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Our Greek Tragedy

October 17, 2012 by  

Our Greek Tragedy

Regardless of who the President is after this close election, the equity markets and the U.S. economy are in trouble. Debt has spread throughout the Western world. The fallout is political dissonance, growing economic hardship and, in some places, mob violence.

Ground zero for the spreading fear and panic is Greece, which was once the world’s greatest civilization and the birthplace of democracy, poetry and philosophy.

There is violent evidence of the contradiction from what the ancients taught and what is unraveling in Greece. It would all just be another boring story at the end of the news day, except there is brewing tragedy that Homer would find worthy of telling: The greatest Nation on Earth, the United States, may be a few short years or months from the economic debt collapse that wreaked havoc from Athens, Greece, to Akron, Ohio.

The onset of the crises began in 2008 after there was a worldwide flood of cheap money that investment bankers leveraged. In eight years, worldwide private and public debts rose from $84 trillion to $195 trillion. To put that number into perspective, the gross domestic product in the United States (the value of all goods and services sold or rendered) will be well below $16 trillion this year, while the total market capitalization of every U.S. stock that is publicly traded is less than $25 trillion.

According to Kyle Bass, the manager of the hedge fund Hayman Capital and one of the few to correctly predict the stock market crash of 2008: “It has been the largest peacetime accumulation of debt in history.”

It was a decade long drunkfest, and the tab is due. With the too-big-to-fail banks already bailed out, the bill for the biggest party ever has fallen on Western governments. To sustain any hope of borrowing another nickel, these democracies have had to make unprecedented spending cuts.

No nation went on a bigger bender than Greece over the past decade. The spending spree happened after Greece was accepted into the European Union. The promises that Greece made to achieve that status were never kept. Now, Germany is faced with the lose/lose prospect of bailing out what German newspaper headlines describe as “Lazy Greeks” or accepting the consequences along with the rest of Europe (and most likely America) if the Greek government defaults on its $400 billion in government debt.

The situation is bleak. Last year, of the 126 countries whose debt was rated, Greece ranked 126th. The acrimony that resulted from deep cuts in government spending just to stave off insolvency has led to political demonstrations, violent protests and murder.

Sowing The Seeds Of Violence

In Greece this autumn, more violence is being harvested. Last month, the nation’s two largest unions went on strike. The strike turned violent after protesters hurled firebombs at police in Athens. As many as 50,000 Greeks gathered to condemn new austerity measures. Still, Greece’s new government rolled forward with $15 billion in further spending cuts that have been imposed on the nation by its creditors, the most notable being Germany.

In May 2010, there were demonstrations that drew tens of thousands of people near the central square in front of Parliament in Athens as part of a general strike that paralyzed airlines, ferries, schools and hospitals.

When some protesters saw 20 employees still working at Marfin Egnatia Bank, they began throwing Molotov cocktails inside the building and then added gasoline to the fire. Most of the bank employees escaped through the roof with the help of the fire department, but the fire killed three workers — including a young woman who was three weeks pregnant. As the bodies were being removed, the crowd screamed that it served them right for going to work. The police stood by, and no arrests were made.

It sounds like a scene from the French Revolution, but it is going on in Greece even as you read this. And while one government has already been toppled, the new one is indecisive. It wants to get a free ride from the Germans and keep lending costs at least somewhat affordable by staying with the euro. However, millions of Greeks are unwilling to live within their means, which would include paying taxes and postponing a retirement age with pensions beginning at age 55 for men and 50 for women.

In his bestseller Boomerang: Travels in the New Third World, Michael Lewis wrote:

As anyone with a brain must have known, the Greeks would be able to disguise their true financial state for only as long as (a) lenders assumed that a loan to Greece was as good as guaranteed by the European Union (read Germany), and (b) no one outside of Greece paid very much attention.  Inside Greece there was no market for whistle-blowing, as basically everyone was in on the racket.

A Funny Thing Happened On The Way To The Treasury

On Aug. 5, 2011, for the first time in history, a credit service (Standard & Poor’s) downgraded U.S. federal government debt from AAA (outstanding) to AA+ (excellent).

In normal times this would cause U.S. interest rates to increase, making it even more expensive for the Nation to finance its daily borrowing requirements. Instead, the crisis that was brought about because of Congress’ opposition to an increase in the debt ceiling actually made government rates fall. A few days later, rates paid on 10-year Treasury bonds dropped to just above 2 percent, the lowest return ever.

It was part and parcel of the investment insanity that is controlling the bond market. Stocks are a different matter. After the downgrade, stock markets around the world underwent a serious correction, which sent investors flocking to safety. That sent billions of dollars into gold (which made sense) and U.S. Treasuries (which made no sense).

All of this was accomplished, of course, because the U.S. dollar is the reserve currency of the world. Because of that, it is free to manufacture as many dollars as it needs to pay off its creditors. As a result, the fear that the United States will someday default is still not considered, according to Lewis.

