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1 Through 30 – The Coming U.S. Financial Crisis By The Numbers

The United States is drowning in a sea of red ink from coast to coast and most Americans have absolutely no idea what is about to happen.  Hopefully you have started to prepare for the coming U.S. financial crisis.  If not, hopefully this article will be a wake up call for you.  Right now, governments all over Europe are on the verge of financial implosion.  Most Americans aren’t paying much attention to that, but they should be, because what is happening to Greece and Italy right now will eventually be happening here.  Just recently, the U.S. national debt passed the 15 trillion dollar mark.  State and local government debt is also at record levels.  Tens of millions of American families are in debt up to their eyeballs, and millions more Americans fell into poverty last year.  Meanwhile, the “too big to fail” banks just keep getting larger and the Federal Reserve continues to inflate the debt bubble.  At some point this debt bubble is going to burst, and when it does it is going to unleash financial hell all over America.

Below you will find a list of numbers – 1 through 30.  For each number, a statistic has been chosen that demonstrates the financial nightmare that the United States is facing.  It is simply not possible to rack up debt at staggering rates forever.  At some point the debt spiral is going to stop.

A lot of politicians are claiming that they can stop the coming financial crisis from happening.  But the truth is that unless our entire financial system is fundamentally transformed, nothing is going to be able to stop the financial nightmare that is headed our way.

Unfortunately, the vast majority of our politicians still believe that the current financial system can be fixed and the vast majority of them still fully support the Federal Reserve.

That is going to prove to be a gigantic mistake.  The following are 30 facts that show that the United States is heading directly for a massive financial crisis….

1 – For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars.  That was the third year in a row that our budget deficit has topped one trillion dollars.

2 – The balance sheet of the Federal Reserve has been ballooning like crazy.  At this point, the Federal Reserve has very little capital backing a balance sheet that is well over 2 trillion dollars.

The following is how Michael Pento of Euro Pacific Capital describes the situation that the Fed is in….

Today, the Fed has $52.5 billion of capital backing a $2.7 trillion balance sheet.

Prior to the bursting of the credit bubble, the public was shocked to learn that our biggest investment banks were levered 30-to-1. When asset values fell, those banks were quickly wiped out. But now the Fed is holding many of the same types of assets and is levered 51-to-1! If the value of their portfolio were to fall by just 2%, the Fed itself would be wiped out.

3 – It is being estimated that it would take a total of 3 trillion euros to bail out all of the countries in Europe that are in imminent danger of financial implosion.  Europe is heading for a gigantic financial crisis, and when it happens the United States is going to be dragged down as well.

4 – As the U.S. economy continues to decline, millions of American families are having a very hard time feeding themselves.  Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.

5 – The U.S. Postal Service has lost more than 5 billion dollars over the past year.  It looks like the federal government is going to have to help the U.S. Postal Service out financially.

6 – Freddie Mac says that it is going to need another $6 billion bailout from the federal government.

7 – Fannie Mae says that it is going to need another $7.8 billion bailout from the federal government.

8 – We are told that the economy is recovering, but the number of Americans on food stamps has grown by another 8 percent over the past year.

9 – The U.S. unemployment rate has been hovering around 9 percent for 30 straight months.  It is currently sitting at 9.0 percent.

10 – The total cost of just three federal government programs – the Department of Defense, Social Security and Medicare – exceeded the total amount of taxes brought in during fiscal 2010 by 10 billion dollars.

11 – Back in the year 2000, 11.3% of all Americans were living in poverty.  Today, 15.1% of all Americans are living in poverty.

12 – The “free trade” agenda being pushed by our globalist politicians is absolutely killing us.  Even in industries that we were once dominant in we are now getting wiped out.  For instance, in 2010 South Korea exported 12 times as many automobiles, trucks and parts to us as we exported to them.  Hundreds of billions of dollars that should be going to support American jobs and businesses is going overseas instead.

13 – Since 1985, the federal government has added 13 trillion dollars to the national debt.

14 – The U.S. Treasury Department says that instead of $14.3 billion, the total losses from the auto industry bailouts will actually be $23.6 billion.

15 – Amazingly, the U.S. federal government is now 15 trillion dollars in debt.  When Obama first took office the debt was just 10.6 trillion dollars.

16 – According to U.S. Senator Bernie Sanders, the Federal Reserve made 16 trillion dollars in secret loans to big corporations, Wall Street banks, foreign nations and wealthy individuals during the financial crisis.

17 – The “too big to fail” banks just keep getting larger and larger.  In the year 2000, Citigroup, JPMorgan Chase, Bank of America and Wells Fargo held approximately 22 percent of all banking deposits in FDIC-insured institutions.  By the middle of 2009 that figure was up to 39 percent.  That is an increase of 17 percent in less than a decade.

18 – More Americans than ever are totally dependent on the government.  In 1980, government transfer payments accounted for just 11.7% of all income.  Today, government transfer payments account for more than 18 percent of all income.

19 – As a result of the lack of good jobs, we have huge numbers of Americans in their prime working years that cannot financially support themselves.  As I have written about previously, 19% of all American men between the ages of 25 and 34 are living with their parents.

20 – America is rapidly getting poorer.  Today, more than one out of every seven Americans is living in poverty and more than 20 million of them are considered to be living in extreme poverty.

21 – Income inequality is rising to very dangerous levels.  According to a joint House and Senate report entitled “Income Inequality and the Great Recession“, the top one percent of all income earners in the United States brought in a total of 10.0 percent of all income in 1980, but by the time 2008 had rolled around that figure had skyrocketed to 21.0 percent.

22 – It is not just the federal government with a debt problem.  State and local government debt has reached an all-time high of 22 percent of U.S. GDP.  Many state and local governments are even closer to going broke than the federal government is.

23 – If you can believe it, during 2010 an average of 23 manufacturing facilities a day were shut down in the United States.  Our economy is literally being gutted like a fish.

24 – Right now, spending by the federal government accounts for about 24 percent of GDP.  Back in 2001, it accounted for just 18 percent.

25 – According to Shadow Government Statistics, the “real” rate of unemployment in the United States is creeping up toward 25 percent.

