Down and Out
“Why is it that you do and do for the Democrats and they don't do for you? Why is it? I'll tell you why. Because yo' is a chump.”
Malcolm X
The same can be said of the Republicans. John McCain supported the Bailout which was the biggest transfer of wealth from the middle class to the uber rich in history.
CNN published a web page with tables for each of the seven various Bailout programs. The total cost to the chumps for these Bailouts is 13.2 trillion dollars according to CNN's report. You can see the tables for yourself here:
http://money.cnn.com/news/storysupplement/economy/bailouttracker/index.html
182 billion dollars was given to AIG but this is not the most egregious aspect of thus swindle.
That began in 2005 when the Federal Reserve Bank announced they would no longer tell us what the total M3 money supply is. Commentators as far away as Asia told their readers this announcement meant that the US had just admitted they were bankrupt and Wall Street had decided to inflate the dollar beyond all reason.
The Republicans and the Democrats in the Senate and the House plus the Bush administration all conspired to keep the truth from the voters. The corporate media were paid accomplices to the cover up. The Federal Reserve knew that the US was near bankruptcy. They should never have allowed real estate prices to continue to rise to what they knew were unsustainable levels. Instead they decided to allow a gigantic pump and dump of real estate to continue.
Taxes have not been raised high enough to pay for that 13.2 trillion dollar gift to the elite from those of required to work for a living to support Wall Street's insanity and greed. Nor could taxes ever be raised that high. Shadow Stats has done nothing but study government statistics and budgets. Their conclusion was that even before Obama took office that the United States could not meet its financial obligations even if Americans were taxed at 100% of their incomes. Their point is that if the government were required to use the same accounting rules as corporations they would have to set aside funds every time they incur an obligation to pay money in the future,
If you add 13.2 trillion dollars in new obligations to an existing 11.2 trillion dollar debt,the total is a staggering 24.5 trillion dollars on which you will be required to pay interest. As you have to sell more and more of something, the price declines. When you sell more bonds and drive down the price of bonds, you drive up interest rates.
Sooner rather than later the US Treasury will not be able to sell bonds for less than 10% interest. I believe the dollar will crash long before interest rates get to 10%. We had high interest rates when Jimmy Carter left office and survived only because the world was willing to loan Ronald Reagan tons of money without collateral, No more.
This means we are headed quickly towards a massive hyperinflation that will impoverish us all.
We will soon be Down and the world will want to see if we are Out.
American voters are first class chumps. We do for the elite. We fight insane wars. We believe obvious lies about Weapons of Mass Destruction. We allowed the media to publish photos in reverse sequential order from the Zapruder film so “they” could cover up the execution of our President who dared to defy orders from above. We convicted a man of shooting his brother Robert five times in the back even though every one of eighteen witnesses saw him in front of the target with no opportunity to shoot from behind. We allowed Wall Street to steal billions of dollars each week from federal spending which we are not allowed to audit.Do we demand the right to audit the books? No. That would require courage.
Recently, a flu which was obviously created in a lab by combining swine flu from Europe with swine flu from the Americas with a bird flu from Asia, made the headlines. Do we demand an investigation? No. We would need to band together as Americans and to freely exchange ideas without censorship. We do not have that right any more. We never had that right in my lifetime.
Within the next twelve months the dollar will collapse. Food riots will be the least of our worries. If the elite wants to, they can introduce a more virulent version of the H1N1 virus and shut down all protests, kill off all resistance and use the quarantine to establish a dictatorship.
If they do that, what will Americans do to say no? Are we even capable of resistance? Are we willing to believe just any lie? Will we accept permanent poverty and servitude?
Is America through as a nation? We shall soon see if we are capable of surviving.
References:
I have been borrowing the titles of my essays from movies and books. I took this title from Down and Out in Paris and London (1933) which was written by George Orwell (Eric Blair.)
If you want to do your own research on a continuing basis, I would recommend this site:
http://solari.com/blog/
If you want to get real statistics on the American economy please go here:
www.ShadowStats.com
“Why is it that you do and do for the Democrats and they don't do for you? Why is it? I'll tell you why. Because yo' is a chump.”