The stock market crash of 2008 demonstrated investor thinking can change on a dime. That is America’s problem for anyone who holds U.S. stocks or bonds.

Twelve years ago this month, I began writing Outstanding Investments for Agora. That fledgling newsletter, which is the company’s flagship publication, has stayed on course with my original recommendations: that investors should buy gold and other hard assets because the United States was drowning in debt. Since that time, the price of gold has risen from well below $300 per ounce and is currently trading above $1,700 per ounce. Even more telling may be what the greenback has done versus the Canadian dollar. A decade ago, you needed 1.5 Canadian dollars to buy one U.S. dollar. Today, 97 cents of Canadian money will buy you a greenback.

The fact that U.S. interest rates have fallen to all-time lows is an anomaly that historians will look back at with wonder. They will ask themselves why someone with a brain didn’t see it coming.

Meanwhile, if there were an anger index for the United States, it would be at an all-time high. Both Barack Obama and Mitt Romney are campaigning hard these last few weeks for the Presidency, yet neither has laid America’s true cards on the table. Neither wants to precipitate a stock and bond market collapse. Yet it is out there… waiting.

Yours in good times and bad,

–John Myers
Editor, Myers’ Energy and Gold Report

John Myers

is editor of Myers’ Energy and Gold Report. The son of C.V. Myers, the original publisher of Oilweek Magazine, John has worked with two of the world’s largest investment publishers, Phillips and Agora. He was the original editor for Outstanding Investments and has more than 20 years experience as an investment writer. John is a graduate of the University of Calgary. He has worked for Prudential Securities in Spokane, Wash., as a registered investment advisor. His office location in Calgary, Alberta, is just minutes away from the headquarters of some of the biggest players in today’s energy markets. This gives him personal access to everyone from oil CEOs to roughnecks, where he learns secrets from oil insiders he passes on to his subscribers. Plus, during his years in Spokane he cultivated a network of relationships with mining insiders in Idaho, Oregon and Washington.

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  • KG

    I just love it when I hear about fat Germans swimming in their government sponsored heated swimming pools and claim that the Greeks are “lazy”. What do the Greeks want? The same thing that every other human being wants. Heated Government sponsored swimming pools, and 8 weeks paid vacation.

    Don’t blame the Greeks for something that they didn’t do. It was probably like the scene from “The Music Man.” “We got trouble, right here in River city!……”

    You need to “invest” in to these “guaranteed” colateralized debt options. I know it sounds weird, but money will just flow in for your government programs.
    Oh, and one thing, don’t watch any financial shows on cable TV. Cya!

    • DaveH

      KG says — “What do the Greeks want? The same thing that every other human being wants. Heated Government sponsored swimming pools, and 8 weeks paid vacation”.
      What’s the difference? Some people are moral and expect to voluntarily earn that money from voluntary employers, while others, like KG, want to take it from their employers or other people.

      And imagine that — a thieving Liberal Progressive giving investment advice. Are you kidding, KG?

    • Capitalist at Birth

      What planet do you live on?

  • Earth

    It is depressing to read an entire “pep” talk on what ails the US and the world in which NO mention is made of the root cause of political corruption, wars, revolutions, economic and social dysfunction, poverty, cultural depravity and every other basic problem confronting humanity and the planet.
    Why is that?
    Are these commentators stupid, scared or complicit?
    The core of the problem is the Jews, GOT IT?
    Mouthing endless motherhood statements about what’s wrong with the world and the need to do something about it doesn’t solve anything.
    What’s needed is an accurate analysis of the causes of humanity’s distress so that they can be specifically addressed.
    And the answer is Holocaustianity and the Jews’ global conspiracy to enslave humanity and take over the world. Capiche?
    And that project involves many millions of Jews, NOT just a few “bad apples” bevearing away to undermine civilisation and ALL non-Jews.
    It is an absolute waste of time and space (cue Einstein here with his false [atheistic ie Talmudic] theories about time and space) to blather on about “ain’t it awful”; and sooo everyone should just go and oppose war etc.

    • Stuart Shepherd

      You are absolutely disgusting and evil.

    • Nancy in Nebraska

      Don’t confuse the bankers of Jewish heritage with the PEOPLE of the Jewish religion! Not all Jewish people are wrapped into this conspiracy! Those so-called Jewish people who are manipulating and controlling governments are only Jewish by birth! They worship satan, NOT the GOD of Abraham!!! To label them ALL according to the works of these evil, greedy, money changers is a sin as grievous as the ones the bankers commit! Each man or woman deserves to be judged by their own works, NOT by the works of others!!!

      • don m

        Nancy, you’re right! – what else can one say? Corruption thrives because no one wants to call a liar a liar. Hiding behind “honor of office” flat out corrupts that office! The why anyone would not demand the highest ethical standards within their elected offices needs to be front & center, with unwavering determination!

