Tag Archive: Debt
” If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately. It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people. The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years.
The Fed creates our “booms” and our “busts”, and they have done an absolutely miserable job of managing our economy. But why do we need a bunch of unelected private bankers to manage our economy and print our money for us in the first place? Wouldn’t our economy function much more efficiently if we allowed the free market to set interest rates? And according to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”.
So why is the Federal Reserve doing it? Sadly, this is the way it works all over the globe today. In fact, all 187 nations that belong to the IMF have a central bank. But the truth is that there are much better alternatives. We just need to get people educated.
The following are 11 reasons why the Federal Reserve should be abolished…
#2 The Federal Reserve Is Systematically Destroying The Value Of The U.S. Dollar
The United States never had a persistent, ongoing problem with inflation until the Federal Reserve was created in 1913.
If you do not believe this, just check out the inflation chart in this article.
The Federal Reserve systematically penalizes those that try to save their money. Inflation is a tax, and the value of each one of our dollars goes down a little bit more every single day.
But over time, it really adds up. In fact, the value of the U.S. dollar has fallen by 83 percent since 1970.
Anyone that goes to the grocery store on a regular basis knows how painful inflation can be. The following is a list that shows how prices for many of the things that we buy on a regular basis absolutely skyrocketed between 2002 and 2012…
Peanut Butter: 40%
A Loaf Of White Bread: 39%
Spaghetti And Macaroni: 44%
Orange Juice: 46%
Red Delicious Apples: 43%
Ground Beef: 61%
Chocolate Chip Cookies: 39%
Even the price of water has absolutely soared in recent years. According to USA Today, water bills have actually tripled over the past 12 years in some areas of the country.
So how can the Federal Reserve get away with claiming that we are in a “low inflation” environment?
Well, what Ben Bernanke never tells you is that the way that the government calculates inflation has changed more than 20 times since 1978.
The truth is that the real rate of inflation is somewhere between five and ten percent right now, but you will never hear about this on the mainstream news.”
Read them all …
” The Senate immigration bill survived its first tests Thursday as a core group of Republicans and Democrats held together, killing efforts to require full border security requirements before legalizing illegal immigrants.
Kicking off the first votes on immigration this year, the Judiciary Committee held a daylong session on border security where senators agreed to require that the entire southwestern border be secured to 90 percent “efficiency.”
But the committee defeated Republican efforts to put that requirement and others before legalization. Members also rejected following through on a 2006 law that ordered the government to build 700 miles of two-tier fencing on the 2,000-mile-long border.”
The screwing of America continues.
- Re: Ted Cruz Seeks to Ban Illegal Immigrants in U.S. from Citizenship (forum.prisonplanet.com)
- Senators file hundreds of amendments to immigration reform bill (voxxi.com)
- Immigration Bill Clears First Hurdles (blackchristiannews.com)
- Immigration amendments stir questions on Republican intent (reuters.com)
- Rubio, Shot Down, Legal First, Secure Border – Well, You Know, That comes Later (tarpon.wordpress.com)
- Senate Committee Rejects Stricter Border-Security Requirements (nationalreview.com)
- Coalition on immigration bill clears first tests (cnsnews.com)
Clean Comedy from Tim Clue – Debt
” Only 4 percent of Americans think guns and gun control are an important problem facing the country, according to Gallup, and far more Americans are concerned about the economy, unemployment and the federal debt.”
” Respondents answered in the following order:
Economy in general 24%
Dissatisfaction with Government 16%
Federal budget deficit/Federal debt 11%
Ethical/Moral/Family decline 5%
Immigration/Illegal aliens 4%
Guns/Gun control 4%
Situation with North Korea 4%
Lack of Money 3%
Lack of respect for each other 2%
Foreign aid/Focus overseas 2%
- Poll: Americans Not Worried About Immigration, Gun Control (breitbart.com)
- By The Numbers: Congress Doesn’t Care What Americans Want, Need Or Believe (personalliberty.com)
- Gallup Poll Says Jobs Top Concern, Not Guns or Immigration (hispanicbusiness.com)
- Gallup: Only 4% of Americans Think Gun Control is an Important Problem | CNS News (rubinoworld.com)
- Gallup: Only 4% of Americans Think Gun Control is an Important Problem (fromthetrenchesworldreport.com)
” It’s Tax Day, and for millions of Americans that means ponying up to the IRS. The federal government does many things these days—most of which would be more efficiently carried out at the local level, or in the private sector. But Uncle Sam also engages in a particular form of charity that many Americans overlook: spending many tens of billions of dollars to defend wealthy, developed nations.
