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Tag Archive: National Debt


A Multi-Millionaire’s Personal Blueprint For Surviving the Coming Currency Collapse

 

 

http://files.stansberryresearch.com/images/Chart1.png

 

 

” Dear Fellow American,

  Do you believe America’s financial problems from 2008 have been fixed?

  Do you think we’ll have another banking crisis in the next few years, or a problem with our currency?

  If you are concerned about these possibilities, you are not alone.

  After all: What we are witnessing in America today is unprecedented.

  Our government has embarked on a gross, out-of-control experiment, expanding the money supply 400% in just six years, and more than doubling our national debt since 2006.

  It took our nation 216 years to rack up the first $8.5 trillion in debt… then just 8 more years to double that amount.

  And this is precisely why so many questions about the economy and our future remain. For example.. “

 

 

The tale of financial woe continues …

 

 

” The American people deserve to know what our government has done, what’s coming next, and what you must do to protect yourself and your family from the disaster our government has created.

  Many of the smartest people in the industry… like CIA and Pentagon insider Jim Rickards… hedge fund multimillionaire Jim Rogers… and superstar investor Kyle Bass (the minimum to invest with Bass is $5 million), are all taking precautions against a serious market crash and financial crisis.

  • Rickards is publicly recommending people rush to buy gold, real estate and hard assets
  • Rogers moved his entire family to Singapore to essentially get them out of America.
  • And Bass built a 41,000 square foot ranch stocked with firearms and gold “

 

Read the rest and prepare accordingly

 

 

 

 

 

 

 

 

 

 

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Lew to Congress: US Hits Debt Limit On March 16, Needs To Be Raised ASAP

 

 

” Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, but would begin taking “extraordinary measures” to finance the government on a temporary basis, according to the U.S. Treasury.

  In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Treasury Secretary Jack Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is raised.”

” ” Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible,” Lew wrote in his letter.

  The Treasury secretary emphasized that “increasing the debt limit does not authorize new spending commitments,” but rather “simply allows the government to pay for expenditures Congress has already approved.”

  Congress passed the Temporary Debt Limit Extension Act in February 2014, which suspended the statutory debt limit through Mar. 15 of this year.”

 

 

    Read more , to what end we don’t know as it’s a foregone conclusion that with the spineless leadership presently in control of the “fiscally responsible” party nothing will change …

 

 

 

 

    Debt , debt and more debt as far as our children and theirs can see . A changing of the “guard” with the new republican control of both legislative branches amounts to nothing but more of the status quo .

 

 

 

 

 

 

 

 

 

 

 

Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

 

 

 

” Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.

 

 

 

 

  It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the “benefit” of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

  It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.

  And now we wait for the US to become Spain, and add the estimated “contribution” from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.”

 

 

And to think that just three short years ago Obama was speaking of reducing our then $14 trillion debt …

 

 

 

 

 

 

   Heck of a job Barack especially when one takes into consideration the record tax receipts the Federal government has been taking in . Be sure to check out the National Debt Clock . Bookmark it and keep up .

Thanks to Zero Hedge

 

 

 

 

 

 

 

 

 

CIA Insider Warns: “25-Year Great Depression Is About To Strike America”

 

 

” You will want to remember this date March 26, 2015.

  According to one of the top minds in the U.S. Intelligence Community, that is when the United States will enter the darkest economic period in our nation’s history.

  An alarming pattern has caused many in the Intelligence Community to secretly prepare for a “worst-case scenario.”

  And alarmingly, he and his colleagues believe the evidence they’ve uncovered proves this outcome is impossible to avoid.

  In an exclusive interview with Money Morning, Jim Rickards, the CIA’s Financial Threat and Asymmetric Warfare Advisor, has stepped forward to warn the American people that time is running out to prepare for this $100 trillion meltdown.

” Everybody knows we have a dangerous level of debt. Everybody knows the Fed has recklessly printed trillions of dollars. These are secrets to no one,” he said.

” But all signs are now flashing bright red that our chickens are about to come home to roost.”