        Officials are overwhelmingly highly educated & are required to take oaths of office! That eliminates ignorance. That leaves morality, beginning with bearing false witness, stealing, etc.

        Animals instinctively warn one another, and most will lay their life on the line to protect family. Some humans don’t have that instinctive quality.

        Think about it – We pay a very specific purpose 15.3% tax on wages over a lifetime to provide an income and medical care for citizens at the end of their working lifetime! SSI-MED has been labeled a trust fund from time one, reinforced with official statements claiming covenant guarantees & fiduciary care of those funds. The SSI tax rate is roughly 7 to 17 times higher than required to buy comparable $1235 average annuity benefits that earn just 5%. SSI-Med funds are actual “entitlements” because we paid many times more than they’re worth over our working years, as differentiated between redistribution of wealth from workers to non-workers provided by government general taxation(free stuff).

        The SSI-MED trust funds are bankrupt because they have no money. There is no money because worker taxes are deposited in the government general fund, wherein the wealth is consumed and replaced with piles of worthless paper that acknowledges receipt only. That wealth is gone and nothing tangible was retained or created! It might be what government’s corrupted accountants’ call, “unfunded debt” – wealth received that was “consumed”! Really, zero funds pay zero interest. Because those worthless piles of paper are interchangeable with government’s ability to “make money” (literally print more & more), increased supply devalues existing currency! The wealth of those imaginary trust funds is progressively devalued up to 714% back to 1965! The “magic” words of officials today are, “It’s a pay as you go system.” – a carbon copy of the Madoff Ponzi-scheme. Madoff is in jail – our officials are running for re-election… some telling us everything is working as it should, others saying it must be replaced, others telling the people it’s a government gift that must stop, and finally… none are willing to call it what is, fess up, and hold the treasury, Fed, global banks, and officials that plunder it accountable – financially and with jail time based on what they did, not what they say!

      • duckyack

        Jeez–how many corrupt-thinking imbeciles are there?

    • Chester

      Earth, dig a hole two feet deep and two feet across in your namesake, then plant your head in it and have someone fill in with what you removed. At least that way you would be doing something worth while, instead of blaming all the world’s ills on the group least apt to be at fault for them.

      • http://google redbull

        Chester. the idea of not callling a group to task, about growth of regulations and tax increases adnausism, is the dumbocratic party from its inception. Every time USA elects a socialist/communist democrat, we get more worthless government programs, regulations, tax increases, degreed theorizing dumb azzes who have never created a job, except shulbs in government agencies. FFDR another socialist, who appointed the first Sec of Agriculture, a registered communist, who favored food production being modelled after USSR, who had most of its population in starvation. The isn’t any democrat that doesn’t want government to control what people think, read, eat, and what they say!The 1972 presidental canidate, George McGovern, was another registered communist college professor. Now we have a marxist loving/communist admiring college degreed theorizing idoit, another choice by the Demorat Party.

    • Capitalist at Birth

      Go back to your cave.

    • http://none Charlie

      Tell us more about these “Jews”,,,are these Religious Jews , Bloodline Jews , or Geographical Jews ??? …. KG already told us that most are “Brainwashed”,, now you come on with this Jew thing ,,, how the hell am I suppose to come out of My brainwashing with all sides coming out with halfwit facts and some out right impropergander ???
      Earth , do you know who owns you ?
      I have been reading about some history of a people called “Jews” in The Holy Bible, is that who you are writing of ? Anyway….
      Praise King Jesus for Salvation and Healing… Acts 2:3 is salvation…

      Charlie Freedom

  • Warrior

    Repeat after me. Gubmint is the answer, gubmint is the answer, gubmint is the answer. Hey, for a moment there, I almost thought I was a democrat again. Yikes! Did anyone notice that theme last night from the great debater n chief? My programs are working, my programs are working, my programs are working. What, still don’t believe? Repeat again, fair play, fair shot, fair play, fair shot, fair play, fair shot. Oh, still not sold, try this, hillary did it, hillary did it, hillary did it. Now, that’s real leadership folks. Get the hook, this act is over.

    • Nancy in Nebraska

      The really scary thing is that his programs ARE working! He just has a different agenda than the rest of us! I think his agenda is to bring down The United States of America, so that “they” can install a “one world government”! I believe that these things are being done on purpose, in the name of power and control!!! Success depends upon your vision for the future!!!