A new Cato infographic puts it all in perspective. It shows how much American taxpayers spend to subsidize the security, and to defend the interests, of other nations that are more than capable of defending themselves.”
” Looked at another way, U.S. alliances constitute a massive wealth transfer from U.S. taxpayers (and their Chinese creditors) to bloated European welfare states and technologically-advanced Asian nations.”
- Tax day: Where did the money go? (edition.cnn.com)
- Tax Day has arrived (kvue.com)
- Morning Bell: Where Did Your Tax Dollar Go? (heritage.org)
- Tax Day April 15: D.C. area residents scramble to file taxes (wjla.com)
- Startling Stats about Taxes Found in IRS Data (live.wsj.com)
- Tax Day And Freebies (witn.com)
- Tax Day: United Way offers free tax return help (fresnobee.com)
” I’ve read a lot of doom-and-gloom analysis from financial experts over the last couple of years, but this one by former Reagan OMB Director David Stockman takes first prize for scaring the holy living beejeeses out of me.
A few highlights:
” THE state-wreck ahead is a far cry from the “Great Moderation” proclaimed in 2004 by Mr. Bernanke, who predicted that prosperity would be everlasting because the Fed had tamed the business cycle and, as late as March 2007, testified that the impact of the subprime meltdown “seems likely to be contained.” Instead of moderation, what’s at hand is a Great Deformation, arising from a rogue central bank that has abetted the Wall Street casino, crucified savers on a cross of zero interest rates and fueled a global commodity bubble that erodes Main Street living standards through rising food and energy prices — a form of inflation that the Fed fecklessly disregards in calculating inflation.
These policies have brought America to an end-stage metastasis. The way out would be so radical it can’t happen. It would necessitate a sweeping divorce of the state and the market economy. It would require a renunciation of crony capitalism and its first cousin: Keynesian economics in all its forms. The state would need to get out of the business of imperial hubris, economic uplift and social insurance and shift its focus to managing and financing an effective, affordable, means-tested safety net.”
Wall Street has us by the throat and Washington has us by a body part further south. Stockman’s advice of what to do is both frightening and depressing:
The United States is broke — fiscally, morally, intellectually — and the Fed has incited a global currency war (Japan just signed up, the Brazilians and Chinese are angry, and the German-dominated euro zone is crumbling) that will soon overwhelm it. When the latest bubble pops, there will be nothing to stop the collapse. If this sounds like advice to get out of the markets and hide out in cash, it is.”
Update : PJTV Video
History of Federal Reserve & JFK’s Executive Order 11110 Pt 1.
History of Federal Reserve & JFK’s Executive Order 11110 Pt 2.
What Sequester?!? Obama & Biden Live Like Roman Emperors on Public Dime
” The prospect of a tax on deposits in the banks of Cyprus has even left-leaning economic commentators in a tizzy.“A tactical blunder,” declared Lawrence Summers, who was President Clinton’s Treasury Secretary and chairman of the National Economic Council for President Obama. A proposed tax of 6.75% on deposits up to about $130,000 and of 9.9% on deposits of more than $130,000 “would unfairly punish savers and could do lasting damage to confidence in banks in other euro-zone countries in financial crisis,” the New York Times wrote in an editorial denouncing the idea
Is it the taking? Bloomberg View columnist Caroline Baum, a sage, criticized the Cyprus proposal on the grounds that it is a confiscation that “amounts to a seizure of private property.” For those of us Americans who will see the IRS or state governments withdraw funds from our own bank accounts next month for tax owed, or who are seeing payroll withdrawals and estimated tax payments this year that are higher than they have been in a decade, the distinction between “seizure of private property” in Cyprus and here at home will be, alas, an awfully fine one.”
” Embassies around the world received an “urgent bulletin” today from Russia’s Ministry of Foreign Affairs. The MFA is strongly urging Russian citizens and businesses to pull their money from Western financial institutions immediately, at the request of Russian Prime MinisterDmitry Medvedev.
The EU Times also reports that some recent suspicious actions by President Barack Obama could be indicative of plans falling into place.
Interesting to note is that the Obama regime’s “master plan” to steal their citizen’s wealth that is no longer protected was detailed by the global management consulting giant, and the world’s leading advisor on business strategy, The Boston Consulting Group (BCG) who in their 2011 September report titled Collateral Damage: Back to Mesopotamia? The Threat of Debt Restructuring warned of the US governments plan confiscate up to 30% of not just the Americans people bank accounts, but also of their other wealth.”