 

Read more

 

 

 

 

 

 

 

 

 

 

 

During Obama’s Presidency, National Debt Has Grown by $61K Per Household

 

 

 

 

 

” You may have heard pundits time and time again dismiss America’s debt problem, touting that the deficit has fallen by 50 percent since 2009.

Yet that sidesteps the real issue: the massive amount of debt the country has taken on in the past six years has put the nation in a vulnerable position as entitlement spending is set to take off and big-spending policies continue to pile on debt. Indeed, the United States has added $7.06 trillion of debt since President Obama took office—far more than under any previous president. “

 

Read more and weep

 

 

 

 

 

 

 

 

 

 

China Starts To Make A Power Move Against The U.S. Dollar

 

 

” In order for our current level of debt-fueled prosperity to continue, the rest of the world must continue to use our dollars to trade with one another and must continue to buy our debt at ridiculously low interest rates.  Of course the number one foreign nation that we depend on to participate in our system is China. 

  Unfortunately, there are signs that China has now decided to start looking for a smooth exit from the game.  In November, I wrote about how the central bank of China has announced that it is “no longer in China’s favor to accumulate foreign-exchange reserves”.  That means that the pile of U.S. dollars that China is sitting on is not going to get any higher.

  This week, we learned that China started to dump U.S. debt during the month of December.  Many have imagined that China would try to dump a flood of our debt on to the market all of a sudden once they decided to exit, but that simply does not make sense.  Instead, it makes sense for China to dump a bit of debt at a time so that the market will not panic and so that they can get close to full value for the paper that they are holding.

  As Bloomberg reported the other day, China dumped nearly 50 billion dollars of U.S. debt during the month of December… “

 

   The profligate spending of our ruling class over the past few decades is about to come back and bite us on the **s . Do you speak Chinese ? You might want to learn . Read the rest of this alarming report .

   A parting shot to make you sit up and take notice …

 

” So if China is not going to stockpile U.S. dollars or U.S. debt any longer, what is it going to stockpile?

   It is going to stockpile gold of course.  In fact, China has been voraciously stockpiling gold for quite some time, and their hunger for gold appears to be growing.”

 

 

 

 

 

 

From Citizens Against Government Waste

Published on Jan 4, 2014

” News and commentary for IJReview.com. Originally cut by Citizens Against Government Waste. CAGW.org.”

 

 

Thanks to Kyle Becker @ IJR

 

 

We all work for the Chinese now.

 

 

 

 

 

 Debt Ceiling Truth

 

 

 

 

” You are about to learn one of the biggest secrets in the history of the world… it’s a secret that has huge effects for everyone who lives on this planet. Most people can feel deep down that something isn’t quite right with the world economy, but few know what it is.”

 

 

 

 

 

 

 

… Tops $17 Trillion For First Time

 

 

Debt Clock 10:19

As of this morning at 9:01 am EST

 

” U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.

The $328 billion increase shattered the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.”

 

 

Debt Clock

As of October 15th

 

We knew our math skills were lacking but we didn’t think we would be this far off . Ouch !

 

 

 

 

 

 

 

We Don’t Know What Is Worse ; A President Who Is An Idiot , Or One That Thinks We Are

 

 

 

From Obama’s Rose Garden speech of 10/2 :

 

” For example, one of the most important things Congress has to do in the next couple weeks is to raise what’s called the debt ceiling. And it’s important to understand what this is. This is a routine vote. Congress has taken this vote 45 times to raise the debt ceiling since Ronald Reagan took office. It does not cost taxpayers a single dime. It does not grow our deficits by a single dime. It does not authorize anybody to spend any new money whatsoever. All it does is authorize the Treasury to pay the bills on what Congress has already spent.” 

