America is in denial.
The US economy has been technically insolvent for over 30 years. Ever since the Bretton Woods agreement broke down in 1971, America has spent itself into a bottomless chasm. The USA has a massive $9 trillion USD deficit and Medicare and pension obligations for the retiring Boomer generation that will send this already massive deficit to stratospheric heights. The writing is on the wall and has been for decades. No amount of tax cuts for the rich or booming of the Dow Jones index is going to compensate for America's looming bankruptcy. The temporary solution being followed by the Federal Reserve is to drastically cut interest rates and decimate their own currency. The Dollar is literally DYING!
The dire state of the US economy has basically been ignored by all the presidential candidates except from that 'kook' and 'nutcase' Ron Paul. All I can hear are the democrats promising social programs and the promise of a universal healthcare system that the country can't possibly afford. The American people are totally ignorant of the dire state of the US economy. They have no idea their governments have spent their children’s' inheritance and the country has been sucked dry by decades of military spending, maintaining a global empire and allowing their centralized monetary system, the Federal Reserve to print into existence whatever funds are required to keep this huge charade going indefinitely. It simply cannot continue.
The housing boom in the USA is just a symptom of this very same problem (mirrored in the UK) where easy credit has pumped up the price of property to ridiculous levels. Now those investors who bought into the sub-prime debacle are finding their investments are worthless and the entire global banking industry is caught in a tsunami of foreclosures and falling house prices. You can't create money for nothing forever.........
Before we get too smug, we should remind ourselves that the UK is in an even worse situation. The latest statistics from Credit Action state that the UK now owes £1.4 trillion GBP. Per capita, we are in an even worse situation than the USA. We do not possess the manufacturing base or the dynamicism in our economy to even begin shrinking our national debt. It is a positively horrendous inheritance for our children. Once again, this huge problem is totally ignored by our politicians and media. There can be only one outcome. In future we will pay EVEN MORE tax just to service the interest on our national debt AND we will undoubtedly ALL be POORER than we are today. The future ain't bright and it ain't orange!
The beneficiaries of this rotten and broken system on both sides of the Atlantic are the banks and financial institutions. The interest repayments on our respective national debts will guarantee truly eye watering profits for generations to come. It will be the biggest transfer of wealth away from the poor and the middle class to the wealthiest in human history. The evilness is allowed to continue purely because of our own ignorance and stupidity
This should be a wakeup call to the British and American people why Ron Paul's tirades against government sanctioned deficit spending are so justified and correct. The crime of allowing private banks to hold to ransom a nation’s monetary system is by no means new. Here is a quote from Thomas Jefferson, America's 3rd President
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)3rd president of US (1743 - 1826)
Never has a quotation been so appropriate.
I would urge all people to get on the internet and actually try to learn how our monetary system works. You will quickly understand that our political system is a charade. We listen to programs like Question Time on the BBC, read our Murdoch owned newspapers and foolishly assume there is serious political debate in the UK. There isn't! The bills are about to become due for Gordon Brown Keynesian economic miracle of the last decade. It is going to be very very unpleasant for a lot of people.
2 comments:
Thanks for your continuing efforts to highlight the dire financial straits of the UK and the rest of the so-called capitalist West.
It's also worth noting another highly suggestive economic connection: the frequency with which the USA declares war against countries that want to be paid in currencies other than US dollars for their goods and services.
- Houseman
As a snooping American I am more than a little pleased to see Dr. Pauls message of freedom being echoed around the globe. Iwould like to say thanks to my like mindedEuropean brothers. Those of us that support Ron Paul are ridiculed by the media and our fellow citizens who simply parrot the non issues put forth by the msm. I applaud your efforts to spread the message of freedom.
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