If you’re wondering why the news in America doesn’t mention the possibility that 20-30% of your savings could be confiscated, keep in mind that the mainstream media will not be benefitted by providing this information. The MSM is a tool of the government, the wealthy, and the special interest groups – all of whom will be exempt from these outright thefts of funds.”
- Russian Leader Warns, “Get All Money Out Of Western Banks Now!” (worldtruth.tv)
- Medvedev: Moscow not ‘closing door on Cyprus’ (ekathimerini.com)
- Bank of Cyprus to cut 30% off deposits over €100,000 (hangthebankers.com)
- Kremlin: EU and US are preparing for the largest theft of private wealth in modern history (thedailysheeple.com)
- Russia Orders Obama: Tell World About Aliens, Or We Will? (planet.infowars.com)
- Head Of Cyprus’s Orthodox Church Urges Exit Before Eurozone Collapses (hwnsurf.net)
” The U.S. Department of State spent $585,000 on hotel rooms and racked up $322,000 on intra-country transporation costs for Vice President Joe Biden’s recent trip to Paris, according to contracting documents that U.S. Trade & Aid Monitor located through routine database research.
Despite the availability of contracting awards granted to Hotel Intercontinental Paris Le Grand and Biribin Limousines, respectively, no other procurement documents currently are available. Consequently, it remains unknown just how much State spent on Biden’s European mission, which also included stops in Berlin and London.”
” “The president and I, as I have made very clear, have a very good relationship. We’re open with each other. We’re honest with each other,” said Boehner.
“Do you trust President Obama?” Raddatz asked.
“Absolutely,” Boehner replied.
Framing Republicans as out-of-touch radicals, Raddatz then asked, “President Obama says these meetings are intended to find members of the common-sense caucus who he can make a deal with …. Are you not a member of the common-sense caucus?”
Boehner, falling for the trap, shot back, “I’m part of the common-sense caucus.”
Boehner is the dumbest Speaker I’ve ever seen . Fire him now .
- John Boehner Tells ABC He Trusts Obama, Agrees Debt Is ‘Not An Immediate Problem’ (mediaite.com)
- John Boehner Agrees With Obama: ‘We Don’t Have An Immediate Debt Crisis’ (businessinsider.com)
- Boehner says he ‘absolutely’ trusts Obama (rvnewstoday.com)
- Boehner says he ‘absolutely’ trusts Obama (cnsnews.com)
” President Barack Obama wants to double the U.S. quota subscription in the International Monetary Fund (IMF) to $130 billion from its current $65 billion level. This is the foreign aid organization that has been busy bailing out Greece, Portugal, and Ireland with $86.6 billion.
U.S. taxpayers have been responsible for about 20 percent of those bailouts, or approximately $17 billion so far, even as the Eurozone continues to crumble and the debt crisis spreads to Italy and Spain.
Obama’s call to double down comes afterformer Treasury Secretary Timothy Geithner had sworn under oath to the House Financial Services Committee in 2012 that “we have no intention to seek additional U.S. resources for the IMF.” “
- BANK HOLIDAY: Government To Seize 10% Of All Savings & Deposits In Cyprus (secretsofthefed.com)
- IMF says Europe’s banking sector still fragile (miamiherald.com)
- EXTREMELY DISTURBING: IMF Goes Directly After Bank Depositor Money (economicpolicyjournal.com)
- While Americans Focus On Gun Control Central Bankers And Finance Ministers Push For Global Currency (princevega.com)
- Eurozone, IMF agree 10-bn-euro Cyprus bailout (worldbulletin.net)
” Their own plan doesn’t even come close to balancing, of course, and they’re not interested in other ideas to get there. The first Republican amendment they torpedoed yesterday called for increasing federal spending at a clip of “only” 3.4 percent per year over the next decade, rather than the major acceleration that Democrats have advanced. The second proposed making it more procedurally difficult to pass a budget that does not balance with ten years. Watch as each Democrat-aligned committee member votes in lockstep against these provisions. Make no mistake, they are explicitly rejecting a balanced federal budget (the roll call begins at the 1:15 mark):
As a point of fact, Johnson and Sessions are correct on these counts. The Hill and other news organizations have confirmed that Democrats’ budget numbers registerat most $800 billion in deficit reductions over ten years, even setting aside its accelerated spending course. Their exploitation of the unrealistic CBO baseline — which we explained yesterday — renders a number of their “cut” claims even more dubious. Especially dishonest was Murray’s statement (not included the shortened version of the video), er, “in rebut” to Sessions’ amendment, in which she claimed that the new budget, plus previous savings, add up to the Simpson-Bowles recommended level of $4 trillion in deficit relief. Between phony gimmicks and double-counting, she’s not even in the ballpark of $4 trillion, which is probably why Sessions felt compelled to use words like “lie” throughout the hearing. I’ll leave you with liberal commentator Ezra Klein expressing…some skepticism over the Democrats’ first budgetary offering since 2009:
- Senate Dem budget includes nearly $1 trillion in new taxes (thehill.com)
- BETTER LATE THAN … Senate Dems Release First Budget in Four Years (foxnews.com)
- Dem Budget Includes $1.5 Trillion in Tax Hikes (weeklystandard.com)
- McConnell Calls Dem Blueprint ‘Most Left-Wing Budget’ of Modern Era (mcconnell.senate.gov)
- Senate Dems release budget proposal for the first time in four years (redalertpolitics.com)
” Senator Patty Murray, the Democratic chair of the Senate Budget Committee, finally released a budget today. Year over year, in this proposed budget, spending jumps dramatically.