 

 

Candidate Obama held a different view of the debt ceiling :

 

 

Now we come to candidate Obama pronouncing a litany of financial promises , all of which were nothing but bulls..t :

 

 

 

Here is a video that explains the debt limit in easy to understand terms :

And finally we have a simple video that explains the national debt in terms of taking a road trip :

Remember though , none of this “costs the taxpayers a single dime . “

60 Completely Outrageous Ways The U.S. Government Is Wasting Money

 

 

 

” Is there anyone better at wasting money then the U.S. government?  Despite the sequester and all of the talk about “deep cutbacks”, the federal government continues to waste money in some of the most outrageous ways imaginable.  For example, does the U.S. government really have to spend hundreds of thousands of dollars to study the size and shape of the reproductive organs of ducks?  Does the U.S. government really have to spend 1.5 million dollars to study why so many lesbians are overweight?  There is so much waste that could still be cut out of the federal budget, and yet the very small sequester cuts that just happened are being described as “catastrophic” by many of our politicians.

The following are some of the completely outrageous ways that the U.S. government is wasting money…

#1 The National Science Foundation has given $384,949 to Yale University to do a study on “Sexual Conflict, Social Behavior and the Evolution of Waterfowl Genitalia”.  Try not to laugh, but much of this research involves examining and measuring the reproductive organs of male ducks.

#2 The IRS spent $60,000 on a film parody of “Star Trek” and a film parody of “Gilligan’s Island”.  Internal Revenue Service employees were the actors in the two parodies, so as you can imagine the acting was really bad.

#3 The National Institutes of Health has given $1.5 million to Brigham and Women’s Hospital in Boston, Massachusetts to study why “three-quarters” of lesbians in the United States are overweight and why most gay males are not.

#4 The National Institutes of Health has also spent $2.7 million to study why lesbians have more “vulnerability to hazardous drinking”.

#5 The U.S. government is giving sixteen F-16s and 200 Abrams tanks to the Muslim Brotherhood in Egypt even though the new president of Egypt, Mohammed Morsi (a member of the Muslim Brotherhood), constantly makes statements such as the following

“Dear brothers, we must not forget to nurse our children and grandchildren on hatred towards those Zionists and Jews, and all those who support them”

#6 During 2012, the salaries of Barack Obama’s three climate change advisers combined came to a grand total of more than $370,000. “

 

 

 

Obama Wants $130 Billion to Bail Out Europe

 

 

 

” 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.” ”

 

 

 

 

 

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10 Hilarious Examples Of How Clueless Our Leaders Are About The Economy

 

 

” They didn’t see it coming last time either.  Back in 2007, President Bush, Federal Reserve Chairman Ben Bernanke and just about every prominent voice in the financial world were all predicting that we would experience tremendous economic prosperity well into the future.  In fact, as late as January 2008 Bernanke boldly declared that “the Federal Reserve is not currently forecasting a recession.”  At the time, only the “doom and gloomers” were warning that everything was about to fall apart.  And of course we all know what happened.  But just a few short years later, history seems to be repeating itself.  Barack Obama, Federal Reserve Chairman Ben Bernanke and almost every prominent voice in the financial world are all promising that the U.S. “economic recovery” is going to continue even though Europe is coming apart like a 20 dollar suit.  But the economic fundamentals tell a different story.  Our national debt is more than $6,000,000,000,000 larger than it was back in 2008, the number of Americans on food stamps just hit another brand new all-time record, and the bankers up on Wall Street are selling gigantic mountains of the exact same kind of toxic derivatives that caused so much trouble the last time around.  But all of our “leaders” swear that everything is going to be okay.  You can believe them if you want, but denial is not just a river in Egypt, and another crash is inevitably coming.

Sadly, many Americans are not even going to see the crash coming because they still have faith in the “experts”.  They haven’t figured out that the “experts” really do not know what they are doing.

The blind are leading the blind, and in the end the results are going to be absolutely tragic.

The following are 10 hilarious examples of how clueless our leaders are about the economy…

#1 When I first came across the following chart the other day, it made me chuckle.  It is a chart that supposedly tells us the “probability” of a recession, and it was taken from the website of the Federal Reserve Bank of St. Louis.  According to the chart, right now there is a 0.16% chance of a recession… ”

 

Smoothed U.S. Recession Probabilities

 

 

 

 

 

 

 

 

 

 

 

 

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Proposed Dem Budget Increases Spending 62% Over Next Decade

 

 

” 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)

 

 

 

 

 

 

 

President Obama: There Is No Debt Crisis

 

 

 

 

” There has been no shortage of dire warnings about the mounting US national debt, but President Obama is now offering a different assessment: no big deal.

