[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|
Status: Not Logged In; Sign In
New World Order Title: Collapse: “It Will Be Sudden and Very Painful” While it’s too early to tell whether or not the destruction in stock markets will continue as it did in 2008, one thing is for sure – when the bottom finally falls out of this economy it’s going to come as a surprise to tens of millions of people who have been bamboozled by their trusted politicians and corporate elite. Today’s Dow Jones collapse of 350 points is but an indicator of the severe volatility and unmitigated destruction we can expect as this crisis enters the next phase. Former comptroller general of the Government Accountability Office (GAO) David Walker warns that it’s going to hurt: “The fact of the matter is that government has grown too big, promised too much and waited too long to restructure. Our problem is overwhelmingly a spending problem.” Walker, now the head of the fiscal advocacy group the Comeback America Initiative, told viewers. “Lets understand something very simple. If you have escalating deficits and mounting debt, that means you have to increase the debt ceiling limit at some point and it means absent structural reforms in entitlement programs, defense and other spending, those represent deferred tax increases.” “We are not exempt from a debt crisis,” he said. “We’re never going to default, because we can print money. At the same point in time, we have serious interest rate risk, we have serious currency risk, we have serious inflation risk over time. If it happens, it will be sudden and it will be very painful.” It’s not a matter of if, but when. The course is mathematically unsustainable, and a few hundred billion in cuts, as ridiculous as it sounds, is simply not going to be enough. As Charlie McGrath pointed out in his August 3 video report, the US government will have to take extreme measures, like Greece is being forced to take now, to keep the system alive, albeit on life support: And, here comes your crisis of reality. The austerity measures that are about to come our way are going to be like nothing we’ve ever seen or even dreamt about in this country – certainly worse than any of the politicians getting before the cameras will tell you is coming. They’re telling you if you go further into debt everything’s going to be OK. … …President Obama and Federal Reserve Chairman Bernanke are out of bullets. They have nothing left…they’ve tried everything: QE1, QE2, Stimulus 1, Stimulus 2, there’s just nothing left that can be done to help create jobs in this country. Many don’t believe it will happen here. But make no mistake, it’s coming (in fact, it’s happening right here and now!). They’re going to print more money and erode your savings. They’re going to borrow more money from foreign creditors, until such time that they won’t lend to us anymore. Prices for essentials like food, energy and clothing are going to increase exponentially over the next few years. At the same time we will see forced cuts to programs like social security, medicaid, medicare and a host of other entitlement programs. Millions of Americans are going to feel like they’ve been hit with a sledgehammer. The United States of America is embroiled in the next Great Depression – and there is no way out. The economy will not, contrary to the opinion of our government and the presstitutes who promote their agendas, recover in a few months. We’re in this for the long haul, as in years and decades not weeks or months, and all of us will soon learn what TEOTWAWKI means.
Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 4.
#3. To: Capitalist Eric (#0)
Losing your job or your Social Security will erode those savings even faster.
I hate having an economic system that can collapse a nation at will.
#5. To: mininggold (#4)
What the HELL do you think Corporatism (the system that we now have) is? What the HELL do you think SOCIALISM is? The only economic system that can't be collapsed at will, is capitalism. How do you NOT see this?
Top • Page Up • Full Thread • Page Down • Bottom/Latest |
|
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|