. They ONLY thing they do is kill and consume the weak throughout their entire worthless lifespans.
Zer0 is half @$$ed....
CWII PING.
The Obama is proposing a $1.5T deficit for 2010/11.
That’s $5000 per citizen per year.
Crunching the math for my family sans details...
That’s $80,000 _I_ will have to earn to pay off my at-gunpoint “fair share”.
The deficit only gets bigger every year (clever accounting included).
That’s $80,000 for _every_d@mn_year_ I’m responsible for my kids’ “fair share”.
That’s $1,600,000 I’ll have to earn before I retire - not for existing debt, not for unfunded liabilities, just to cover the deficit starting today.
Maybe we could arrange for me to pay off this year’s $20,000 to avoid interest accumulation over the next couple decades.
‘cept I don’t have an extra $20,000 to get it over with now.
I won’t have $1,600,000 to spare in the future.
I don’t have $20,000 to pay off my family’s share up front this year - nor will I for years to come.
I don’t have $5000 to spare now for my own share for this year.
It’s gonna break.
The money just ain’t there to the tune of $1,500,000,000,000 per year for ever.
Not to mention whatever must-spend future additional deficit tacks on.
Forget 75% tax rates for the kids.
Forget whether or not there will be health care (gov’t-supplied or not).
The money _just_ain’t_there_.
I know when debt hits the tipping point. It’s a lot lower than optimistic statistics declare. A LOT lower.
It’s not a matter of balancing the budget. It’s a matter of cutting the budget by _at_least_ 2x the deficit _JUST_ to tread water, and 3x _JUST_ to START paying off that debt in anywhere close to the time it took to accumulate it.
Translation: we’ll have to dump the entire federal budget into paying off the debt, starting now, just to START cutting it down at a rate comparable to how it accumulated.
Brace for impact, folks.
Rice is cheap now.
Romanian term limits.
The debt is 75% internal and 25% foreign. Much of it is held by Social Security.
Basically, if we cancel SSI, Medicare and Medicaid we will pretty much close the deficit.
SSI seems hard to get rid of, but we can raise the retirement age and start shutting it down slowly.
Medicaid should simply be ended. We are broke, and should not borrow money to create charitable entitlements.
Medicare, I don’t know.
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