26 – The Pension Benefit Guaranty Corporation (an agency of the federal government) says that it ran a deficit of $26 billion during the fiscal year that just ended and that it will probably need a bailout from the federal government.

27 – In the midst of everything else, the United States is bleeding national wealth like crazy.  Tens of billions of dollars more goes out of this country each month than comes into it.  Instead of improving, our trade deficit just keeps getting worse.  For example, the U.S. trade deficit with China in 2010 was 27 times larger than it was back in 1990.

28 – The U.S. housing crash is a crisis that never seems to end.  According to one source, approximately 28 percent of all home loans in the United States are currently “underwater”.  So what is going to happen if the economy gets even worse?

29 – The federal government has borrowed more than 29,000 dollars per household since Barack Obama first took office.

30 – 30 years ago, the U.S. national debt was about 15 times smaller than it is today.  How in the world are we ever going to explain this foolishness to future generations?

Please share these facts with as many people as you can.  The reality is that most Americans have no idea just how bad things have become.

Instead of dealing with the problems that this country is facing, most Americans just try to numb the pain.  As a nation, we are incredibly addicted to pleasure and entertainment.  It is so much easier to spend endless hours staring at the television than it is to get out there and try to do something to turn this country around.

America is in big time trouble.  We desperately need a new generation of heroes to step up to the plate.

All of us have different talents and all of us have something that we can contribute.

Will you answer the call?

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comments

  • gary2

    Tax the wealthy HARD and most of any debt issues will be solved. Tax the corporations hard, How many trillions are they sitting on?

    Time to pay up.

    I know everyone deep down knows I am right. The rich need to be taxed hard and the wealth spread around.

    • GSM1(sw)

      Why don’t you move to a country that is already communist, then you wouldn’t have to deal with rednecks like me that are going to fight you to the death!

      • REED RICHARDS

        GSM1(sw),

        This is why you don’t drink the fuel from the can when you are in the engineroom…………

        As a squid, you won’t be fighting anybody because you will be in too much of an alcohol induced stupor to do anything…………..

      • Gary2

        The right-wingers fall back on the the same old false dichotomy: that our choice is between total wealth redistribution or a total free market. This is nonsense. At its core, the wealth inequality issue is about effective tax rates which are at historic lows. This has resulted in a transfer of wealth from the bottom 99% to the 1% over the last thirty years of Republican tax cutting (for the rich).

        Copied form a comment blog but it sums up the stupidity of your arguement

    • ScoutMotto

      Time to pay up? You almost say that as if they owe YOU something, Gary, which in fact they don’t.

    • Randome-11

      Nope, taxing the rich isn´t going to solve the debt problem, seizing all of the assets of the 1% might pay off the debt but deficie spending would still be going on.

      What is needed is destroying post-industrialism. Give priority to technology, science, engineering. Factories and skilled workers again.

      Hovewer, it would make things a lot easier, most of those smucks are part of the problem, pushing for a “service economy”.
      What they are doing is destroying jobs and the general wealth.
      It isn´t about redistribution of wealth, it is about retrieving the wealth.

    • SmallGovernment

      Well said commrade. The government needs to get bigger and the lazy people such as yourself need more money for doing nothing. Go to a country that suits your ideas.

      WAKE UP !!!!! The government is the problem. Taxes are the problem.

      Everyone I talk to hates the ows ‘rs. Even the younger generation. Enjoy the media coverage before the election. The ows’rs are the less than 1% of filth in this country.

      This country needs to get back to work and the govenment’s useless jobs are not the answer. We need real production not bridges to nowhere !!!!

      Class warfare is the roots of communism. Read up on it. My family left a communist country for freedom. Now they see communism sneaking up here.

      • Randome-11

        Class warfare? That is what the US governement have been doing on a large scale since the early 70s and an even large scale since Reagan, against the middle and lower class.

    • Macnasty

      I bet you mumble that in your sleep, Tax them hard, tax them hard, look at all the wealthy politicians,ya can’t get elected with out cash,but back to wit wealthy people don’t have to live in the USA I’m glad they do. they still purchase things that require taxes taken out, corporations can go else where as well then what then,I tell you, you’ll will reap what you sow makes me think of a Dire Straits song called the telegraph road, maybe you should listen to it.I have a right to go to work, but no work here to be found, I have a right to go to work, but they shut it all down,they say we ain’t gotta pay what is owed,we ain’t gotta reap from this seed we sowed.This house of cards will fall. thanks Michael I read this blog everyday

      • Michael

        Thank you for visiting every day. Without everyone that visits I would just be writing for myself. :(

        Michael

    • BraneFrees

      You’re pretty much a one-trick pony, aren’t you?

      And a pretty tedious one at that.

    • http://zionsgate.wordpress.com Santos Garcia, Jr.

      Okay, young man (I assume you’re young- because of your lack of wisdom). Check out the facts:
      Pete Sepp, vice president of communications for the National Taxpayers Union, said the facts show the opposite is true.

      Weighing the Numbers
      “The top one percent of earners in America pay almost 40 percent of all federal income taxes, yet they account for about a 20 percent slice of the earnings,” he said.
      “That means they’re pulling about twice their share of the tax load relative to what they earn,” Sepp explained.
      The actual number: the top one percent earn 20 percent of the nation’s wealth, but pay 38.2 percent of the total taxes.
      Expanding that figure to the top 10 percent and they pay about three-fourths of all the federal income taxes paid.
      Compare that to the bottom 50 percent.
      “The bottom half of income-earners in America account for about 13 percent of the earnings but less than three percent of the federal income taxes,” Sepp said.
      “The statistics show that the federal tax system is already sharply skewed toward the wealthy paying more,” he pointed out.

      When I was at UCLA during the Vietnam conflict, I considered myself a ‘communist’. But Winston Churchill nailed it when he said: “When you’re young- if you are not liberal you don’t have a heart… but when you get older, if you’re not conservative, you don’t have a brain.” Please get in touch with reality!

      • Gary2

        your numbers are completely wrong-try again

    • rick

      you can tax the rich 100% and it wouldnt cover the deficit, nevermind the debt. Then the next year the once rich will not bother to produce for your sorry ass.

