Posted on 01/14/2014 10:15:13 AM PST by xzins
On Sunday, Hunter Lewis, Founder and former CEO of Cambridge Associates, told Breitbart News Executive Chairman and host Stephen K. Bannon that, "We are in a depression."
Lewis delivered his assessment of the U.S. Economy on Breitbart News Sunday on Sirius XM Patriot radio channel 125. He explained that part of the reason the economy is in such a shambles and the political system is in such a shambles is bad economic policies that have fed special interest groups, instead of supporting the middle class and the poor. And those same policies have given us crony capitalism.
Hunter, ....has served on boards and committees of fifteen not-for-profit organizations, including environmental, teaching, research, and cultural organizations, as well as the World Bank.
We are in a depression, according to Lewis. He asserts that if we calculate unemployment as they did in the 1930s, we would have unemployment numbers that rival that era. The only reason we have the percentages we have now (6.7%) is because “we don’t include those who have dropped out of looking for a job, who have given up. If we included those, the unemployment number would be at 20%.”
(Excerpt) Read more at breitbart.com ...
Uh. . . . Duh !!
My sentiments exactly. What I find interesting is that back in 2007 I said this could get “as bad or worse than the great depression”. At the time it sounded like crazy talk, EVEN TO ME. But it seemed undeniable.
I now have absolutely no doubt it will be worse than the great depression, which was ended by a world war (if you get my drift).
In fact, I call it WDI and this WDII (World Depression II).
It’s not just the US, and regardless of what you’ve heard in the news, The PIIGS have not gone away, except maybe for Iceland. And there is a very positive story there.
BTW, during WDI they didn’t call it the depression. It was given that name after the fact. Kinda like WWI wasn’t called WWI at the time.
Fake money covers all sins.
Entitlements funded by fake money bought the 2012 election.
The USA is like that family in 2007 riding a wave of fake prosperity with a McMansion with negative equity, two leased luxury SUVs, and maxxed out credit cards.
The reason the New York Times won't cover this story is they're part of the same type of scam... The old Audit Bureau of Circulations (now renamed) had jigged the numbers for Newspapers the same way...
I have a couple webpages that track unfudged data. We are treading water at the bottom of a well.
http://www.futurnamics.com/slfed.php
” “They completely leave out the fact that the Fed is creating new money in order to do its bond-buying. “
The Fed is designed to decide what part of the American money supply is available as ‘high powered’ money (cash) and what part is tied up in illiquid bonds. They have the power to convert Treasury bonds into cash- that’s what the ‘bond buying/new money creation’ is all about.
If the economy is stalling the Fed purchases bonds to make cash more available. If the economy is roaring ahead the Fed will sell bonds to soak up cash and slow down the economy.
If the public wants to stop the creation of new money they have to demand that Congress stop raising the debt limit. That is a truer source of the ‘new money’. An increase in the debt limit means the Treasury creates new bonds, and these are potential new money if the Fed decides to monetize them. Keep the debt limit flat or reduce it and the money supply can’t increase as easily.
I’ve been telling folks for years, be patient, the trillion dollar stimulus and shovel-ready jobs are going to kick in any day now.
Very interesting.
Will study in depth, thanks
I have a couple webpages that track unfudged data. We are treading water at the bottom of a well.
http://www.futurnamics.com/slfed.php
ooops, double post. Wish we could edit.
Depression should be expected when our international crony capitalists spent the past dozen plus years exporting our economy to the rest of the world.
Look at what you buy, see where it is made, and realize how we have been screwed.
There is more debt in the world that at anytime in the history of man. There are two ways to resolve a debt. The debtee can pay it back or the debtor can try and collect.
There are two ways to resolve a debt. The debtee can pay it back or the debtor can try and collect.
I doubt that anything short of a Constitutional amendment could do it; here's what I'd propose:
| Fiscal Responsibility Amendment Section I The power of Congress to regulate the value of the dollar is hereby repealed. Section II The value of the Dollar shall be one fifteen-hundredth avoirdupois ounce of gold of which impurities do not exceed one part per thousand. Section III To guard against Congress using its authority over weights and measures to bypass Section I, the ounce in Section II is approximately 28.3495 grams (SI). Section IV The Secretary of the Treasury shall annually report the gold physically in its possession; this report shall be publicly available. Section V The power of the Congress to assume debt is hereby restricted: the congress shall assume no debt that shall cause the total obligations of the United States to exceed one hundred ten percent of the amount last reported by the Secretary of the Treasury. Section VI Any government agent, officer, judge, justice, employee, representative, or congressman causing gold to be confiscated from a private citizen shall be tried for theft and upon conviction shall: a. be removed from office (and fired, if an employee), b. forfeit all pension and retirement benefits, c. pay all legal costs, and d. restore to the bereaved twice the amount in controversy. Section VII The federal government shall assume no obligation lacking funding, neither shall it lay such obligation on any of the several States, any subdivision thereof, or any place under the jurisdiction of the United States. All unfunded liabilities heretofore assumed by the United States are void. Section VIII The federal government shall make all payments to its employees or the several states in physical gold. Misappropriation, malfeasance and/or misfeasance of funds shall be considered confiscation. |
I have said for years that if we had an economic collapse comparable to the thirties it would be WORSE simply because people of that area were generally FAR MORE self-reliant and had a much greater ability to figure out how to, as we used to say, “Make a dollar out of fifteen cents.” Much of today’s population would likely starve in the circumstances in which the generation of the thirties would thrive. The only reason so many do not recognize it as a depression is that EBT cards and all the rest are not so visible as soup lines and unemployment lines. Some of our current idiotic commentaries claim that people who are living on government handouts are not living in poverty. I say that if you cannot put bread on your own table you are in poverty, no matter that someone else puts bread on your table for you.
I think it should be obvious to anyone who thinks at all that we are indeed in the middle of a depression.
And your average skull full o’ mush out there can’t really distinguish between a Capitalist and a Crony Capitalist.
Hence our headlong plunge into Socialism IMO.
Your comment about the 30’s is one I’ve brought up too. Also, the nation does not have the character it did then. Crime will be rampant.
I wonder what would happen if EBT cards suddenly stopped working for, say, a week.
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