Posted on 05/07/2013 10:50:10 PM PDT by Perseverando
Obama has done it. He has brought America down. It only took him just over four years. The Republicans could have stopped him. They didn’t.
How did the nihilistic left succeed in destroying America? Simple. They learned just a little of the capitalism they hate, and they drove your nation into outright bankruptcy.
And here is what the GOP has to say about it: just about nothing.
The once-mighty United States is now the most indebted nation on Earth. In round numbers, here are just some of the vital statistics as the patient dies:
National debt: $17 trillion, or $50,000 per man, woman and child, or $150,000 per taxpayer. Annual federal deficit: $1 trillion. Medicare/Medicaid/Obama”care”: $1 trillion a year. Social Security: another $1 trillion a year. Defense: two-thirds of a trillion. Unemployment handouts: $2 billion per working day. Debt interest: $1 billion per working day. Federal pensions, ditto.
Now for the big numbers. Your government’s Social Security liability is as big as the national debt: $17 trillion. Its prescription drug liability is $22 trillion. Then there’s the Medicare liability of $86 trillion. Total unfunded liabilities of the U.S. government are $125 trillion.
Net assets for each U.S. citizen are $300,000. The net liability of the U.S. government, shared among its citizens, amounts to almost four times that: $1.1 million a head. And the government’s debt is growing at $1 million every 45 seconds. To cover its annual deficit, it is printing $1 trillion a year of currency that is not backed by any asset whatsoever.
Here is what will happen next. When the crash comes, don’t say you weren’t given fair and clear warning.
First, the dollar will cease – no, make that “is already ceasing” – to be the world’s reserve currency. China, as
(Excerpt) Read more at wnd.com ...
Karl Marx spent some time in London libraries reading Adam Smith only to figure out how best to smash capitalism.
Idiotic article from the fear-mongering Y2K site of 13+ years ago.
When we say FU who will collect? It’s an act of war I know, but who will collect when we can’t pay?
In other news, Congress is giving extra hundreds of billions of dollars to middle-east muslim nations. And still paying farmers to grow excess crops that won't be used. And still spending billions on energy subsidies to green companies for products that don't work. Billions to car companies to make cars in China. Not to mention increased funding for welfare abroad as well as here.
Did the memo not get sent to Congress?
Lord Monckton is pretty smart. His anti-global warming arguments have been quite impressive.
He is definitely no idiot.
I think they just may give it a shot. I doubt if Obama, Kerry, Hagel, etc will put up much of an objection.
Hey maybe Obama could sell China our nukes instead of just destroying them.
Exactly! Who is the collection agency in this case? The Chinese People’s Liberation Army (PLA)? How are they going to get here? Pack them 60 to a conex on a container ship? Half of them would die on the voyage. Then what? Japanese Fleet Admiral Yamamoto is said to have once stated “You cannot invade mainland United States. There would be a rifle behind each blade of grass.” Truer now than the 1940’s. Maybe we could sell them California or New York City.
You think that America has been brought down?!
Monkton is but one of a cast of idiots.
I like Lord Mockton’s stuff on climategate.
And his reading of the debt biz and china would be on target if it were not that the USA has been adding nearly a million barrel’s a day per year in oil production for the last three years and will do the same this year. Further all indications are that another million barrels of oil production will be added annually in each of the coming 5-7 years.
This totally reorients world wide dollar flows—just as the Chinese and others are pulling away from the dollar to transact their trades. In other words —its a wash.
Further, growth in the US economy caused by increased oil production will likely shave 200 billion or so off the US deficits for the each of next couple years. In 2013, this will mean that US deficits will still be just under 1 trillion. But in 2014, the deficit will be likely be just under 800 billion. In 2016 the deficit will be just under 400 billion.
People get this. For this reason the dollar bottomed in 2011. It has been basing for the last two years.
The next likely direction for the dollar is up.
Mockton would be better served if he spent his time advocating that the Brits mine their natural gas reserves —so as to revitalize their economy.
Sadly, yes I do. I am heartbroken about it. But yes. I don't believe that America is too big too fail. I have been fearing our pending economic collapse for at least a decade, but now I see it as unavoidable.
I believe that our government has bankrupted us.
Calling Monckton an idiot is not an argument against what he is saying. He is no idiot.
If you have any reasonable argument to support the idea that America, and Western Civilization can survive, I will be very happy to hear it.
Perhaps it is possible that a sudden awakening of our people and a shakeout of our government (not a revolution, but a new embrace of our founding revolutionary principles) will occur and save us.
But I'm not counting on it.
a lie - else prove it.
At this point I see no financial salvation, not from oil or natural gas - but there is faint hope, if this criminal government would simply get out of the way. But it won't.
This is the third article I’ve read that predicts that a financial crash with occur in the US once the dollar is no longer the international currency of choice.
30 million immigrants would reduce our per citizen debt burden by 10% or $5,000 per person.
I am in!
“Monkton is but one of a cast of idiots.”
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Monkton is no idiot, but you are obviously a turkey
with head in the sand.
Yes, America HAS BEEN brought down to a level that I never imagined five to ten years ago.
God only knows where the USSA will be in another four years of Obumbo.
I’m no economist but he has a point. Why is China subsidizing us? Compare the returns on treasury notes with the rate of inflation.
They may be commies, but they knew how to use an abacus centuries ago.
Ever heard the expression, “So-and-so is a nice guy. But he wouldn’t buy a drunk a drink.”
And as Mark Steyn reminds, ‘He who owns your bonds owns your soul.’
No, this can’t end well. You can only live on credit and your looks so long.
Good post, makes people think
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