      • Gary2

        it would make a good down payment. There is tons of wealth it is just hoarded by the 1%

        • Guido

          No, actually, if you seized all the money in this nation, it would not cover what we owe. The gross domestic product for 2010 was approximately 14.7 trillion-not even the full amount of current debt. http://en.wikipedia.org/wiki/Economy_of_the_United_States
          I’m using a pretty common source, so here’s a little more.
          Go to the debt clock for a shock: http://www.usdebtclock.org/

          According to the clock, we have a total national assets of $78 Trillion, but we have a total unfunded liability (thank you democrats for the Great Society, the New Deal, S-CHIP, and Bush for the medicare prescription giveaway!) of $116.5 Trillion. There is no way we can pay this off. It’s jumping by over $400,000 a second. That means, in the time I wrote this, we ran up at least $100 Million in liabilities. Interestingly, our assets diminished by about $3.5 Million in the same period of time.

          Soooo where’s the money supposed to come from to make everything all rainbows and unicorns and stuff?

    • chunga

      commie tool

  • Shamus

    Taxing the rich will not solve anything. I am all for free markets and all for people that want to work 100 hours a week to become wealthy. They pay me. It is not the corporations or the rich that are creating these problems. The problems are created by government fixing prices and picking winners and losers via political influence over productivity and good business practices. The government rewards failure and punishes productivity. This system can be called crony capitalism or even better fascism. When coporations, which I do agree aquire to much wealth and power, it then becomes a partnership between the government and the corporations against the people. This is where we are right now. If government is limited then it can not influence the free market and fuck everything up. It is not the coporations fault that the government has taken over so much of the economy and it is not the coporations fault that any congress critter can be bought and paid for. If governments influence was limited then the winners and losers would be determined by the market not the cronies.

    • Gary2

      no such thing as free markets

      • OldPhart

        Gary2… you are absolutely right on that point.

        A free market would be free of government influence. Governments proper role in a free market is to ensure that weights, measures, money and other standards are uniform and honest.

        OUR Government maintains a heavy thumb on the scale and heavily waters the cash. That has prevented an actual ‘free market’ since 1913.

  • Ben Dover

    You have more than me. I demand that you share YOUR wealth. Practice what you preach, fool.

  • Sridhar

    See the one comment… Tax the wealthy hard. That’s the mood of common man on the street.
    What is the real solution ?
    (1) US Govt. is saving TBTF dinosaurs and squandering the wealth. That must STOP FIRST.
    (2) US Govt. is way too much spending on people who are jobless and also addicting them to a feeling of need-not work. If not addressed, US Govt. will go bust (as above numbers suggest) sooner than you expect.
    (3) Break all laws and make it free for all so that communities can return to spending their time working on producing than on watching TV shows about Afghan, Iraq wars and trying to educate and comment about slave cultures.
    (4) Focus entire country’s energies on turning country back to health than on Iran, Israel etc.

  • ScoutMotto

    “America is in big time trouble. We desperately need a new generation of heroes to step up to the plate.

    All of us have different talents and all of us have something that we can contribute.

    Will you answer the call?”

    Get me in that Congress. I’ll support the repeal of the Federal Reserve act, and legislation to abolish the IRS.

  • shypuffadder

    The poop is getting ready to hit the fan and that is why government is sitting on their hands – there is absolutely nothing that can be done to avoid it at this point. Once enough people are smeared and stained, then and only then, will the ingenuity of this country start us on a better path. Congress is a joke. The president is only concerned with giving “great” speeches. State and local governments are fining, penalizing, ticketing, feeing and taxing us more and more. In the meantime, we feel lucky to work 20 hours a week at a minimum wage job. The coming earthquake will jolt almost everyone awake… a huge segment of this country has addiction problems, so they won’t/can’t care what happens.

  • Mike

    gary2….you are so full of ******************. You can tax the rich 100% and there is not enough to pay off the debt.

    Politicians are the reason we are in this mess by buying votes with tax dollars.

    • Gary2

      again your incorrect. please stop living in your fact free world.

  • mondobeyondo

    The number that really scares me is 15,000,000,000,000.

    $15 trillion, the approximate size of the U.S government debt. Item #13 puts it into perspective. We’ve run up $13 trillion of this debt in just over 25 years!! You mean it took us from 1776 to 1985 to run up a $2 trillion debt, and then from 1985 to 2011, we added $13 TRILLION MORE?!?

    That’s correct. Uh-huh. Scary, isn’t it? This country’s driving to the poor house in a Rolls Royce.

    • Guido

      Yes Sir, Mondo. You hit the nail on the head. We’ve forgotten how to be frugal and learned to live on credit as a replacement for hard work. Also, I’m sad to say we let them rob us blind and used credit to make up the shortfall in actual wages. We have a long, LONG, painful road ahead of us.

  • William

    While the Obummer is a total and complete failure, he was handed a sack of –it by the Smirking Chimp and war criminal Bush. Remember, the national debt was about $5.7 Trillion when the Chimp entered the White House. Two tax cuts the nation could not afford, and an unnecessary war based on LIES, and BINGO, $10.4 Trillion of national debt when the Chimp crawled back into his hole. The current level of about $15 Trillion comes from very high enemployment (people not paying income taxes) and fiscal stimulus efforts to jump restart the economy. At the bottom of all this nightmare remains the evil Smirking Chimp and war criminal Bush.

    • Jessy S.

      Don’t you mean at the top of it all. In addition to that, I heard this during the Infowars Moneybomb. Alex Jones had a guest on that said that the United States Federal Government is allowing both Afganstan and Iraq to sell their oil to China for $2 per barrel. That is two ************ dollars per barrel. Let ************ China deal with OPEC, we need that oil in the United States with us paying 30 cents per gallon of gas, not a *********** $4.50.

    • knightowl77

      So in 8 years of Bush the debt increased 4.7 Trillion…

      In under 4 years of Obamster the debt increased over 5 Trillion….

      Yup it is Bushes fault

      • Gary2

        yep its bushes fault. finally you are correct.

