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why didn't people freak out about the debt under our last president? Nearly half of it or 6.1 Trillion was accumulated under our last president according to MoveOn.org
Some people did, but the debt wasn't $15trillion then either. I mean it should be pretty obvious that people would be more concerned the higher the debt goes. And it just so happens to be that it is about $4-5trillion higher now than it was under the last president.
Just because this wasn't a big issue under the last president doesn't mean it shouldn't be now. I am not really understanding your point here.
Well its all very interesting but how come this isn't mentioned anywhere else, I mean if this were the case it would seem as though Wall Street and TV analyst and politicians would know this too.
I would be willing to wager that much of what I say is well known in central banking circles.
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Quite frankly it sounds like a typical conspiracy theory and your sources aren't exactly CNN. The whole thing is just so insane that its hard to believe.
What's so insane about it? You think the U.s got to its level of dominance because we're just so great? Or do you think that, after the world was leveled from a world war, we put in place a system in our favor to maintain power just like many empires throughout history.
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Why are other countries like China seeming to be concerned about our debt situation?
Because we hold the value of their savings in our hands. And we're devaluing it. IE screwing them. They gave us real savings and resources in exchange for paper...
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Why is Washington even talking about the debt if it is no big deal? Why is Wall Street reacting to the debt, if they know that it's supposedly (according to you) a good thing for the US? Why is our credit rating being dropped if what we are dong makes sense?
Pigs get fat, hogs get slaughtered.
Oh, and our credit rating dropped, but many other rival countries credit rating have dropped or will drop soon. Seeing as how the dollar is the standard that other currencies float against, what has changed? We devalue, they devalue, and....nothing has changed.
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If all of this is true why are we now cutting our military budget, since it seems to be the linchpin of this system? Why have we been scaling back the CIA for some time now?
Cutting back....but yet still we pay more than the rest of the world COMBINED. It's all reletive.
Our empire may collapse, but its been a hell of a run. I'm of the opinion, that as long as the dollar is the world's reserve currency, we're fine. The day we lose it (and all empires come to an end), we are finished.
That general rule has held fast throughout the ages. When gold was used, and the rules protected honest commerce, productive nations thrived. Whenever wealthy nations — those with powerful armies and gold — strived only for empire and easy fortunes to support welfare at home, those nations failed.
Today the principles are the same, but the process is quite different. Gold no longer is the currency of the realm; paper is. The truth now is: “He who prints the money makes the rules” — at least for the time being. Although gold is not used, the goals are the same: compel foreign countries to produce and subsidize the country with military superiority and control over the monetary printing presses.
Since printing paper money is nothing short of counterfeiting, the issuer of the international currency must always be the country with the military might to guarantee control over the system. This magnificent scheme seems the perfect system for obtaining perpetual wealth for the country that issues the de facto world currency. The one problem, however, is that such a system destroys the character of the counterfeiting nation's people — just as was the case when gold was the currency and it was obtained by conquering other nations. And this destroys the incentive to save and produce, while encouraging debt and runaway welfare
The pressure at home to inflate the currency comes from the corporate welfare recipients, as well as those who demand handouts as compensation for their needs and perceived injuries by others. In both cases personal responsibility for one's actions is rejected
When paper money is rejected, or when gold runs out, wealth and political stability are lost. The country then must go from living beyond its means to living beneath its means, until the economic and political systems adjust to the new rules — rules no longer written by those who ran the now defunct printing press.
Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it — not even a pretense of gold convertibility, none whatsoever! Though the new policy was even more deeply flawed, it nevertheless opened the door for dollar hegemony to spread.
Realizing the world was embarking on something new and mind-boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence “backed” the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite the radical Islamic movement among those who resented our influence in the region. The arrangement gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as dollar influence flourished.
In the short run, the issuer of a fiat reserve currency can accrue great economic benefits. In the long run, it poses a threat to the country issuing the world currency. In this case that's the United States. As long as foreign countries take our dollars in return for real goods, we come out ahead. This is a benefit many in Congress fail to recognize, as they bash China for maintaining a positive trade balance with us. But this leads to a loss of manufacturing jobs to overseas markets, as we become more dependent on others and less self-sufficient. Foreign countries accumulate our dollars due to their high savings rates, and graciously loan them back to us at low interest rates to finance our excessive consumption.
It sounds like a great deal for everyone, except the time will come when our dollars — due to their depreciation — will be received less enthusiastically or even be rejected by foreign countries. That could create a whole new ballgame and force us to pay a price for living beyond our means and our production. The shift in sentiment regarding the dollar has already started, but the worst is yet to come.
For the most part the true victims aren't aware of how they pay the bills. The license to create money out of thin air allows the bills to be paid through price inflation. American citizens, as well as average citizens of Japan, China, and other countries suffer from price inflation, which represents the “tax” that pays the bills for our military adventures. That is, until the fraud is discovered, and the foreign producers decide not to take dollars nor hold them very long in payment for their goods. Everything possible is done to prevent the fraud of the monetary system from being exposed to the masses who suffer from it. If oil markets replace dollars with Euros, it would in time curtail our ability to continue to print, without restraint, the world's reserve currency
It is an unbelievable benefit to us to import valuable goods and export depreciating dollars. The exporting countries have become addicted to our purchases for their economic growth. This dependency makes them allies in continuing the fraud, and their participation keeps the dollar's value artificially high. If this system were workable long term, American citizens would never have to work again. We too could enjoy “bread and circuses” just as the Romans did, but their gold finally ran out and the inability of Rome to continue to plunder conquered nations brought an end to her empire.