For instance, from this year’s budget to next year’s proposed budget, spending would increase by $162 billion. This year, the federal government will spend $3.599 trillion; under Murray’s budget, the federal government would be on track to spend even more.
Over the next decade, spending under Murray’s budget would increase by 62 percent. Here’s a chart from the Republican side of the Senate Budget Committee detailing the increase in spending over the next decade: ” (see above)
- As America Burns – Dem Budget Increases Spending 62% Over Next Decade (patdollard.com)
- Patty Murray vs. Paul Ryan, in one chart (washingtonpost.com)
- BETTER LATE THAN … Senate Dems Release First Budget in Four Years (foxnews.com)
- Grand Bargain Taxes, Entitlements Cuts Await Deal-Makers (bloomberg.com)
- Senate Dem budget includes nearly $1 trillion in new taxes (thehill.com)
- Senate Democrats’ budget plan shows deficits of $400-600 billion (reuters.com)
” While the sequester is widely advertised as cutting spending over a ten year period, there is no actual reduction in overall spending levels. Rather, the sequester slows the overall growth in spending slightly between 2013 and 2023, with spending increasing by $2.40 trillion during that time period. Spending grows 51 percent, or $1.81 trillion, with sequestration between 2013 and 2021, the period when automatic spending procedures are to be enforced.”
- CBO’s Unrealstic Revenue Projections Make the Future Look Pretty Swell! (reason.com)
- 41 Billion Reasons Not to Sweat the Sequester: 2013 Cuts Are $44 Billion, Not $85 Billion. (reason.com)
- Veronique de Rugy on Why Farm Subsidies Must Die (reason.com)
- The Truth About Those “Devastating” Sequester Cuts (outsidethebeltway.com)
- There Is Good And Bad Austerity, And Italy Chose Bad (theneteconomy.wordpress.com)
- How Sequestration Will Affect You (1800politics.com)
” Nationally syndicated columnist and Human Events editor David Harsanyi’s new book Obama’s Four Horsemen: The Disasters Unleashed by Obama’s Reelection is out now.
“This is not a book for the faint-hearted. In chilling detail, David Harsanyi exposes the brutal and bloody dangers looming ahead during Obama’s second term. Harsanyi outlines how the Nanny State progressive-in-chief has enabled the four horsemen of debt, dependency, national decline, and the culture of death. Yes, it is apocalyptic. No, it is not irreversible. Conservatives must pray, pick themselves up, and pull together to turn our country back from Obama’s highway to hell. America must heed Harsanyi’s prophetic work!”
—Michelle Malkin, New York Times bestselling author of Culture of CorruptionYou can order the book on Amazon. Below is a free chapter.***
The Four Horsemen of the Apocalypse? The Book of Revelation? Fire? Brimstone? Armageddon? The Last Judgment?
Really, David? Yes, really.