        • Guido

          Yeah, Gary, just keep shoveling that narrow-minded nonsense. Don’t stop repeating your mantra about the greedy and the needy-it would be awful if you had to face reality.

  • mondobeyondo

    Time for us to get ourselves out of this debt Mess. So let’s get started, shall we? Okay then!

    I’ll contribute a dollar. That’s a start. Only $14,999,999,999,999 to go! Considering that there’s now 7 billion people on Earth, we’re going to need some international help. Everyone on Earth, contribute one U.S. dollar towards the U.S. debt! Toddlers and newborns, too! Yes, I know it hurts, especially for you folks who earn 2 dollars a day (which is at least one third of the entire world).

    That’s lowered the debt to hmmm… $14,993,999,999,999. Hardly even made a dent.

    This is obviously unsustainable and unpayable, and it will lead to this country’s downfall.

    • mondobeyondo

      $14,992,999,999,999. I was off by a billion dollars.
      Not that it matters that much.

      Let’s have Bill Gates, Warren Buffett and Carlos Slim Herrera (the 3 richest people on Earth) to contribute the total amount of their personal wealth towards the U.S. debt.

      Nope, still not enough. Not by a long, long, long shot.

      • DB200

        That sums it up! Good analysis.

        Expropriating the rich of all their money still won’t give a national surplus. However, that doesn’t mean that they shouldn’t be taxed a bit more.

  • Tim

    That’s a clever way of presenting those statistics. :-)

    • Michael

      Thank you – when I got down to about 4 numbers left it was more than a little difficult to fill them in.

      Michael

  • nnmppir

    The simple thing is that americans spend in credit cards more than what they produce. They buy and later scrap goods as if the Us will continue to dream forever

  • Kevin

    Gary2

    Your math does not add up. if every dollar was taken from “the rich” it’s still not enough. Should they go back to the tax rates from the 1950s and 1960s? Absolutely. The taxes on “the rich” were higher and America boomed. Was it simply because of those tax rates? Nope. US Steel, GM, Ford, DuPont, IBM and a host of others produced a massive amount of goods. Here the problem and the solution lay.

    Wealth must be created not just de-destribuied.

    • Grumpy

      Kevin, attempting to speak sense to Gary2 is a completely wasted effort. He’s either willfully ignorant of the reality staring us in the face, too stupid by far to understand anything resembling common sense (or even basic math), or just another 20-nothing troll living in mommy’s basement that has nothing better to do with his life than put his ignorance/stupidity on public display.

      I do wish Michael would either disapprove more of his posts or ban him outright – he adds nothing to the conversation/debate except more of the US one-party drivel that we can hear/read/see anywhere in the MSM on a daily basis.

      • Michael

        I try to allow everyone to say what they want as much as possible.

        The things that I try to censor out are swear words and any talk of violence against specific individuals.

        Michael

        • Kevin

          Michael

          I agree. We cannot cry about the destruction of Rights by the government while rationing them here just because we don’t like what they say.

          Good call.

      • Sharky

        Why does it always have to be a basement? Can’t it just be a regular room in the house? I don’t understand where this adage came from.

      • Sharky

        For you pedantic readers out there “saying” is better suited than adage. That is all.

      • Gary2

        again I say I am the correct one as evidenced by the OWS movement. You can think your free market fantasies all you want. My side is winning and we will be taking a hard left regardless of what you think or want.

    • mondobeyondo

      Your last sentence says it all.

  • Rowell

    I know that I and many other readers appreciate the information that you bring to us in your blogs. It’s a sad thing to realize that we are witnessing the downward spiral of a once great nation. Akin to watching two cars on a collision course, you know the crash will be catastrophic, yet you cannot avert your gaze.

    I think the leaders of this country have put us on a collision course, pushed the engines to full speed ahead, then broke the steering wheel. I am certain that those in the White House and in Congress have access to the same numbers that you’ve been writing about for months. They know the dangers, they know the problems. Yet they simply do not care. The ship is going to hit that iceberg, and there’s nothing anyone can do about it. They care about their personal power, their personal wealth and their personal standing.

    The saddest part is, you can rattle the numbers and facts to 100 random people anywhere in the US, and I can guarantee you at least half of them will disagree with at least a portion of the facts. Oh sure, they’ll agree that we’re in dire straits, but they’ll deflect the blame to one party or group, and say things will get better when “their people” are in charge. They’re blind to the full reality of the situation, and completely ignorant of what is coming. They think that if they just “vote them out” and get a new crop of politicians, the problem will be solved. And that’s the lie, that’s people falling into the trap of “The Game”. Watch the political drama unfold while the ship steams ahead to oblivion.

    We’re done. Stick a fork in us. When Europe falls into recession, when Greece and Italy finally default, the US will fall right along side them. Times are tough now. They’re going to be much tougher coming soon. It’s a pity that in my lifetime, I’ve seen us accomplish some amazing things, only to have to witness us waste away to the cancer of malaise, apathy and greed.

    • Michael

      I agree with you – it is so sad what is happening to our great country.

      Michael

  • Texar

    gary2 – you need to do some math. We could take every penny “the rich” have… and it would not solve our problem. The Elites in this country are coming after EVERYONE. Soon, we will ALL be taxed HARD. I hope you are ready to pay up 70% of your income (if you have any). What you stand for is theft – pure and simple.

  • http://gunbanobama.com/ Ron

    There are so many Whites, mainly women, paying $150 for a single textbook, huge tuition, in debt so heavily that even with the best of circumstances they will be paying it off for decades, who are working so very, very hard, all to be teachers in the land their ancestors CREATED. Forget Affirmative Action, all the visa hires, INCLUDING College Profs, oh yeah. Now they, the WHITE CHRISTINA people of America are going to be SHUT OUT OF teaching jobs. I’ve seen this in other public employment, one woman applied for a position, an outstanding person, and was told by the Latina .gov employee: YOU HAVE TO BE BILINGUAL, well, said the little green-eyed redhead, “I am bilingual” then the Latina glared, “You must also be BICULTURAL” that the little White gal couldn’t be.
    If White Christians do not stand up, they will, simply, DISAPPEAR.

