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We are living on borrowed time, LITERALLY

Posted by mrfixit on October 21, 2010

If you have not yet been slapped with the cold hard reality that this nation, and virtually every level of our government is basically bankrupt, well here is your wake up call.

Take this typical example, and believe me it is far from unique, of a city that has no plan to raise the funds needed to cover existing liabilities, liabilities that could amount to as much as $20K for each property owner.  There is no way most people can afford that, and not to mention the National debt, which now puts about $40K debt on each of us!

Here is the story:

http://oregoncapitolnews.com/blog/2010/10/20/portland-fire-and-police-pension-plan-unfunded-liabilities-increase-332-million/

Now, I have to tell you, ALL sides know this game is not sustainable, and it must end.  It is a Ponzi scheme!   Here is the danger.  There will be two choices presented.  One will lead us to become France or post Cold War Soviet Union, or the other will lead to some really tough times before a restoration and eventual recovery.  Note, the first option never leads to recovery; it leads to a system of perpetual serfdom as masses of government dependent citizens clamor for their sustenance from an all powerful government. 

Only a refocus on our founding principles, our system build on the simple, yet eternal, concept of respect for unalienable God given rights, and a LIMITED government set up to secure such rights.  Only this option restores our prosperity and our recovery.

Now, here is the rub.  Too many want a quick easy fix, they will be tempted, even seduced, to accept the handouts and dependence on government and the relinquishing of their independence.  If too many of our citizens choose this path, they will doom us all as an ever-increasing tax burden is placed on an ever shrinking productive taxpaying minority.  In many ways we might already be there, I like to believe we are not yet past the point of no return, but we clearly have more voters not paying taxes than those that do, and often taxes increases, especially property taxes pass without serious challenge.   This cannot be sustainable, and it won’t be sustained.  It will lead to ruin.  We must educate ourselves and our family, friends and neighbors to resist the temptation to accept the dependence on sugar daddy government.  We must rise to the challenge to help each other DIRECTLY and cut out the system of distribution via government tax and spend.  Only this way can we see a restoration, and this can only come from and enlightened and educated citizenry. 

Oh, in case you did not know, and since the media seems to not think it a big deal, France is in chaos, about 1 million protesting, some quite violent.  Age 62 apparently is unreasonable for retirement, it must be 60 you know…

http://www.dailymail.co.uk/news/article-1321730/France-strikes-Paris-streets-ablaze-Britons-warned-stay-away-violence.html

http://apnews.myway.com/article/20101022/D9J0N6V00.html

More data:

The full wrath of the intentional destruction of our economy is far from being realized:

http://www.cbsnews.com/stories/2010/10/21/60minutes/main6978943.shtml

In case you have been asleep, CA on the brink of implosion (actually it may well be inprogress):

http://rightwingnews.com/2010/10/public-pensions-spell-certain-doom-for-california/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+rightwingnews/hGmL+(Right+Wing+News)

“But not every city had the obscenely generous policy of awarding lifetime health coverage to any worker with a scant five years on the job.” 

“Since a retired worker can cost San Francisco nearly 98 percent as much as a working one”   SAY WHAT!!!????

http://www.sfweekly.com/2010-10-20/news/let-it-bleed/

China is now #1 with supercomputers…

http://www.cnbc.com/id/39886462//

Will this be the future:

http://www.youtube.com/watch?v=OTSQozWP-rM

More data:

Not only is the level of ownership continuing to decline, past decade old levels, look at the internals about EMPTY housing units!  Where did all the people go? 

http://news.yahoo.com/s/ap/20101102/ap_on_bi_ge/us_homeownership_2

People follow opportunity, and find that a declining influx in immigration, legal and illegal as evidence, but beyond that some 85% of college graduates are moving back in with Mom and Dad, which further lowers demand for new housing. 

http://money.cnn.com/2010/10/14/pf/boomerang_kids_move_home/

This is the Obama economy; it is what the progressives feel is needed – a managed decline to more level the distribution of wealth internationally.  Had enough yet?

More:

Senator Gregg is correct, and that is actually the progressive plan to enact “fundamental change” out of the chaos of such massive economic collapse.  It is a crisis not to be wasted:

http://www.cnbc.com/id/39983968

Update:

The Fed did it!  As predicted, printing more money, that is what this means:

http://online.wsj.com/article/SB10001424052748703506904575592471354774194.html?mod=WSJ_hp_LEADNewsCollection

More Data:

Once the thriving 7th largest economy on the planet, now in a downward spiral, and just re-elected as a Governor the man who likely set this course of demise!  CA is lost.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/11/07/state/n100503S24.DTL

More:

The pull quote on this:

 “The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies.”

http://www.spiegel.de/international/world/0,1518,727801,00.html

China is pushing do distance from the US Dollar:

http://blogs.wsj.com/marketbeat/2010/11/09/chinese-credit-rater-downgrades-us/

Here is one, our leaders are setting us up as the bad guys for a global economic crisis!  Here is the pull quote:

“If the United States can increase the volume of dollars and it can transmit inflation to other countries to lessen the pressure of debt, then it will bring about a catastrophic influence on the world,” said Cheng Siwei, a deputy chairman of China’s legislature.”

http://www.cbsnews.com/stories/2010/11/08/ap/business/main7035938.shtml

Not all of the Fed is onboard, this guy has it nailed, this will lead to inflation and transfer from the poor to the rich, exactly the opposite of what is advertised:

http://www.chron.com/disp/story.mpl/business/7285743.html

China works to fight effects of US monetary policy:

http://www.bloomberg.com/news/2010-11-09/china-to-tighten-control-on-capital-inflows-with-audits-position-limits.html

And more:

Thanks progressives!  It is so nice that you have made China stronger and destroyed the USA, that sure is progress, for COMMUNIST CHINA!

http://blogs.telegraph.co.uk/finance/jeremywarner/100008581/china-may-be-bigger-economy-than-us-within-two-years/

but, not so much for the USA….

Ireland on the edge of collapse:

http://apnews.myway.com/article/20101110/D9JD8K7O1.html

http://online.wsj.com/article/SB10001424052748704506404575592360334457040.html?mod=WSJ_hp_LEFTTopStories

Britain is seeing rising violence:

http://www.cnn.com/2010/WORLD/europe/11/10/uk.protest/index.html?section=cnn_latest

Oh, and turning off the lights!  Yep, to save money and the planet, of course!  Maybe the riots will light things back up with burning cars and buildings…

http://www.dailymail.co.uk/news/article-1328243/Up-75-cent-councils-dimming-street-lights-save-money.html

Texas Gov calls it as he sees it, the world’s largest ponzi scheme!  Perhaps he is correct?

http://www.mysanantonio.com/entertainment/books/perry_touts_new_book_in_san_antonio_107002198.html

Nearly 25% of homeowners are behind on mortgage payments!

http://www.nwcn.com/news/Report-finds-quarter-of-Seattle-homeowners-behind-on-mortgage-payments-107053783.html

More:

Great, now even the French are blasting the US over economic policy (as if they have any credibility!).

http://www.bloomberg.com/news/2010-11-12/sarkozy-takes-over-g-20-leadership-with-pledge-to-update-monetary-system.html

Here is a pull quote:  “No one wants their own currency to replace the dollar, because you lose flexibility.”

Yes that is it!  All want the benefits of economic and physical security traditionally provided by US Capitalism and the US Military, but no-one wants to do the hard work of sharing in the burden of providing same!  Human nature I guess…

Wait a second… this is like the spoiled brat students crying about actually paying for their own tuition in the UK!  So, when it comes to the US scaling back, they’ll blame us for not continuing to provide…  Now it all makes sense!

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