The 1960 Hank Locklin song was about love. The 2008/2009 song that could have the same title is about debt and the potential for economic collapse.
The Outstanding Public Debt as of 19 Dec 2008 at 01:38:20 PM GMT is:
The estimated population of the United States is 305,302,826
so each citizen’s share of this debt is $34,921.57.
The National Debt has continued to increase an average of
$3.69 billion per day since September 28, 2007!
U.S. National Debt Clock
The Coming Collapse of the U.S. Economy
Watching the circus of economic stupidity unfold over the past several weeks has been an accurate indication of how desperate the authorities have become.
The powers that be are trying anything and everything to avoid the coming collapse of the US economy. They have pulled out all the stops in an attempt to fix the problem. But the fact is, they are the problem.
And in the end we’re ultimately going to have to deal with the consequences. They simply cannot be avoided.
You would think the public outrage would be incredible as we watch one absurdity happen after another. Unfortunately, people in general still seem very passive about it all. Here’s what I’m talking about…
We just gave Citigroup (C: 7.43 0.00 0.00%) over $300 billion dollars without even as much as a discussion with Congress or the public. And yet we have to have multiple hearings in CONgress on whether or not to give the ailing car companies, who actually produce something, a paltry $20 billion in loans. Go figure. No, check that-don’t try to figure it out, it’s just too stupid.
Another example is the latest forecast for the annual US Federal budget deficit in 2009 for more than $3 trillion!
That’s over $2 trillion more then last year’s budget deficit that we used to complain about.
As it turns out, the years of trillion-dollar yearly deficits were actually the good days.
If someone told me a year ago that we would be projecting a US $3 trillion dollar budget deficit for 2009, I would not have believed it. And the international economic data put out over the last two weeks is no better.
But, hey, not to fear, because Obama is going to save us!
Every single US President that we’ve ever known did not make good on most of the promises made while campaigning. In other words, 100% of these Presidents turned out to be a lairs. Why then would anyone believe Obama will be different?
Barack Obama is just another power-seeking political puppet in the hands of the Federal Reserve.
Just look at Obama’s choice for the office of United States Ambassador to the United Nations, Susan Rice.
Dr. Susan Rice’s father is Emmett J. Rice, a former governor of the Federal Reserve. She’s also married to ABC News producer Ian O. Cameron. So right off the bat we know that the new United States Ambassador to the United Nations has direct ties to both the Federal Reserve and the mainstream media.
Rice is also a member of the Council on Foreign Relations. For those of you who don’t know, the Council on Foreign Relations is a very powerful private organization that influences the foreign policy of the United States. It began with Woodrow Wilson’s “Fourteen Points,” a speech which suggested a worldwide security organization, or in other words, a one-world government. The organization was also initially bankrolled by early 20th-century New York financiers and international lawyers including J.P. Morgan and John D. Rockefeller Jr. Both of these men helped to set up the Federal Reserve system.
It is not about Democrats or Republicans anymore. Both parties have failed the American people. It doesn’t matter who gets elected from these parties. These people serve the powers that be, which are the fractional stock owners of the Federal Reserve.
Our country was founded as a republic, and our elected officials are supposed to represent the people. But whose bidding are they doing anymore?
Certainly not that of the people!
If you look closely, they are following the orders of the Federal Reserve who recently told them to get out a blank check and bend over.
Are you angry? You should be!
Are we as Americans really this apathetic? Are we all willing to just watch our freedoms, liberties, and prosperity whither away without a fight?
I am willing to bet that if a significant number of committed people are not willing to fight… then, yes, we will lose the essential liberties, freedoms, and economic prosperity that have been the foundation of our country.
As things get worse, the average citizen will become more aware of what is happening and understand the need to do something. This may lead us into the second great American Revolution within four years.
These are going to be shocking times. Gold and silver prices are going to skyrocket amidst the worsening crisis.
Here’s how the scam works. The government or certified dealer, like an investment bank, issues a bond. The Fed buys the bond not with money it has in reserve, but with money it prints from nothing. This money is deposited into the bank account of the institution that issued the bond.
The commercial or investment bank that now has this newly printed money as a deposit on its books uses what is called Fractional Reserve Banking, simply the ability to loan out more money than you have, to create 100 times as much money in the form of loans or debt in the US economy. I can’t make this process clear enough. It is crucial that each person understand the process: the Fed prints money out of thin air to buy bonds. The new money is deposited into the account of the person who sold the Fed the bond. Then the bank that has the Fed’s new money loans out up to 100 times that amount of money to private citizens.
Lets look at a simple example. A bank issues a $1000 dollar bond. The Fed buys that bond for $1000 with money it printed out of thin air. Since that $1000 dollars was purchased from a bank, that money now exists in the banks holdings as a deposit. Now the bank loans out 100 times as much money as it has in reserve, which is $1000. So the bank loans to private citizens $100,000 for every $1000 that it has on hand. (Note: This is a slightly more complicated process that I’ll cover in detail in an upcoming article about the 1/10 reserve requirement and the 9/10th deposit loan requirement).
The money from these bank loans go to fund private purchases like houses and cars as well as businesses and business expenses. It eventually works its way into everyone’s pockets.
But it comes at a price. The international bankers require interest for the money they printed out of nothing and loaned to us. How do we pay for it? Are you ready for this? Our Federal Income Tax. That’s right, your income taxes are not paying for roads or schools; it’s not going to the poor or for Medicare or Medicaid; it’s not helping out with Social Security or investing in clean energy or anything else beneficial to the American citizens. No, a report ordered by President Reagan in 1984 declared the unbelievable truth. Not a single cent of our income tax goes to anything at all except paying interest to the international bankers who own the Federal Reserve, and they didn’t even loan us their own money; they just printed it, counterfeited it. And we pay through the nose at a staggering rate of more that $36,000,000 per hour.
Our money is debt, plain and simple–debt to the Fed and the international bankers. Can we every pay off the debt? If we gave every cent and sold or gave everything we own to them, we would likely only cover the principle and still owe much or all of the interest. The answer is, no. To do so would be bankruptcy and poverty for every man, woman, and child. Every dollar we have is a dollar plus interest of debt to first the commercial and investment bankers and then to the Fed.
This is the grandest fraud in the history of the world, and we’re the ones who are the victims. History will look shamefully on us, and rightfully so. And it continues for two reasons. The first reason is that American citizens remain ignorant. If the average citizen knew the awful truth, knew that they and their children were being sold into slavery as a debtor nation, there would be revolt. Indeed, education is exactly why I’m writing this article. The second reason, is that Congress loves having a virtually unlimited supply of money because they can content their constituents with subsidies, goodies, entitlements, and handouts that the people don’t pay for in taxes. Congress’ ability to contribute public works without raising taxes is what keeps many of them in power.
Make no mistake about it. Congressional power is a puppet power of the real power that is the Federal Reserve and the international bankers. Congress is selling us into slavery for their own benefit. Some don’t know the truth and only understand how to work the system. Others work the system because they know how the system works. Each American citizen, and, in fact, people all over the world need to know how the worldwide network of reserve banks is destroying lives for their own gain.
The true irony is that it could all be stopped tomorrow. The congress with one stroke could abolish the Fed and the Sixteenth Amendment, which allowed for the Federal Income Tax, and simply cancel the debt to the Fed. The money they loaned was not their money to begin with. And we could begin building a system based on sound, debt free money.
Share this article with others or point them to the information they need to make sound judgments. Write your congress person and senators, and encourage others to do the same. Let’s abolish the Fed together. It’s time to make a difference.