    EVERY single White person, White Christian needs to read this:
    With Hispanic students on the rise, Hispanic teachers in short supply

    The surge in Hispanic students across the nation is forcing schools to reckon with a deep shortage of teachers who share their cultural heritage…

    …every state — including Maryland and Virginia — has a large need for more minority teachers.

    Beltsville Academy was so desperate for a Hispanic teacher that it hired one who is still learning English.

    County recruiters have tried several strategies: word of mouth, e-mail blasts, going to Puerto Rico, recruiting from colleges with many Hispanic students and offering to cover job prospects’ relocation costs to sweeten the deal.

    “If we hear of a Hispanic teacher who is qualified, we are going to go after them,” said Robert Gaskin, the county’s recruiting director. “Everyone is.”

    • Guido

      Absolutely ridiculous. As far as I’m concerned, this is racist. Why do you need Hispanics to teach Hispanics? Are they incapable of learning from Anglos, Asians, or Blacks??? I had no choice in the age, gender, or nationality of my teachers and profs, so I had to learn from young and old, white and other, and Americans, Germans, Japanese, and others. Why should a school system bend over backwards to please a specific demographic? It seems insane.

  • knightowl77

    Down Deep, I know that you are crazy….Corporations don’t pay taxes, people pay taxes….Every tax added to a corporation is added to the price of their goods that they sell to the public…so the more you tax, the more their goods cost….Not very helpful. It solves nothing

  • REED RICHARDS

    gary2,

    No, Gary, taxing the rich is not the solution to your problem. Two reasons for this: One, “The Rich” will not allow such a policy to go forward. Number two, as long as Nancy Pelosi, Barack Obama, John Boehner, Eric Cantor, Harry Reid and others are bought and paid for, then the idea of taxing the rich will never get a fair hearing in either the Legislative or Executive Branches of government…………

  • Kris

    “United States is heading directly for a massive financial crisis….”

    Not just the US, the whole global financial system. We are all connected. When it fails it will start WW3.

    Sadly, only after the dust settles can heros rise to figure out the next step. God willing.

  • United We Stand

    http://motherjones.com/politics/2011/04/taxes-richest-americans-charts-graph

    Remember, Leona Helmsley told us, the little people pay taxes. The super fat cats have all kinds of non-profits and NGO’s to further their agendas. They’ve got so much $ they don’t know what to do with it, can’t have it laying round doing nothing but getting taxed on.. so use it to further self interests for the world, regardless of how negatively it affects the people and the planet.
    And, one more time, ya’ll gotta get Ferdinand Lundberg’s book THE ROCKEFELLER SYNDROME and read it.

    In fact, the de-industrialization of the states is talked about in the book. Pretty eye opening since that book was published about 30 years ago.

  • Mac

    The debt ceiling was raised in August from 14.3 trillion to 15.2 Trillion. That’s an increase of 0.9 Trillion Dollars and in three months the US government has burned through 0.7 of those 0.9 Trillion, leaving 0.2 Trillion. Given that it stands to reason we’re about a month away from hitting that ceiling again. A new heated debate will ensue and now with Republicans competing on who’s the most anti-Obama, making any new deal all the more impossible to envision. Get ready for state-bankrupcy, mass layoffs and cut off spending just in time for Christmas. Happy holidays!

    • Kevin

      Mac

      They will do what they always do. They posture and yet in the end authorize additional debt to be incurred. There won’t be a sudden state-bankrupcy when they have fiat currency at their disposal. Bankrupcy would be an admission that we’re out of money. With fiat currency your never out of money however the money can be out of value.

      Government will take the long route. While the devaluation continues government, business and later individuals will get more brazen to get everything they can before the currency is worthless or worth so little that it has no significant value. Increases in consumer spending are not always a positive indicator. Look out for massive increases in spending where someone buys 50 items when only 2 are necessary. Their fearful of rising prices and collectively they are a catalyst for those rising prices.

    • mondobeyondo

      Keep raising that debt ceiling! Oh yeah!
      The sky is the limit! Right?
      “To infinity, and beyond!!” – Buzz Lightyear

      Has anyone realized the consequences of this??

  • mondobeyondo

    It won’t matter if you tax the rich. All the wealthy people in the world can’t fix the situation we’re in.

    And yet we keep digging ourselves in an ever deeper hole. We’ve given up the shovel. We’re now using a backhoe. Buy, buy, buy! Spend, spend, spend!

    Christmas is coming soon. Hey, why not buy one of those George Foreman fat free grills or whatever. Yeah, you’ll use it maybe once or twice a year. Merry Christmas anyway!

    Or maybe a diamond ring for your significant other. Be sure to have her wear it the next time she shops at Sears, Kroger or Target. (Yeahhhh. Right.) Diamond rings for weddings? Yes. For Christmas? Maybe. For the 4th of July? No, unless that’s your engagement or wedding date. And for the Saturday morning yard sale? Unless that diamond ring is your wedding band, you’ve got to be crazy. Any other events, I’d wear a cubic zirconia plastic rock instead. The average person can’t tell the difference.

    And that is all the fashion advice you’ll ever get from me. Ha! Just the opinion of a male observer (females are more than welcome to contradict the above statements, or throw a bottle of Chanel No. 5 in my direction, whichever you prefer.)

    Our society is so materialistic, it’s funny. I don’t think it’s funny. I think it’s sad.

    • DB200

      I once read about a millionaire who added Chanel No. 5 to the fuel for his yacht, so that the exhaust fumes were bearable.

    • Gary2

      All the wealthy people in the world can’t fix the situation we’re in.

      The above is an example of vapid fox news BS. Below is the truth:

      yes they can. there is a ton of wealth it is just stolen by the 1%. Payback is coming.

      • Guido

        No, it’s not. How are you going to pay anyone back for anything?

        Are the Occupy Whatever protesters going to be in the van? Because they’re about as ignorant and clueless a group as ever existed. Expecting the average American to get it is much like Winston Smith’s misguided belief that hope rested with the Proles.

