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The Real Obama Budget Deficit For 2011: 5 Trillion Dollars

If the U.S. government used the same accounting methods that most U.S. businesses use, the real federal budget deficit for last year would have been 5 trillion dollars instead of 1.3 trillion dollars.  So where does the huge difference come from?  I think a simple illustration would be helpful here.  When you go shopping, do you only count the transactions where you use cash, or do you also count the transactions where you signed on the dotted line and promised to pay later?  Of course you count both of them.  Well, the U.S. government does not count promises to pay later when calculating budget deficits.  The “official” Obama budget deficit for 2011 was 1.3 trillion dollars, but according to USA Today when you add in the rise in liabilities for Social Security, Medicare and other retirement programs that adds another 3.7 trillion dollars to the total.  Those are future financial promises that we have made that future taxes are not expected to cover.  This analysis by USA Today squares very well with what analysts such as John Williams of shadowstats.com have been saying for years.  The truth is that our federal budget deficits have actually been far worse than we have been told. (Read More...)

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24 Facts That Prove That America Is A Nation Of Slobs

What would our founders say if they could see us now?  Americans like to believe that the rest of the world looks up to us, but the truth is that the rest of the world is laughing at us.  It may be very difficult for us to admit, but the reality is that America has become a nation of slobs.  And I am not just talking about being overweight.  Today, Americans are physical, mental, emotional, moral, financial and political slobs.  We are addicted to entertainment, we are addicted to shopping, we are addicted to food, we are addicted to prescription drugs, and we are addicted to anything else that gives us the pleasure that we crave.  We allow our televisions to do our thinking for us and our families are falling apart.  Our lives center around pleasing ourselves, and we have become one of the most narcissistic societies in the history of the world.  We are like a middle-aged man that has totally let himself go.  You know the guy who shows up for an important event in sandals, sweatpants and a stained t-shirt?  That is us.  We are only a shadow of what we once were as a nation, and we desperately need to change course. (Read More...)

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10 Signs That America Is On The Verge Of A Horrible Municipal Debt Crisis

Is America on the verge of a horrible municipal debt crisis?  Unfortunately, the answer is yes.  From coast to coast there are an increasing number of cities, towns and counties that are rapidly going broke.  Financial analyst Meredith Whitney took a lot of heat when her prediction of a municipal bond crash in 2011 did not happen, but she was not fundamentally wrong in her analysis.  A horrifying municipal debt crisis is starting to unfold right in front of our eyes.  It just did not happen as soon as she thought that it would.  When most Americans think of our “debt problem”, they think of the federal government.  But the truth is that we have hundreds and hundreds of smaller “debt problems” all across the country.  In 2012, cities such as Stockton, California and Harrisburg, Pennsylvania have already defaulted and a whole bunch of other cities and towns are headed down the exact same path.  Once we see the first major wave of municipal defaults, creditors will become much tighter with their money and that will cause even more municipalities to get into financial trouble.  This crisis could start spinning out of control at any time. (Read More...)

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Who Decided That It Would Be A Good Idea….

Do you have faith in the people running this nation?  When answering that question, most people would bash either the Democrats or the Republicans, but my question goes much deeper than that.  Power is constantly shifting back and forth between the two major political parties, and it seems like things don’t really change no matter who is in power.  What I am asking is if you have faith in the entire system.  Do you have faith in the U.S. government, the Federal Reserve, the state governments, the local governments, our public schools and our financial system?  Do you believe that the people that are running things in this country are doing a good job?  When you look at the results, it is hard to argue that those in power are making good decisions.  In fact, this country is caught in such a downward spiral that it would be easy to argue that most of our politicians should immediately resign in disgrace.  Our leaders just keep coming up with one bad idea after another.  Sometimes it almost seems as though it would be better for our leaders to do absolutely nothing at all because every time they try to do something they only make things worse. (Read More...)

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Is Germany Secretly Maneuvering To Kick Greece Out Of The Euro?

What in the world is going on in Europe?  Each day things just seem to get stranger and stranger.  We are being told that a “deal” for a second Greek bailout has been reached and that Greece will not default in March.  But behind the scenes it seems clear that many politicians in Germany (and in the other northern European countries as well) would like to kick Greece out of the euro.  So what exactly is happening here?  Well, it is complicated.  The United States, along with other members of the international community, put a tremendous amount of pressure on Germany to bail out Greece one more time.  Germany does not want to look like the bad guy, so they are going along with this bailout but they are also imposing conditions on Greece this time that will be almost impossible to meet.  And when Greece fails to meet its “obligations”, that will give the northern Europeans the excuse that they need to kick Greece out of the euro.  At this point, many politicians in northern Europe are convinced that Greece is a “lost cause” and that it is not fair to ask northern European nations to pay the price for the financial mistakes of Greece.  Greece is basically completely and totally bankrupt, and the nations of northern Europe don’t want to have a “financial dependent” on their books forever.  They are looking for a “way out”, and this new agreement lays the foundation for that. (Read More...)