      • tony

        Nancy Obamas programs are not working in the sense of Private sector wealth creation and supply expansion because the supply is not expanding in the key ares that we need expansion in , FOOD and ENERGY , while he and his Federal Reserve Print debt money and run the Government on it , picking and choosing who wins at Prosperity and who dies . And all the while the Individuals are stuck in a Stagnate Income growth and NO One in Government has Come with a Plan that Pays for the Debts that are being Leveraged against the American People . Once the Last few Foreign Holders of USA Debt give up on holding dollar equity positions that the Obama Shariah Federal Reserve is Leveraging their Operations against to run themselves this house of Government Cards will fall for the last time !!!!! Open Letter to Mitt Romney ; “ Dear Mitt Romney , People Women in particular want specifics on how you will empower them to prosper and take care of their environment not just hear you say over and over you know what to do and then not have some kind of substance , so Show this Video to the Voters and talk about how you can Inspire this Renewable Economy and ask Where has the Obama Administration’s misguided Stimulus been . This is why Obama has proven unable to identify a Business Opportunity that even works with and helps to keep Safe our Environment !

        The Key to the Women’s Vote is to Inspire their Intellect and if you capture their attention with this kind of philosophy of what we can do as a Renewable Economy , Jobs and Incomes can be Recreated Over and Over and that’s a Sustainable Future for Economic Growth , the One Main Concern of Women who want to feel good about their future for the family and their environment , and this is something that a Business person not a Government Official will have the Knowledge to Enable its Growth and Prosperity “ .

      • Nancy in Nebraska

        tony, did you read my post? The point I was making is not that his programs were working to improve our country, but that his programs were working because they are designed to destroy it.

    • Capitalist at Birth

      Unfortunately there are too many people with the I.Q. of a rock that are allowed to vote, and they enthusiastically buy this B.S.

      • momo


      • eddie47d

        That will keep MOMO out of the voting booth. LOL! Just funning MOMO! or was that payback?

      • psychomama

        You are so right about ignorant people being allowed to vote. I personally think there should be some sort of standard before you can vote. I know that will never happen, but it should!

  • vanessa

    When you start to blame the Jews or any one religion we are in big trouble. Don’t forget we all want a scapegoat. When the crash comes give me a Chritian man over an aetheist anytime. Obummer isn’t found of any religion except black liberation theology and is that really a religion at all or just a blame game for black people? All of the black people I work with are very religious so there is a huge disconnect here. The democrats have lied for so long and played black people as pawns that hardly any of them realize those thugs in the white hoods were southern democrats. Called “dixiecrats”

    • Warrior

      Uh, uh, I lowered everybody’s taxes. No, you didn’t. Want to see oblama’s amerika? The results are EXACTLY portrayed in the current states of ILL, CALIF and NY. TAX EVERYTHING and we, the “progressives”, will decide what’s good for you. What’s “fair” is what we say it is. Is “trickle down gubmint” an actual religion?

      • Capitalist at Birth

        You are correct, Warrior. The sad thing is that people will buy this crap until the very end when the Government eventually decides who lives and who dies.

    • http://google redbull

      Vannessa, look at morons who support this abhorrant liar, since Omoron was maddrass educated and syill loves marist/communist beleifs, he really doesn’t classify his congental lying as a problem, since the Queeran promotes lying as a duty of the pedophile worshippers. [racist comments removed]

  • Pat

    These words must somehow attract the attention of this nation. We individually must show austerity in our lives

    • Nancy in Nebraska

      There is one problem with your idea. If we were to ALL practice austerity, the depression would never end. Jobs would never be created! In order for jobs to be created, there must be demand. If people aren’t buying, no jobs will be created! It is a vicious cycle! It is the government which must stop spending so that the people will be able to spend their own money and create demand for goods and services, which will also create jobs.

      • DaveH

        Jobs are created by innovative entrepreneurs who successfully predict where the markets are going and who successfully invest in the Capital Equipment neccessary to produce those goods or services at a cheap enough price for people to buy them.
        Big Government interferes with those actions first by taking money from the Private Sector and second by throwing obstacles in their paths with regulations and other meddling actions which distort the Marketplace and reduce the productivity of the Private Sector.
        Government spends 13 times as much of our GDP as they did in 1900. And the number of regulatory hurdles that currently exist is mind-boggling:

        Is it any wonder that the Private Sector isn’t able to be productive?

        • tony

          Dave is right Obama is Cooking the Books with Shariah Federal Reserve ZERO Interest Government financing the Government operations and this is Juicing the Equities markets because the GDP back in 2005-7 was 4 times as high as it is now with the DOW at equal levels so that tells you the Private sector economic growth is FLAT and that only leaves Government as the PIMP of the Economy !!! And like Romney said last Night the USA has to do something to be competitively priced to compete in the World economy and that means we are faced with either Straight up Government picking who gets the Subsidy that Policies picking industry favorites Obama has proven is a Failed Strategy , or we do like Romney said and Change the Tax code to a Rate that allows as a whole Industry to compete HERE in the USA with the Global Manufacturing base , and I say Romney will give the USA the Best Economic Policy to the Individual and together with the Inspiration of Potential Prosperity that each Individual will have a fair Shot at this will serve the Greater good of People in the Communities of our Nation done independently from Government’s heavy handed Policies like Obamas regulations ha ve done to stunt Economic and income growth !!! Obama has to do this Because he is held back by his Environmentalist Groups of supporters who hate Capitalism as the means of economic growth they think its Killing Earths Eco system , and that proves Obamas Inability to bring Congress together on solving the issues facing the USA !!!
          Obamas Plans will not sustain what he has given you because he cannot tax the rich hard enough to pay for it , and if he does he will shut down the Profitability even more than what is going on now with a book cooked GDP at 1.5 % think about that How can the GDP be at 1.5 % and the Dow back up to 2007 growth rates when GDP was 4.92 % ?? , Obama is cooking the books with the Federal Reserve QE Spending

          So what good is what you got from Obama if you don’t get to keep it ???