  • http://www.infowars.com/ YankeeDoodleDandy

    The QUIET Revolution. What can Americans do to fight the “New World Order” of the Wall St Central Bankers?
    1. Turn off your T.V. (Better yet,throw it away)
    2. Think for yourself.
    3. Question all so-called ‘Authority’(Especially big banks,big oil,big weapons manufacturers,big government,multinational corporate interests,big media,and anything you were taught in school)!
    4. Get out, and/or stay out, of debt! (Try to not charge for things that you can just as easily pay for, with cash)
    5. Use cash as much as possible, rather than debit cards and/or credit cards, which allow companies to track what you are buying, and where you are buying.
    6. Get rid of grocery store ‘discount’ cards – grocery stores provide this information to insurance companies.
    7. Bank at a Credit Union, or any alternative to the ‘Too-Big-To-Fail’ Banks, that participated in the 2008 Banker Bailout. Don’t do business with ‘the Beast’.
    8. Invest as much as you reasonably can in precious metals – especially silver, and gold.
    9. You have the right to own a firearm, to protect yourself,and your family. Read the 2nd Amendment.
    10. Buy products that indicate “Made in America”– whenever possible. You’d be surprised to find out how many necessary, practical, every day products are still “Made in America”!
    11. Buy food at a local Farmer’s Market
    12. Start your own garden
    13. Pray or Meditate – reduce your stress!
    14. Get exercise!
    15. Read a book (here is an excellent book to read: Psychological Warfare and the New World Order: The Secret War Against the American People (http://www.amazon.com/Psychological-Warfare-New-World-Order/dp/0932367232/ref=sr_1_1?ie=UTF8&qid=1310394551&sr=8-1 )
    16. Listen to soothing classical, jazz, ambient, or alternative music
    17. Watch ‘Freedom to Fascism’– a film by Aaron Russo (can be found here: http://www.youtube.com/watch?v=lUpZhhbKUBo)
    18. Watch ‘Why We Fight’–a film by Eugene Jarecki(can be found here: http://www.youtube.com/watch?v…r_embedded)
    19. Watch ‘Endgame’– a film by Alex Jones (can be found here: http://www.youtube.com/watch?v=x-CrNlilZho)
    20. Below is advice from John Perkins’ book,entitled THE SECRET HISTORY OF THE AMERICAN EMPIRE (The Truth About Economic Hit Men, Jackals, And How To Change The World),pp. 322-329. “AVOID SHOPPING AS ‘RETAIL THERAPY’
    (Instead,jog,meditate,read,or find some other solution).
    SHOP CONSCIOUSLY –if there is something you must have,purchase items whose packaging, ingredients, and methods of production are sustainable and support life.
    MAKE EVERYTHING YOU OWN LAST AS LONG AS POSSIBLE PURCHASE AT CONSIGNMENT AND THRIFT STORES – where everything is recycled.
    Write letters telling Monsanto,De Beers,Exxon Mobil, Adidas, Ford, GE, Coca-Cola, WALMART, and other labor exploiters and environment destroyers
    why you REFUSE TO PURCHASE FROM THEM.
    CUT BACK ON OIL AND GAS CONSUMPTION!
    DOWNSIZE (your car, home, wardrobe) – everything in your life (and don’t buy what you don’t need)
    SUPPORT/SEND MONEY only to non-profits, radio stations,and other organizations that promote JUST causes.
    VOLUNTEER your time and energy to such organizations.
    SUPPORT LOCAL MERCHANTS
    ENCOURAGE stores to buy from local growers, producers, and suppliers.
    Shop at your LOCAL FARMERS’MARKET
    AVOID DRINKING WATER THAT IS FLUORIDATED (only your toothpaste should have non-industrial fluoride)
    INSIST that those who use your money – banks, pensions, mutual funds, companies – make socially and environmentally responsible investments.” (end of quote)
    21. Better yet – invest in precious metals (silver/gold).
    22. Research every company whose products or services you buy
    23. Research every organization to which you donate your hard-earned money
    24. Vote with your dollars!
    25. Watch ‘The Secret of Oz’–a film by William T. Still (can be found here: http://www.youtube.com/watch?v=swkq2E8mswI)
    26. Get prepared for when the U.S. dollar TOTALLY COLLAPSES,and loses it’s place,as the world’s sole reserve currency. The ‘globalists’(European Central Bankers,like the Rothschilds, and the Rockefellers, as well) are planning to reduce the American Middle Class to the status of the Third World poor. That is,they are going to wipe out the American ‘Middle Class’. That is why they shipped our jobs overseas. That is why they engineered the current economic ‘downturn’. That is why no bankers have gone to jail, over their egregious financial crimes – they are immune. There is no ‘justice’ in their (“just us”) system. It is owned, and operated by European Central Bankers,and their Allies in London,in Frankfurt,and on Wall St.
    27. Did I mention invest in silver (and gold)?
    28. Global, non-violent, NON-COMPLIANCE is the answer, of We the Plebs, to their ‘elite’ New World Order!
    29. Find alternatives to EVERYTHING that they’ve set up, to entrap you in THEIR system. (Become more self-reliant, in every way – like a “prepper”)
    30. What would happen if 200 MILLION AMERICANS refused to pay their taxes,in 2012? (Just a hypothetical question)
    31. Familiarize yourself with the concept of BOYCOTT
    32. Corporate Membership in the CFR (Council on Foreign Relations):
    http://www.cfr.org/about/corporate/roster.html
    33. Don’t ever join a ‘secret’society. Expand the above list,and share it with everyone you know!

  • A Well Regulated Militia

    Is this the CHANGE all those Americans voted for?dont get me wrong this could have happened to anyone leading the country,but now that we face THE END of the USA maybe it could be a good thing for those Americans that put this guy in office to learn to work for themselves farming to feed their families,learning to help others and not expect help in return like they are now ‘what about me?’ I’ll tell ya! get off the goverments dime and make a living for yourself and stop looking for something you really dont deserve,you have your freedom now use it,sorry ramble ramble ramble

  • eric

    You fail to understand the “hidden” wealth of virtually ALL USA local, state & fed govt’s. A simple review of each CAFR (Comprehensive Annual Financial Report) for all of the nearly 100,000 government US corporations (a reporting requirement for Gov’t corps since 1946) shows consolidated NET ASSET VALUES in Y/E 2010, in excess of $25 Trillions!!!!