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20 Signs That Europe Is Plunging Into A Full-Blown Economic Depression

An economic nightmare is descending on Europe.  With each passing month, the economic numbers across Europe get even worse.  At this point it is becoming extremely difficult for anyone to deny that Europe is plunging into a full-blown economic depression.  In fact, some parts of Europe are already there.  In Spain the overall unemployment rate is over 22 percent, and in Greece one out of every five retail establishments has already been closed down.  All over Europe, economic activity is rapidly slowing down, unemployment is skyrocketing and bad debts are unraveling.  It isn’t even going to take a default by a nation such as Greece or a collapse of the euro to push Europe into an economic depression.  All Europe has to do is to stay on the exact path that it is on right now and it will get there.  Normally, European governments would respond to an economic slowdown by increasing government spending.  But this time most of them are already drowning in debt.  Instead of increasing government spending, most governments in Europe are actually cutting back.  All over Europe, national governments are being encouraged to implement even more tax increases and even more budget cuts.  The hope is that all of this austerity will help solve the nightmarish sovereign debt crisis that Europe is facing.  But unfortunately, all of these tax increases and budget cuts are also going to involve a tremendous amount of economic pain. (Read More...)

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The Debt Bomb: 7,600,000,000,000 Dollars Of Debt Must Be Rolled Over In 2012

When it comes to government debt, it is not just new debt that is the problem.  Every single year, governments around the world must “roll over” gigantic mountains of debt that come due.  That means that the actual borrowing that takes place each year is far greater than the yearly budget deficits that you see talked about on television.  In 2012, a total of 7,600,000,000,000 dollars of debt must be rolled over by the G-7 nations, Brazil, Russia, India and China.  When you add in interest payments, that number rises to over $8 trillion.  And that does not even include any new borrowing that all of those nations will do in 2012.  This is a debt bomb that could devastate the entire global economy at any time.  Everything will be fine as long as global lenders are willing to lend these countries gigantic mountains of very cheap money.  But if that changes, and there are already a multitude of signs that a massive global credit crunch has begun, it will mean a complete and total financial nightmare for the entire world. (Read More...)

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Financial Panic Sweeps Europe As The Head Of The IMF Warns Of A “1930s Depression”

Are we on the verge of another Great Depression?  Christian Lagarde, the head of the IMF, said this week that if dramatic action is not taken immediately we could actually see conditions “reminiscent of the 1930s depression” and that no country on earth “will be immune to the crisis”.  Right now, financial panic is sweeping across Europe, but most Americans are not too concerned about it because they simply don’t understand how important the EU is.  The truth is that the EU has a much larger population than the United States does.  The EU has an economy that is nearly as large as the economies of the United States and China combined.  The EU has more Fortune 500 companies that the United States does, and the banking system of Europe is substantially larger than the banking system of the United States.  Anyone out there that believes that a massive financial collapse in Europe would not dramatically affect the rest of the globe is being delusional.  The European debt crisis is one of the biggest stories that we have seen in a long, long time and the coming financial meltdown is going to permanently change the global economy. (Read More...)

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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. (Read More...)

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Out Of The Ashes Of The Collapse Of The Eurozone Will A “United States Of Europe” Arise?

All over Europe, headlines are declaring that the eurozone is on the verge of collapse.  Many people falsely assume that this will mean the end of the euro and a return to national currencies.  Unfortunately, that is not going to be the case at all.  Instead, this is going to be yet another example of how the elite attempt to bring order out of chaos.  The European elite have no intention on giving up on a united Europe.  Rather, they hope to be able to bring to life a new “United States of Europe” out of the ashes of the existing eurozone.  Over the coming months we will see widespread panic and fear all across Europe.  The euro will likely sink like a rock and there will probably be huge financial problems in Europe and all around the globe.  But for the European elite, a great crisis like this represents a golden opportunity to tear down the existing structures and build new ones.  The solution that the European elite will be pushing will not be to go back to the way that Europe used to be.  Instead, they will be pushing the idea of a much more tightly integrated Europe really hard. (Read More...)

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