Posts tagged bubbles
Few people realize that the debt ceiling is aligning right on track with the fiscal cliff. Total public outstanding debt is now at $16.369 trillion and is only $63 billion away from breaching the limit. Not a coincidence that the fiscal cliff is also on the horizon. In essence, we are addicted to debt. However US households have been on a multi-year long process of deleveraging yet this is not being asked from banks or governmental institutions. Of course we knew this was coming. Anyone that was honestly objective realized that we were on an unsustainable path. Yet the name of the game is now about kicking the can furiously down the road so it falls beyond or line of vision. Then we act surprised when we arrive at the can and it has only gotten heavier with debt. So as we are T-minus a few days from the fiscal cliff, let us examine the debt ceiling.
Debt ceiling being breached
We are fast approaching the debt ceiling:
As stated, we are $63 billion away from hitting this. This week another $26 billion will be added courtesy of a few auctions so we will hit this before the New Year. Debt has been expanding at a furious pace:
The ECB is facing similar issues and they are essentially rolling over debt like a giant snowball. The reality is, the only way out of these mountains of debt is through a slow methodical inflation. The Fed is not even shy about admitting this. Why else would they be digitally printing money with no fear? They realize the debt destruction of American households is enough to offset the trillions of extensions and side programs that are being offered to the banking system. But after years of this, we are now seeing spillover effects via housing bubbles, student loan bubbles, food price hikes, healthcare costs soaring, and other items of that nature all in line with stagnant incomes.
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Regardless of the Super Tuesday results, the Republican march to the nomination is a three-ring circus. In the first ring you have Mittens Romney the liberal, conservative, moderate choice who has had more faces than Joan Rivers. The next ring belongs to Rick Sanitation Santorum. He’s sold himself as the Mr. Clean conservative, but is a closet liberal waiting to strike like a mountain rattlesnake . The third ring is reserved for the newly resurrected Newt Gingrich. And no matter how shiny and sharp the silver tongue, that old dog won’t hunt, except in Georgia and a few back rooms where cash is the loudest voice in the room.
And finally there’s Ron Paul, the candidate with a passionate group of supporters who get his message and don’t understand why the rest of the country can’t. The answer is that the rest of the country has had enormous help from a firmly entrenched establishment media, in hopes the dance can continue a little while longer – or at least until the next election day. The GOP’s three-ring circus is enough of a freak sideshow to cause any self-respecting audience to head for the exists. The problem with such an exit strategy, is that there is nowhere to go except on predetermined fast track to a Fascist state, by groups of people the public never sees.
It is hard to believe that individuals like Obama, Romney, Santorum and Gingrich have held or are in the running to hold an office that was occupied by the likes of Washington, Jefferson, Lincoln and Theodore Roosevelt. The comparison is mind-boggling and is a living testament to the sorry state of affairs the country has allowed itself to degenerate into.
But, part of the answer for citizen’s largesse can be found in the Rumplestiltskinesque attitude that the American people have taken throughout the 97% devaluation of their currency since the creation of the Federal Reserve in 1913, to the blowing and bursting of tech, housing and financial bubbles. The bubble bath party is about to get much worse and more suffering is coming. Yet, the candidate who attracts the most cognitive dissonance from citizens, the ire of the establishment and the ignoring of the media, is the same person who predicted what was coming a decade ago. The rest of country has been at the train station, while the ship has docked and already sailed off to China.
Hear, for yourself, a voice of reason. And the only GOP candidate who doesn’t have Secret Service protection.
These are the times for our Constitution.
Now more than every we need the Champion of the Constitution!
Please visit Ron Paul’s official campaign site by following the link below and donate today!
What would happen if the Federal Reserve was shut down permanently? That is a question that CNBC asked recently, but unfortunately most Americans don’t really think about the Fed much. Most Americans are content with believing that the Federal Reserve is just another stuffy government agency that sets our interest rates and that is watching out for the best interests of the American people. But that is not the case at all. The truth is that the Federal Reserve is a private banking cartel that has been designed to systematically destroy the value of our currency, drain the wealth of the American public and enslave the federal government to perpetually expanding debt. During this election year, the economy is the number one issue that voters are concerned about. But instead of endlessly blaming both political parties, the truth is that most of the blame should be placed at the feet of the Federal Reserve. The Federal Reserve has more power over the performance of the U.S. economy than anyone else does. The Federal Reserve controls the money supply, the Federal Reserve sets the interest rates and the Federal Reserve hands out bailouts to the big banks that absolutely dwarf anything that Congress ever did. If the American people are ever going to learn what is really going on with our economy, then it is absolutely imperative that they get educated about the Federal Reserve.
The following are 10 things that every American should know about the Federal Reserve….
#1 The Federal Reserve System Is A Privately Owned Banking Cartel
The Federal Reserve is not a government agency.
The truth is that it is a privately owned central bank. It is owned by the banks that are members of the Federal Reserve system. We do not know how much of the system each bank owns, because that has never been disclosed to the American people.
The Federal Reserve openly admits that it is privately owned. When it was defending itself against a Bloomberg request for information under the Freedom of Information Act, the Federal Reserve stated unequivocally in court that it was “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.
In fact, if you want to find out that the Federal Reserve system is owned by the member banks, all you have to do is go to the Federal Reserve website….
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Foreign governments and foreign banks do own significant ownership interests in the member banks that own the Federal Reserve system. So it would be accurate to say that the Federal Reserve is partially foreign-owned.
But until the exact ownership shares of the Federal Reserve are revealed, we will never know to what extent the Fed is foreign-owned.