    Go to CAFR1.com or listen to Clint Walker, evaluate the info and start telling the REAL story of hidden wealth. Once the economy crashes, and I agree it will, these US Gov’t Corps will be positioned to purchase the collateral assets for pennies on the dollar.

    These US Gov’t corps are far from default since the recorded incomes reported by the “media” ONLY account for tax revenues which equal about 1/3 of the annual income these corps realize.

    Please educate yourselves on what is REALLY happening inside these corrupt US Gov’t Corps that are the wealthiest entities on the planet!

    They also have controlling interest in virtually every corporation they invest in by working in concert with the other US Corps. As an example, collective US Gov’t corps owns between 70-80% of Microsoft and Apple on any given day. Really? YES!!!!!!!!!!!!!!!!!

    If only people were able to see the REAL big picture in America, there would be a revolution tomorrow!!!!!!!!!

    Feel free to research this bombshell and really understand how outflanked the US citizens really are when it comes to “financial security”.

  • The Truth Meister

    RON PAUL, RON PAUL, RON PAUL Vote this time and vote all entrenched politicians out. Dems and Repubs. The politicians never mention the 4th branch of government, and that is “We the People.”

  • ScoutMotto

    Excellent list Yankee!

    I would add things like:
    -longterm storeable food,
    -stored water,
    -a fluoride filter for your tap water,
    -additional locks on doors where one stores such -items (accept the idea of carrying some extra keys),
    -locking gas caps for any car you have,
    -stock up on hygeine products (soap, TP, etc),
    -get a kerosene heater if your fireplace is gas,
    -consider extra supplies for family or neighbors with little kids,
    -keep and hide somewhere in the house a nice stash of cash for when the banks go on holiday.

  • Gino Madaio

    SPENDING SPENDING SPENDING –WAKE UP AMERICA !! SPENDING IS OUR ENEMY. MOST OF YOU HAVE NO IDEA WHAT OUR EFFED UP GOVERNMENT HAS AND IS DOING WITH OUR MONEY..LOOK IT UP..THEY HAVE SPENT THIS NATIONS WEALTH AWAY.BUILDING OR TRYING TO BUILD THINGS WE MAY NEVER EVER FIND OUT ABOUT. GIVING IT TO COUNTRIES LIKE PAKISTAN ISRAEL EGYPT SAUDI ARABIA etc etc.THEY HAVE BEEN WASTING YOUR MONEY LIKE DRUNKEN SAILORS ON LEAVE. THEY HAVE PISSED IT ALL AWAY..WAR AFTER WAR-WEAPON AFTER WEAPON, Bail out after bail out.. Look at what Bush Sr. did during in the 80s with the S+L crisis..It was just an early version of the latest bailouts, Now OBAMA is just putting the finishing touches on our trip to socialim by SPENDING US INTO OBLIVION FASTER THAN EVER BEFORE..DID ANY OF YOU KNOW THAT BARACK HAS HIRED 350,000 FEDERAL EMPLOYEES SINCE HE TOOK OFFICE.. WHY WHY WHY WHY ??

  • folden

    I can’t believe how infantile Gary 2 is with his 1 party/tax the rich kindergarten talk. Our problems are immensely bigger than that! And both parties are fully bought and paid for, thus culpable.

    • Kevin

      Gary2 believes “taxing the rich” is a cure all and others think it our demise. Both are wrong. “The rich” were taxed at much higher rates in the 1950s and 60s and the economy boomed. The economy did not boom because they “Taxed the Rich” but rather because the US was the manufacturer of the world.

      “Our problems are immensely bigger than that!”

      I see our problem as three fold
      1. Deindustrialization
      2. Deregulation of the financial sector expecting it to be self policing
      3. Fiat currency

      • Colin

        I am adding to your list. Many of the rich are not committed to their homelands, and feel that the majority of the population is not successful because of some perceived flaw and that society shouldn’t expect them to help these people. Many of the rich adhere to Objectivism, even if they don’t recognize its influence in their actions and thoughts.

        This blog and Economic Collapse is dominated by conservative and libertarian bloggers who very readily defend the rich, moan the coming crisis, and are apathetic toward the plight of their fellow citizens. Sociopathy and pschyopathy are not the sole reserve of the politician and capitalist class, but can be found in the common citizenry. If you are sociopathetic, you will vote for someone who is sociopathetic.

        • Gary2

          Amen- libertarianism is never going to succeed period end of discussion. If I have to explain why you are too far gone.

          Conservatism is the scourge that must be stamped out. When I see all those imbeciles with republican bumper stickers on their 10 year old rusty car that is falling apart because their candidate says they are against gay marriage I almost want to puke through my nose at the stupidity of them. Some people are so stupid I am amazed they even remember to breath.

          • United We Stand

            Yikes! Some people are harmlessly quite happy being either liberal or conservative. I think the scourge that must be wiped out are the bullies in either party forcing others to live their way or no way. That is so wrong and disrespectful.
            Live free and let others be.
            I don’t think raising taxes on anyone is going to help without cleaning the corrupt out of the House.. ( and what makes you think raising taxes will be used as it is intended for? )
            The argument is that the wealthy are the job creators, so good heavens, no, don’t raise their taxes lest they have no money to create jobs.
            Okay, if the wealthy are the job creators where are the jobs now, are they in the USA? Weren’t the Bush tax cuts extended?
            The problem is the jobs have gone offshore, how many millions have been lost, you know with income taxes through jobs on the little people going out the door too. Loss of purchasing power through stagnant wages. That’s ok, they’ll just raise taxes to make up for the loss and frighten us with stories of elderly eating cat food because social programs will be cut unless we raise taxes. They always turn it around that way, instead of cutting non- essential crap and crony capitalism favors.
            Geesh, you think this wasn’t all planned well in advance?
            Remember Bush told us we were going to be a service economy and Biden reaffirmed that the jobs aren’t coming back.
            My opinion is that the super fat cats had this grand lootingl planned out, the states would become their own personal playland and the little people would be their service workers. The lords will let the little people have just enough to endlessly keep paying the landlords for loans and rents for that ever elusive American Dream that’s been gutted. Lords will let the commoners keep just enough to feed themselves, with just enough left over to keep them amused and distracted with trinkets made in china.
            They just want your money and all the assets and resources in the world to themselves and the collateral damage to the people and the planet is the price paid to get it.
            Put your own self styled economic sanctions on the greedy super rich. This Christmas I’m giving home-made goods and nothing will be sourced from cheap slave labor countries.
            Starve the beast.