      • Nancy in Nebraska

        Dave H, OR… we could go back to TRUE capitalism where someone makes something that someone else wants!

      • old goat

        Lots of excellent comments, especially ROI stuff. Maybe there is hope. Capitalism – free ownership – must have a real ROI or it flat out fails. The two common enemies of capitalism are Shari law and communism – both very oppressive & brutal. That’s what is running our government – the president & his czars & progressives.

        Look at the mess created by zero FED rates & near zero interest – no investment = no jobs // poverty = no jobs // poverty = chaos // chaos = revolution & take-over // takeover = people run by government, doing what government wants, when they want it, & how they want it (slavery? Oppression???). We’re there!

        People pay extreme fees to use everything from autos to videos. They freely pay for the use of someone else’s investment (asset, etc.) but are too brainwashed & can’t comprehend the value of capital, the freedom it gives everyone, the abundance of its blessing. Our zero ROI mentality plus mad dog currency-bond devaluation sends our investment capital to China. We’ll never prosper until we respect and attract free capital investment. Government has regulated “us” “out of business”.

      • old goat

        Our demise is not accidental or due to incompetence – it’s efficiently planned & deliberate

    • psychomama

      I agree with everything y’all have said, especially Old Goat!

  • John Woodbury

    A cravat first: I voted for R & R, already. Now to real deal. The economy is going to tank, big time. If the O is re-elected sooner, if R & R git the nod, later. Just the printing of electric money by the Fed is enough to kick the car over the cliff. When Hyper-inflation hits, all bets are off. Greece will look like a picnic. The rest of the world will tumble after. Every single economy (with a few exceptions) does not have a consumer base, that is America. Once America crashes, China who ships 50% of its exports to America will hit a brick wall at full speed; but so will other exporting countries. The dirty little fact is (with a few exceptions) the rich have benefited from this national beggar America by stripping the U.S. of it manufacturing, their poor have just got a little better off, not enough to start a consumer based economy in the exporting countries. People are going to get a big wake-up call, the service industry is a sham and we will suffer big time. Still a vote for any other than R&R is sure disaster.

    • DaveH

      The disaster is multitude of people who believe that either Obama or Romney will save our country. The Powers That Be love that so many people have swallowed the Lesser of Two Evils paradigm. Both Romney and Obama will continue the nest-feathering for the elite politically connected people who succeed because Crony Politicians protect their Crony Capitalists at the expense of their competitors and the rest of us.
      The only way out of this economic spiral down the drain is to wake up to the wisdom of our Founders and get this country back to Freedom and Limited Government. And the only political Party which offers that choice is the Libertarian Party:

      • Capitalist at Birth

        I am not surprised that you still tout the libertarian party. Are you voting for Gary Johnson or are you writing in Ron Paul, which in effect is a vote for Obama? Insanity is defined as such action, unless you can convince enough people to join you. I doubt you will be successful. Did you vote for Ross Perot in 1992? How about John Anderson in 1980? I would bet Ten Grand you voted for Paul in 88′. The reason I left the Libertarian Party in 1986 was because of their open border policy that is still in their platform. Any thinking individual would not support such nonsense.

      • DaveH

        Speaking of Crony Capitalists.
        CC says — “Are you voting for Gary Johnson or are you writing in Ron Paul, which in effect is a vote for Obama?”.
        Actually, in 2 out of the 3 states who have done such polls, Gary Johnson takes more votes from Obama than from Romney. But being the ignoramus that you are, CC, I wouldn’t expect you to comprehend that.

        CC says — “Insanity is defined as such action, unless you can convince enough people to join you”.
        No, CC, Insanity is doing the same thing over and over again (such as voting for the Lesser of Two Evils) and expecting different results.

        CC says — “Did you vote for Ross Perot in 1992?”.
        No, CC, I didn’t. But it wasn’t because I was afraid he would take votes from anybody. It was because I only vote for Principled politicians, who want to restore our Freedom and shrink Government, and Ross Perot was not such a candidate.

