I have been saying this for years. We have been living well beyond our means, Americans are only enjoying this lavish lifestyle on borrowed money, not true wealth. The GNP is a measure of all wealth produce within a country. For the past 30 years we have tacked on $9 trillion in debt, our economic growth is solely based on debt. Not to mention all the money pumped into the money supply by the Fed. We have achieved wealth and growth simply by borrowing and inflating the money supply. The US no longer produces true wealth as in hard assets. We are only worth our dime on paper. Reminds me of all the millionaires during the Tech Boom. Worth $5mm on paper and after everyone realized that was fantasy, it all got wiped away.
Well, we are seeing that now. the housing crisis is upon us, oil going to top $100 brl, reversal of the Treasury yield, insolvency of the financial sector, the dollar is crashing and inflation is ever creeping up. The only sanctuary is Gold topping $800 ounce. Why…this is the only hard asset.
Ive mentioned this before. We have $60+ trillion in entitlements due in my generation. Please watch the 60 Minutes episode above which explains this pending disaster.
The founding fathers when writing the Constitution knew of the destructive power of money. They wrote the Constitution to limit the size and scope of government. Restrain the government, not the people. The Consitution even mentions that Congress is the only entity that has the power to issue legal tender, which can only be that of gold and silver. The founding fathers were strict on this because they knew if you gave the government a blank check, they will use it to grow larger and more powerful. Congress created the Federal Reserve in 1913 by the pressure of the nations largest banks to turn over control of monetary policy to a private bank that even today does not share its operations with Congress. The IRS deposits your tax money into the Fed, not the Treasury. The Fed takes your money and lends it back to you and the government with interest. This is a distribution of wealth from us to to the wealthy.
The current Fed Chairman Ben Bernanke revealed to Congress that the current fiscal policy of the Federal Government in relation to spending, taxing, borrowing and entitlements are unsustainable. He agreed that we can not grow out of this problem.
The income tax only accounts for 1/3 of govt. expenditures. We have to borrow and print money to arrive at all the shortfall. So I say this, especially to all my liberal friends who believe in government entitlements, in order for us to avoid bankruptcy, the GAO predicts the income tax would have to be raised to at least 65%. Now i ask my freinds, are they willing to give up that much income? Now the same goes for the Republicans, the Neo-Cons. If they continue with their planned foriegn policy, it measures out to the same dilema. The current race so far has a Rudy-Hillary campaign. If you look at their records and their plan once President, it has nothing to do with solving our imminent despair. They are typical politicians who like power and plan on keeping that power. They will say and do anything to get your vote and to enure they get re-elected.
What ever happened to the philosophy of voting for a President that encourages and believes in the US Constitution. We need a President who will reduce the size and power of the Federal Government to a time when people, not lobbyist made decisions on how to live our lives. Return fiscal responsibilty to Washington. Put a end to unconstitutional laws such as the Patriot Act, National ID, Military Commissions Act and many more. Abolish federal departments that are not granted under the constitution; Department of Energy, Department of Education, Homeland Security and a few more. The reason we are in this mess is the Federal Government has been doing alot of “stuff” that it has no authority to do. We the people have given up so much to a Government that has put our great country only on a path to ruin.
I feel the next gerneration of Americans and ours will see the end of this great Republic. The pending financial crisis will ensure great political upheaval. Instead of people taking back the responsibilty for their own lives, the government will only desire more power. In the Patriot Act, there is an amendment that gives direct power to the President to enact Marshall Law at any time their is a foriegn or domestic threat to national security. I would not be surprised this over extentsion of executive power being used by our next President. Their are hard times ahead and the government is preparing to protect itself, what about US?
I am sorry to say we are moving toward tryanny. Our liberties and our way of life will be threatened like no other in the next 20 years. Do we allow this to happen? or do we say no to staus quo and to politicians that rather listen to special interest and lobbiest. Their is not one candidate on both sides that has the courage and willingness to stop this.
Ron Paul, a true conservative, a true republican, a honest and true American. There is hope, it only takes courage. Join, before its too late.