We don’t have an immediate crisis in terms of debt,” President Obama said in an exclusive interview with George Stephanopoulos for “Good Morning America.” “In fact, for the next 10 years, it’s gonna be in a sustainable place.”

It’s an assessment that will throw cold water on the latest attempt to achieve a so-called grand bargain to reduce the deficit. After all, a grand bargain would require excruciatingly difficult decisions for both sides – for Republicans, it would mean raising taxes, and for Democrats, cutting future spending on cherished programs like Social Security and Medicare. If there is no crisis, why would either side do it?

So, what happens if this latest effort to reach a deficit agreement falls through? Once again, the president’s answer was, essentially, no big deal.

“Ultimately, it may be that the differences are just too wide” to get a deal, President Obama said. “That won’t create a crisis. It just means that we will have missed an opportunity.”

 

 

No , there is no debt problem

 

 

No Debt Crisis

 

 

 

 

 

 

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Austerity Kills Government Jobs as Cuts to Budgets Loom

 

sequester-cartoon-ramirez-3

 

 

The federal government, the nation’s largest consumer and investor, is cutting back at a pace exceeded in the last half-century only by the military demobilizations after the Vietnam War and the cold war.

The reductions are designed to be indiscriminate, cutting everything from air traffic control to nursery schools.

And the turn toward austerity is set to accelerate on Friday if the mandatory federal spending cuts known as sequestration start to take effect as scheduled. Those cuts would join an earlier round of deficit reduction measures passed in 2011 and the wind-down of wars in Iraq and Afghanistan that already have reduced the federal government’s contribution to the nation’s gross domestic product by almost 7 percent in the last two years.”

   Left unsaid in all this talk of sequestration , budget “cuts” and austerity is the fact that if this government cannot even find a way to scale back annual growth by a measly 2% without “catastrophic” consequences then ANY HOPE for getting the deficit under control and limiting the endless growth of government is hopeless . If this is in fact the case then we are doomed . You’d better brush up on your Chinese .

 

Illustration By Michael Ramirez

 

FACT CHECK: STATE OF THE UNION 2013

 

 

 

 

” President Barack Obama’s State of the Union address included few new or unexpected proposals, but many factually incorrect or misleading assertions. Here are the lowlights.

“Corporate profits have rocketed to all-time highs – but for more than a decade, wages and incomes have barely budged.” Wages and incomes may not always be the best measurement, because they leave out benefits, which have increased overall compensation over several decades. Regardless, Obama chose his timeframe carefully, because over the past four years, middle class income has actually declined.

“In 2011, Congress passed a law saying that if both parties couldn’t agree on a plan to reach our deficit goal, about a trillion dollars’ worth of budget cuts would automatically go into effect this year.” Obama is referring to the sequester. He omits the fact that he (or his White House) proposed the sequester, and he personally signed it, with the hope of using it to push Republicans into passing higher tax rates on high earners.

 

Illustration By Lisa Benson*

 

 

    Editor’s Note: This cartoon is a bit out of date , but still pertinent , the debt according to the US Debt Clock now stands at $16,519,646,395,560 and climbing rapidly . Warning … It climbs so fast that my number is out of date as you read this .

 

 

Daily Quote 1.8.13

Andrew Jackson

 

 

 

” I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.”

 

 

 

Editors Note : On This Day In 1835 , thanks in large part to Andrew Jackson’s abhorrence  of debt , 1835 – The United States national debt is 0 for the first and only time.

NewsBusted 12/07/12

  “Ten inconvenient truths about the national debt”

Here is truth number one .
 

” 1.) The amount by which the public debt — the portion of the national debt not borrowed by the
U.S. government from funds it administers — has increased since President Obama took office
is unprecedented, not politics as usual: more than $4.75 trillion (more than 75%), according
to the Treasury Department. If the president’s second-term budget is implemented, he will end up (according to the Congressional Budget Office) increasing the public debt by $8.9 trillion. That exceeds the public debt incurred by all previous presidents combined — by more than $2.6 trillion. “