The same thing will happen to us if we don't change our ways. Though we don't occupy foreign countries to directly plunder, we nevertheless have spread our troops across 130 nations of the world. Our intense effort to spread our power in the oil-rich Middle East is not a coincidence. But unlike the old days, we don't declare direct ownership of the natural resources — we just insist that we can buy what we want and pay for it with our paper money. Any country that challenges our authority does so at great risk
Using the caculus technique of limits it is apparrent the debt will become infinite and the dollar worthless. So what so long as the top 1% can steal as much as possible and stash it in a safe place so their wealth will survive the greatest crash of all. The other 99% of us can starve in the dark for all they are concerned.
"If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
Money is debt and debt is money. If all debt was repaid, there would be no money. Money is created with federal reserve debt.
Americans are the most content slaves in history. The easiest person to control is the one who thinks he or she is free.
Banks create money from nothing, and since money is debt, there is not enough money in existance to ever pay the debt AND the interest. This means the banks will always have ownership of the assets of the country being repocessed. Some people can always make their payments, but others will always default.
Deflation and inflation boom and bust cycles are controlled by the central bank.
I would be willing to wager that much of what I say is well known in central banking circles.
What's so insane about it? You think the U.s got to its level of dominance because we're just so great? Or do you think that, after the world was leveled from a world war, we put in place a system in our favor to maintain power just like many empires throughout history.
Because we hold the value of their savings in our hands. And we're devaluing it. IE screwing them. They gave us real savings and resources in exchange for paper...
Pigs get fat, hogs get slaughtered.
Oh, and our credit rating dropped, but many other rival countries credit rating have dropped or will drop soon. Seeing as how the dollar is the standard that other currencies float against, what has changed? We devalue, they devalue, and....nothing has changed.
Cutting back....but yet still we pay more than the rest of the world COMBINED. It's all reletive.
I am sorry there may be some truth to some of this, but an the whole it's ridiculous. There are real life problems associated with accumulating debt, like interest that we still have to pay.
Also your assertion that it's all well and good that our credit rating drops is pretty outrageous too. So what, the whole world's credit rating including ours is just going to keep dropping forever? The whole planet is going to have bad credit but everything is going to be okay?
Also ridiculous is the idea that the federal reserve is doing all of this without anyone on Capital Hills knowledge and possibly even the president.
And why would we ever try to curtail spending on anything if debt is our lifeblood? Why did we try to balance the budget in the 90s? Why would we ever cut military spending, even if we still spend the most, we should just spend all we want on it since debt is so good.
Your position on this issue is ridiculous and completely ignores the fact that it is unsustainable and that the longer we continue like we are the worse things are going to be later on. Also ignores the fact that we have racked up more debt in the last three years than any other three year period yet our economy is in the dumps, so evidently this system of yours isn't working very well.
Also you say this happened after WWII, so why then did we pay down nearly all of our WWII debt in the decades after the war? If your theory is correct we should have just kept the debt and added on to it.
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." — Henry Ford
"The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." — Rothschild Brothers of London, 1863
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen.
There is not a man within the sound of my voice who does not know that this nation is run by the
International bankers — Congressman Louis T. McFadden (Rep. Pa)
"I have never seen more Senators express discontent with their jobs....I think the major cause is that, deep down in our hearts, we have been accomplices in doing something terrible and unforgivable to our wonderful country. Deep down in our heart, we know that we have given our children a legacy of bankruptcy. We have defrauded our country to get ourselves elected." — John Danforth (R-Mo)
"Whoever controls the volume of money in any country is absolute master of all industry and
commerce." — James A. Garfield, President of the United States
"A great industrial nation is controlled by it's system of credit. Our system of credit is concentrated in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world--no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men." — President Woodrow Wilson
"Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits." — SIR JOSIAH STAMP, (President of the Bank of England in the 1920's, the second richest man in Britain):
...I am convinced that the agreement [Bretton Woods] will enthrone a world dictatorship of private finance more complete and terrible than and Hitlerite dream. It offers no solution of world problems, but quite blatantly sets up controls which will reduce the smaller nations to vassal states and make every government the mouthpiece and tool of International Finance. It will undermine and destroy the democratic institutions of this country - in fact as effectively as ever the Fascist forces could have done - pervert and paganise our Christian ideals; and will undoubtedly present a new menace, endangering world peace. World collaboration of private financial interests can only mean mass unemployment, slavery, misery, degradation and financial destruction. Therefore, as freedom loving Australians we should reject this infamous proposal. -- Labor Minister of Australia, Eddie Ward, during the inception of the World Bank and Bretton Woods, he gave this warning.
"I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The
issuing power (of money) should be taken away from the banks and restored to the people to
whom it properly belongs." — Thomas Jefferson, U.S. President.
"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." — Charles A. Lindbergh, Sr. , 1913
"From now on, depressions will be scientifically created." — Congressman Charles A.
Lindbergh Sr. , 1913
As evil as the system is, the alternative is being in africa. Have you ever noticed every "rich" country is in debt up to its eyeballs, but the countries with little to no debt are poor and have low living standards?
Debt is money and money is debt.
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Credit has done a thousand times more to enrich mankind than all the gold mines in the world. It has exalted labor, stimulated manufacture and pushed commerce over every sea.
-- Daniel Webster
Using the caculus technique of limits it is apparrent the debt will become infinite and the dollar worthless. So what so long as the top 1% can steal as much as possible and stash it in a safe place so their wealth will survive the greatest crash of all. The other 99% of us can starve in the dark for all they are concerned.
Well that's just it. If the whole system collapses then their assets become worthless too, so nothing about this makes any sense.
Believe it or not, we have Liberals on this forum begging for the government to spend more, and even arguing that in order for the Federal Reserve to extend its policy of Quantitative Easing we MUST go into debt further.
This on top of the fact that these same individuals are not asking where the money is being spent or holding Congress accountable for its malfeasance. Rubber-stamping checks is the Liberal Way. And it will be the death of this nation. Bet on it.
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