        CC says — “The reason I left the Libertarian Party in 1986 was because of their open border policy that is still in their platform”.
        Are you just ignorant, CC, or are you purposely spreading misinformation?
        From the Libertarian Party website:
        “3.4 Free Trade and Migration
        We support the removal of governmental impediments to free trade. Political freedom and escape from tyranny demand that individuals not be unreasonably constrained by government in the crossing of political boundaries. Economic freedom demands the unrestricted movement of human as well as financial capital across national borders. However, we support control over the entry into our country of foreign nationals who pose a credible threat to security, health or property”.

        “Thinking People”, CC, know that immigrants helped build our country. Only fools think that they are to blame for our economic woes. Our economic woes are a result of Big Government robbing the productive citizens blind thanks to Progressives like yourself, CC.

      • don m

        Free trade and migration is right out of Obama’s road-map to progressive revolution! The objective of no borders, free trade, and free movement is a subservient population. US citizens are being taxed perhaps $700 billion a year to provide “citizen benefits citizens paid for, to aliens! That includes free healthcare costs passed to aged and ill citizen billings! The crap of recruiting alien elitists to improve the US genetic pool would make Hitler smile! America was great because we wanted to excel and had the good fortune to combine education with hands on skill and common sense. We’re failing because of elitists with zero common sense or talent! When once free people find their resources, tools, and ability to produce destroyed, they must look to their failed government protector for sustinence; and of course, there is no sustinence to provide! That’s where dictators move in and freedom dies, be it communism, Islam, or monopoly as used by an endless history of ruthless tyrants.

        The correlation is as simple as the ant and grasshopper story. While ants work and save to live, grasshoppers strip the land to eat, save nothing, and die when the land is finally stripped! The world is full of ants and grasshoppers in sovereign lands that play by their own rules and have the capability and power to mutually wipe themselves and aggressors out, or ultimately destroy the world!

        Our “free traitors” moved the productive might and infrastructure of the USA to Communist China. Monopolists who controlled that corporate wealth simply reinvented themselves as globalists serving a world economy, and then simply moved tools, machinery, patents, facilities, etc. from one town (in the USA) to another town (in China). Thus the forefathers and citizens of the USA who worked, fought and died to build and protect that wealth of productive capability, find themselves without facilities to work or produce that which they need to live! Thus, we’re unable to save and increase productivity. Instead of improving life, America is borrowing on whatever wealth they have to sustain life, and will increasingly continue to do so until they run out of savings, at which point, they, like the grasshopper will “disappear’ or be slaves to the lender!

        Libertarians have many good ideas, but their failure to deal with the economics of monopoly, Islam, and communism along with national sovereignty are fatal flaws. If one has ever been around pot heads or tried to use them in a productive environment without them endangering themselves, coworkers, or the business itself, you don’t need a long explanation why pot is extremely dangerous and costly!!!

    • old goat

      good no S stuff… publish your stuff letters to edito, etc…. lots of small papers not tie to the media monopoly – VERY effective way to make a difference!

  • peter

    I am a real dumbass. If the USA can print all the dollars it wants to pay off it’s debts then how can there ever be a debt problem. It can print trillions, lend them to the Greeks at .05% and make a killing, i.e. of course if the Greeks repay. If the Greeks don’t pay, there is still no problem. Just print more. How about we all just get monopoly money and get on with it?

    • Warrior

      If the fed prints money to buy gubmint bonds, why does the fed receive any interest payment or does it?

      • momo

        The fed pays the bankers interest to hold the money they print.

    • Elected4Life

      After a critical point even printing more money doesn’t work, so it can only prolong the eventual collapse. Our fiat currency (money) value is equal to what we (as Americans) can provide the rest of the world. In the past this has been much, so the world’s currency has been our dollar. Now we’ve gotten fat and lazy like kings and offer very little to nothing as our country has been systematically torn down. At the same time we’ve had a big party “living large” on borrowed money from other nations. Soon enough other countries will no longer honor the dollar as a world currency (choosing to trade in other currencies instead) and at that time it’s all over for us as our dollar has NO VALUE to anyone, I.E. we as Americans have no significant value to anyone.

      OK, it’s like this; John and Jane Doe had a good job with a nice family. Everyone liked them; friends, family and all the creditors too. There was no reason to believe life would get anything but better. The talking heads on TV tell them they deserve the best, enjoy everything now and pay later, so they get credit cards, buy a big house, SUV, truck, boat, jet skis and oh don’t forget the RV for that one week a year vacation!

      Scene 2 – They soon become relaxed, no longer working hard, thinking that they’re bullet proof, then it hits; John looses his job. He does get unemployment benefits, but after a few months the Fed cuts it off because the Doe’s state doesn’t support their agenda. Their life starts to change now. “We can no longer pay all of our bills! What do we do?” Jane asks. The talking heads on TV say you need more training and to start your own service business. They borrow to make it big (who wants to work for someone else anyway?) and we all know (wink wink -sarcasm here) “it takes money to make money”, so John borrows from family and friends, against credit cards, goes back to school then starts his own service business, since he can’t actually build anything and there are lots of lazy people to buy his service.