As metaphors go, it’s an entirely apt one. To begin with, Conquest, Famine, War, Death—the four horsemen of the Obama Era— are coming, and they are coming in the form of a national debt disaster, an epidemic of government dependence, an erosion of our world standing, and a nihilistic view about the value of human life. If our federal government had been inclined to do anything to avoid these impending catastrophes—and I’m not sure it ever was—that day has now passed. Barack Obama’s reelection ensures we’ll be deal- ing with some level of societal instability and economic calamity in the future. No, these calamities won’t transform us into Bangladesh, and they won’t mean the United States will cease to exist. They will only mean that this particular iteration of the United States will be no more. “
- The Disasters Unleashed by Obama’s Reelection (conservativeread.com)
- Harsanyi: On guns, an abuse of power (humanevents.com)
- David Harsanyi on Obama’s Reactionary Jobs Plan (reason.com)
- David Harsanyi on Winning a Government Shutdown (reason.com)
” In this article I want to point out who has benefited from the Fed’s operations over the past year.
There has been a lot of discussion about the large increase in reserves, and especially excess reserves, held by the banking system. Mostly this discussion is couched in terms of the increase in the money supply. While the increase in excess reserves—less than $2bn in August 2008 to almost $1.5 trillion at the end of 2012—does represent an increase in the money supply, some rule changes accompanying the crisis also signify that they are part of a bailout. One aspect of the Fed’s crisis response was to commence paying interest on required and excess reserve balances. (The required reserve is the amount of money banks must hold to meet the minimum reserve requirement on deposits, and excess reserves are any amount held in excess of this minimum.)
As we review the Fed’s operations in 2012 we see the usual outcomes. The banking sector has benefited from its operations (unusually so, thanks to the continued interest on reserve policy) and the government has received a free lunch by having a ready buyer for its ever-increasing debt, especially long-term debt, which might otherwise be susceptible to inflationary pressures increasing its interest yield. Let’s see what surprises the Fed has in store for us in 2013.”
” U.S. Secretary of State John Kerry says Washington will provide Egypt with immediate financial aid because of the nation’s “extreme needs.” Kerry announced the deal after meeting Sunday with Egyptian President Mohamed Morsi. Cairo is the first stop in the Arab world for Kerry as he makes his inaugural trip as the top American diplomat.
Secretary of State Kerry says the United States will make $190 million available immediately from a promised $450-million package for budget support. He also pledged $60 million toward a new enterprise fund.”
- Kerry: US to Release Millions in Aid to Egypt (voanews.com)
- John F. Kerry gives Egypt $250 million (amresolution.com)
- US to Give Egypt $250M More in Aid (foxnews.com)
- U.S. To Release Millions In Aid To Egypt, Says Kerry (eurasiareview.com)
- Kerry says US releasing millions in aid to Egypt (cnsnews.com)
- Kerry Says U.S. to Release $190 Million of Economic Aid to Egypt (bloomberg.com)
- Kerry: US To Release Millions In Aid To Egypt (thetruthsoldier.com)
Thomas Hobbes wrote that the life of man is “solitary, poor, nasty, brutish and short.” Today’s White House definitely isn’t poor, lavishly feeding off the wealth of the American taxpayer, and the current presidency certainly isn’t short, with nearly four more years to run. But it is undeniably nasty and brutish, as veteran
Nasty , Brutish , But Nearly Short Enough
” We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”
Nevertheless, Mr. Bloomberg said it wouldn’t be easy to find the spending cuts that do emerge. Accordingly, when Mr. Gambling suggested cutting “waste” could solve a significant portion of the deficit, Mr. Bloomberg flat-out disagreed.
“Listen, I’ve worked now in government for 11 years,” he said. “One of the problems is the definition of ‘waste.’ You think the programs that I want are waste. And I think the problems that you want are waste. It’s not like somebody is taking wheelbarrows full of dollar bills and throwing them out the window. It’s a question of definition, what is ‘waste’ and what is not. Everything we have was put in by Congress, signed by the president. There was a reason for it, or a constituency for it. Most of the tax breaks are designed to encourage or discourage economic activity. There’s a reason for it.” “
Illustration By Steve Sack
- The 10 Biggest Banks Get Almost As Much Money From Taxpayers As The Sequester Cuts (boldprogressives.org)
- Druckenmiller Sees Storm Worse Than ’08 as Seniors Bankrupt Kids – Bloomberg (bloomberg.com)
- Mayor Bloomberg: Don’t Panic About the Sequester (politicker.com)
- Bloomberg Bans Again (nationalreview.com)
- Killing Leaky Ships, Costly Planes Won’t Save Pentagon – Bloomberg (bloomberg.com)
- This Year’s Subsidy to Wall Street is Equal to the Amount of This Year’s Sequester Cuts (rinf.com)