            This land is your land This land is my land
            From California to the New York island;
            From the red wood forest to the Gulf Stream waters
            This land was made for you and Me.

    • Gary2

      No our problems are not bigger than that. A more equal distribution of wealth and income will solve 90% of our problems.

      • Kevin

        Gary2

        I’m not against you as many are but you have one part of the solution and regardless how large that part is it’s far insufficient to meet our needs.

        The rock band Ten Years After had a song,” I’d Love To Change The World”. The lyrics said, “Tax the rich, feed the poor, till there are no rich no more”. Nice thought. Unfortunately Uncle Sam has been overspending by roughly 100 billion per week. Those rich would vanish rather quickly and then what, Soviet style collectives? It did not work there and has worked nowhere. Everyone in the USSR had money. There was no shortage of money. The problem was no goods. Yep too many rubles chasing too few goods and prices fixed (as if by magic) in a vain attempt to make one plus one equal four.

        Governmental spending and debt is so great it dwarfs wealth creation and is only increasing. Funny thing is we’re destroying wealth creation at the same time.

        If they went back to the upper 91% tax rate of the 1950s it’s still insufficient to “Tax the rich, feed to poor”. Personally I would clip the rich with rates from the US boom years but we must duplicate US manufacturing from that era. How? Well that’s another discussion.

  • mondobeyondo

    WARNING!! Black Friday is coming next week!

    Yes! Black Friday! November 25th!
    The day when all us turkey-meal comatose Americans go out and purchase discounted Christmas gifts en masse!

    Wow. I personally don’t participate in Black Friday. Temptimg, but na’ganna do-it Wouldn’t be pruu-dent. (Voiceover provided by George H.W. Bush. Hee!!)

  • Major Woody

    I sure could use an egg sandwhich and an ice cold Colt 45 with all this doom and gloom.

  • Major Woody

    Why does this web site continuosley think that all Americans are stupid by stating “WE ARE NOT LISTENING” ? I mean what do you want us to do …? Join the Klowns of OWS? Write my corrupt Congressman …or start collecting rain water for purification? The way I SEE IT, The owner of this website as well as it’s editor will stand either in front of or behind me in the soup line and our kids will both be the best of friends because it is one large **********sandwich and we are all outta Scope!

  • ConcernedCitizen

    Great article! We are in big trouble. May God bless you and protect you for spreading the news on what is facing us and where we have fallen to as a nation.

  • hello

    If people would quit taking sides then none of this would happen. Republican or Democrat. Two sides of the same coin. I voted for the third guy for president. (The independent). That way I know I can’t hurt us. (HE WON’T GET ELECTED). Exactly.
    Most people are too ignorant to understand this. Or just stupid. (Stupid here means knowingly choosing the ‘bad’ approach. (I know. I’ve done it. More than once.)
    And if David Icke is right in his books like The Biggest Secret and the Children of the Matrix, then we are being deliberately set up for the slaughter.
    And if David R. Hawkins (book Power vs. Force) is right that the book of Revelations is a ‘lower astral’ hallucinagenic scripture not from Jesus, and if David Icke is right about the reptilian agenda, then the book of Revelations was given to ‘a man named John’ by the Satanic kingdom as a blueprint for their world takeover over two thousand years. (My opinion, not fact.)
    At any rate, if people would only vote for the third presidential party, then they would have to make him president or show the world that elections are rigged. (Or put another devil in the third party.)
    The Satanic christian apostles and prophets would like that. I KNOW.

  • Guido

    Michael-I just watched a movie I think you and pretty much everyone else needs to see: Inside Job. If you want a primer on the economic crisis, this movie is as good as anything else out there. http://www.sonyclassics.com/insidejob/
    I thought I was pretty well up to speed on the issue, having lived through it and followed the news like many other Americans, but I feel rather ignorant now. If you assume the worst about American and Global finance, this film more than supports that idea.

    Actually, Gary, if you’re out there and you haven’t seen it, here’s the best round of ammo anyone could ever give you for your gun. You may not like it, though, since they show just how closely Obama is wired in with the folks who created the disaster in the first place.

    For me, well, I don’t generally support regulation as a key to prosperity, but I think this film makes a very, VERY compelling argument that regulation, CLOSE regulation, is probably necessary where business and finance and, arguably, government come together.

    I DLd it, but here’s the link to netflix for those of you who are interested. http://www.netflix.com/Movie/Inside-Job/70139555
    Please check it out. It is a very disturbing story.

    • Michael

      Yes, I have seen that documentary as well. It is very good and I think everyone should check it out.

      Michael

  • Monkman

    We did this to ourselves. Buying homes we could not afford and used them as ATM’s. Buying foreign cars and not our own. Nafta/Gatt jobs to China buying their cheap crap. No energy policy for 40 years more money leaving to the Middle East for guns and bombs that we have to send out Military around and play world cop. 15 Trillion debt..and the politicians can’t agree on 100 billion in cuts. Taxing the rich on Income tax? they already made their money and bought private islands and move their cash off shore and are waiting for the collapse so they can come back in and buy everything for pennies on the dollar after we kill each other off!

  • Lord Byron

    The answer is in solidarity. Americans need to find a way to group together. The rich use numbers to their advantage, while individuals mostly do nothing as groups to combat this. All the groups that are formed usually either are started by the rich or end up getting greedy and partisan with greed and control mongers. We need a huge group led with honesty to take the power away from the entrenched ideologies that consume us.

  • Mark

    Great website. Great article. Real issues.