      Scene 3 – John’s diploma wasn’t worth the paper it was printed on and his service business goes flat. There’s just not enough money coming in to cover all the expenses and if that’s not bad enough Jane gets caught up in a lay-off at work. Now, they’re in a bigger dilemma, lots of bills to pay and no real income. They do what too many Americans do in this desperate situation – max out the credit cards and liquidate the retirement accounts.

      Scene 4 – Now the Doe’s are rich with cash, but after a while of spending, paying bills, etc and still no real income, they’re broke again. There’s no one else to borrow from. Their house is repossessed along with all their other toys as they head to the streets in despair.

      Moral of the story – Like the Doe’s, our country had a great run. When things got tough we borrowed. We’re now broke with no one else to borrow from. Our printing press is useless since no one wants our dollars anymore and well… was repossessed anyway by the creditor nations, hehehe.

    • DaveH

      Start here, Peter, to get a better understanding of money:

    • old goat

      All of that would qualify you to replace Bernanke, Gietner, & BO, all in one whack… maybe the whole damn mess in DC

  • Toy

    All going nicely to plan!
    There’s a tax on Greek swimming pools but most are inclined not to pay.
    GoogleEarth has them all in its sights but they are not so easy to see from street level, so breathe easy boys and girls.

  • Ted

    Ah! It’s good to see that Chicken Little is alive and is at death’s door, just like she has always been.

    • Nancy in Nebraska

      Perhaps, you’d do better reading the story of “The Little Red Hen” or the story of “The Ant and the Grasshopper”!

  • dan

    Beware Greeks bearing gifts,,,,the oracles were right about human nature.
    Any farmer could tell you that once a pig gets it’s snout in the trough,all bets are off.

  • NowAndThen

    Your comments are right on;-Read ”After Shock’ Vote Romney2012,at least he’s the better man!!!

  • Dussty1

    There are some who think the nuclear threat is really a distraction from the true threat we face with Iran. Iran is due to break away from the dollar for the purchase of oil. “Petrodollars” are due to go by the wayside. The world needed US dollars to purchase oil. When that changes, the world will run away from the dollar, which is backed by NOTHING. This country will be facing an unimaginable come-uppance, and we, the People, didn’t cause this catastrophe. But we are at fault for not keeping the government in check, and here we are.

    • Nancy in Nebraska

      You are exactly right! We will be going to war with Iran, just as we did with Iraq to preserve the petrodollar!!!

      • uvuvuv

        nance, you forgot libya. muammar kadhafi had some dangerous ideas about paying for his oil that obama and his international banker friends didn’t like. the question is though why did he go after mubarek? a trail run?

    • DaveH

      Yep. The bankers don’t want their fiat paper money to become obsolete.

      • The Christian American

        Call it what it is. Their printing counterfeit paper because they do not have any collateral to back the printing of it up. Fiat and inflation can be nice words but counterfeit is what it is, criminal.

  • Nancy in Nebraska

    I think we need to look at the BIG problem in Greece, as we will soon be seeing the same thing here! Ok, Greece is a welfare state. The government has been handing out goodies for years. People have become dependent on the government. But here’s the problem! IF the government were to instill the austerity measures, HOW would the PEOPLE live?!? If the government said, we’re ending all government benefits next week, what COULD the people do? Even if they WANTED to work, there are NO jobs!!! Transfer this idea to the United States! If we stopped giving extended unemployment benefits, welfare and food stamps, WHAT would happen?!? These people would not be ABLE to find jobs! Even the people who WANT to work, can’t find jobs! Millions would be homeless and starving?!? Seriously, it isn’t like they’d be ABLE to take care of themselves if they WANTED to! There would be no resort for these people but to riot and TAKE whatever they could! Their anger would be justified! The irresponsible behaviors of the bankers, the government and the corporate big wigs have put the people in this position! These things are going to happen here. It is not a matter of if, but when! The 47%, who are collecting ANY type of benefit, deserved or not, will be desperate. They will not have ANY opportunities to work to feed their families. Unless they take desperate measures, they and their families will starve! There is no way to FIX this! The best they can do is delay it! Get ready, people! It’s going to get ugly!

    • DaveH

      Sure there is. If the Government was downsized dramatically, and gotten out of our Marketplace, we would see a recovery in less than a year or two, like it used to be before Big Government became involved in every facet of our economy. Economic downturns are caused by Big Government and their Federal Reserve’s creation of Bubbles due to the economic malinvestment which is created when the Federal Reserve pumps fiat money into the economy.
      The people who get the counterfeit money first (usually Government) prosper at the rest of our expense. They do that by buying scarce goods and services (with that easy money) which then become more scarce so the rest of us must pay higher prices for them later (price inflation). Mom and Pop see the value of their saved dollars erode while the politically connected people prosper with those newly created dollars. Also those people on fixed incomes suffer as their fixed incomes buy less and less.
      Read this to become more aware of the reality of Big Government:

    • The Christian American

      Per capita our debt is more than twice as large as the Greeks. We have our federal debt and our state debt to contend with.

