Goodnight America
What’s another trillion ?
Oh and while the average American can’t catch a break, and unemployment is at a 20 year high, Pentagon employees and government workers are cracking 6 figures by the tens of thousands.
We ran a $1T+ annual deficit last year, and Obama will top that with $1.7T - an annual deficit of more than 10% of the GDP. Interest on the debt annually is now $500B, or $1,500 for every man, woman, child per year —- $6K/family/year. That’s just paying the interest not principal.
When the unfunded liabilities for Medicare and Social Security come due, they will cost the US over $50T - they are unfunded liabilities. Taxes will have to be raised by 81%. Pete Peterson and others have warned the American people about this to no avail. Subprime will be a drop in the ocean compared to this.
Wars and entitlement programs demanded by an entitled people, who both want universal healthcare and a balanced budget, who want war with a country in the middle East which lacks any ICBM capabilities to harm it (already a majority- 58% support war with Iran if sanctions don’t work- and this BEFORE the govt. drumbeat of propaganda). A country that spent trillions invading a country on a mistaken premise, then hardly concern itself to reform its intelligence agencies to ensure the nation is spared from another mistake of this magnitude. And just like war, though America has been fleeced by high finance (yet again), nary a thought to serious regulation of derivatives, credit default swaps — and not just an audit but a full reform of the Federal Reserve.
I have no doubt American companies will survive the current financial meltdown. After all, the American taxpayer has fairly compensated them for their reckless speculation and for sending the economy into a tailspin. The banks, through the Fed, continue to operate the economic policy of the country to their advantage and with the American people unwilling to believe their “representatives” are not actually in charge.
America has had a good run. Over the next 30 years, it will no longer be the most powerful country and its people will face a steady decline in the quality of living. Due to offshoring, the American middle class will find its wages stagnant or downward trending (this goes well beyond IT; few American workers will be spared from international competition, and hence a levelling in salaries globally). Inflation from the $2T in bailout/stimulus spending, as well as several trillion in unaccounted lending from the Fed, will drain the spending power of ordinary people. The US will be fleeced several times over over that timeframe - by high finance, each time with a new rationale (savings and loan, derivatives, subprime, etc.) but always with the same cause; and by defense contractors and foreign interests….first in Iran now, perhaps Syria or Venezuela later. Riddled with debt, consumed with either active war or its preparations, inevitably and dramatically higher taxes, a chronic job shortage due to corporate embrace of the global economy, America, as Gore Vidal said “will end up ranked “somewhere between Brazil and Argentina, where it belongs.”
*Bonus points to anyone who knows what is going on with the global bank tax. It should be noted that the banks were the ones who proposed the tax in the first place. This is a “punishment” they would be glad to face, if it means consolidating the de facto but masked reality of global control. The next time the banks lose the American people’s money, it should be noted that the US government will be kneeling before this global fund for a bailout, not the Fed. It is largely semantics, and means little in substance, but it does reflect the growing confidence of the true hidden power willing to become visible.