Malcolm X
The same can be said of the Republicans. John McCain supported the Bailout which was the biggest transfer of wealth from the middle class to the uber rich in history.
CNN published a web page with tables for each of the seven various Bailout programs. The total cost to the chumps for these Bailouts is 13.2 trillion dollars according to CNN's report. You can see the tables for yourself here:
http://money.cnn.com/news/storysupplement/economy/bailouttracker/index.html
182 billion dollars was given to AIG but this is not the most egregious aspect of thus swindle.
That began in 2005 when the Federal Reserve Bank announced they would no longer tell us what the total M3 money supply is. Commentators as far away as Asia told their readers this announcement meant that the US had just admitted they were bankrupt and Wall Street had decided to inflate the dollar beyond all reason.
The Republicans and the Democrats in the Senate and the House plus the Bush administration all conspired to keep the truth from the voters. The corporate media were paid accomplices to the cover up. The Federal Reserve knew that the US was near bankruptcy. They should never have allowed real estate prices to continue to rise to what they knew were unsustainable levels. Instead they decided to allow a gigantic pump and dump of real estate to continue.
Taxes have not been raised high enough to pay for that 13.2 trillion dollar gift to the elite from those of required to work for a living to support Wall Street's insanity and greed. Nor could taxes ever be raised that high. Shadow Stats has done nothing but study government statistics and budgets. Their conclusion was that even before Obama took office that the United States could not meet its financial obligations even if Americans were taxed at 100% of their incomes. Their point is that if the government were required to use the same accounting rules as corporations they would have to set aside funds every time they incur an obligation to pay money in the future,
If you add 13.2 trillion dollars in new obligations to an existing 11.2 trillion dollar debt,the total is a staggering 24.5 trillion dollars on which you will be required to pay interest. As you have to sell more and more of something, the price declines. When you sell more bonds and drive down the price of bonds, you drive up interest rates.
Sooner rather than later the US Treasury will not be able to sell bonds for less than 10% interest. I believe the dollar will crash long before interest rates get to 10%. We had high interest rates when Jimmy Carter left office and survived only because the world was willing to loan Ronald Reagan tons of money without collateral, No more.
This means we are headed quickly towards a massive hyperinflation that will impoverish us all.
We will soon be Down and the world will want to see if we are Out.
American voters are first class chumps. We do for the elite. We fight insane wars. We believe obvious lies about Weapons of Mass Destruction. We allowed the media to publish photos in reverse sequential order from the Zapruder film so “they” could cover up the execution of our President who dared to defy orders from above. We convicted a man of shooting his brother Robert five times in the back even though every one of eighteen witnesses saw him in front of the target with no opportunity to shoot from behind. We allowed Wall Street to steal billions of dollars each week from federal spending which we are not allowed to audit.Do we demand the right to audit the books? No. That would require courage.
Recently, a flu which was obviously created in a lab by combining swine flu from Europe with swine flu from the Americas with a bird flu from Asia, made the headlines. Do we demand an investigation? No. We would need to band together as Americans and to freely exchange ideas without censorship. We do not have that right any more. We never had that right in my lifetime.
Within the next twelve months the dollar will collapse. Food riots will be the least of our worries. If the elite wants to, they can introduce a more virulent version of the H1N1 virus and shut down all protests, kill off all resistance and use the quarantine to establish a dictatorship.
If they do that, what will Americans do to say no? Are we even capable of resistance? Are we willing to believe just any lie? Will we accept permanent poverty and servitude?
Is America through as a nation? We shall soon see if we are capable of surviving.
References:
I have been borrowing the titles of my essays from movies and books. I took this title from Down and Out in Paris and London (1933) which was written by George Orwell (Eric Blair.)
If you want to do your own research on a continuing basis, I would recommend this site:
http://solari.com/blog/
If you want to get real statistics on the American economy please go here:
www.ShadowStats.com
posted by Daniel F at 7:28 AM
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