  • The Christian American

    That “debt” their talking about is different than any debt the world has ever scene. The American dollar is the world’s soverign currency. It’s the currency used by all countries in international trade, America uses it internally as well. That puts America’s Federal Reserve as the controlling force of all countries. They, the Fed, issues Federal Reserve NOTES to be used as the medium of exchange, money. America’s congress has a “power of attorney” to borrow FRN’s under the signature of the American people They’re doing just that by printing FRN’s to a point where there is no collateral left to borrow with. As the Fed prints and lends FRN’s, domestically and on the foreign front, it is ammassing a debt owed to itself all over the world big enough for it to one day own the world. Greece as an example is borrowing FRN’s to point where their inflation is devaluing their own currency because their currency is backed by counterfeit dollars. It’s happening all over the world.

    Picture FRN’s, money, as a secured credit card payable on demand by the Federal Reserve. Granted the FRN’s have zero collateral backing them as they print and lend them. The Fed has the guns of government protecting it. The Fed and the government are in collusion committing the world’s largest theft. Certain people are amassing wealth beyond our wildest dreams. Countries of the world are under the gun with the American people. Some balk like Iraq, Iran, Libya, Russia, China and their ilk but this spiders web has to be stepped on by God, unless the American people and people in other countries wake up, and soon.

    • Nancy in Nebraska

      I agree with you but for this: I NEVER gave them MY power of attorney and they are NOT signing on MY behalf!!! Just because THEY say so, doesn’t make it TRUE!!!

      • The Christian American

        As an elected congressman, they have the power to borrow money that the people to pay back. For all practical purpose, they have our power of attorney to borrow money on our signature. I use that terminology to get peoples attention. We are reponsible for our congressman’s debts

  • DaveH
    • Nancy in Nebraska

      I could NOT agree more!!! He is absolutely CORRECT!!!

    • Steve E

      Rogers is right on.

  • michael

    excellent article-the problem all along is too many “adults” have a 8 year old mentality about
    how money works, and refuse to educate themselves or to be told that the emperor has no clothes. Anyone who thinks that the Greek violence is not coming here better think again. This is a country where people will trample one another during Christmas season for the best price on a flat screen TV or practically kill each other for the privilege to buy $350 designer sneakers. When the 2 day supply of food disappears off the shelves along with
    electricity, medicine & drinking water, you better be prepared to fend for yourself.

  • Dan Mancuso

    Your US to Canadian dollar comparison needs a little clarifying. Like the un-Constitutional Federal Reserve, every time the Bank of Canada (another of the central banks) ‘prints’ money for a ‘stimulus’ measure or whatever, it devalues the Canadian dollar, so the numbers you cite are not the true picture.
    I read a lot of westerns, an interesting exercise is to see what the, say 1880′s dollar bought in the 1880′s and what those items, including wages, cost today. In the 1970′s Bill Barlee, a gold prospector turned writer used this formula; multiply by 40 to get todays cost. ie. What a Colt New Army, a restaraunt meal and a cowboys monthly wages were. $20.00, $0.50, $30.00.
    Things haven’t changed that much in value – the dollar just doesn’t buy as much any more.
    I’ve heard that since the Fed was forced on America, NINETYFIVE % of the dollar’s value has dissapeared!.This huge sum has gone into and goes into the pockets of the banksters.
    Why have they gotten away with this for a hundred years?

  • uvuvuv

    the reason we (individuals, companies, govts) owe more debt than there is money to pay it off is because of interest. the interest paid in savings accounts or in stable asset 401k funds etc is not enough to counteract the cumulative debt interest, plus the principal. therefore as the years went by the amount we owed (and still owe) slowly but steadily kept gaining and we can’t even open up a million ton gold mine and pay it off. i forget where i read in the bible about the year of jubilee, set for every 70 years, where all debts are forgiven. this sounds like a good idea but be careful, if you have savings (sorry for my lame joke) that is a debt the bank owes you, and that would be wiped clean also. also social security is a debt that is owed. the only solution is what took place in germany following ww2, and that was that at harry truman’s direction the worthless 3rd reich marks were exchanged for newly printed west german marks, which were readily recognized as viable, and germany’s post war boom began. but since our present problems are world wide, this would require an international authority to do this, and that gets ugly too. eddie47 you are free to take offense at this and unleash your usual attacks.

    • http://none Charlie

      Too many uvees ,,,your brains may be burned ,,,but,,,for your general Bible info , gold , silver are Biblical Law money… 100 years ago 1oz of gold would buy the best clothes set and boots in town , and today it will still do that ,,,but,,,who deals in real money??? So when you deal in the Devils money , know how to convert God’s money, quickly … Meanwhile ,,,,
      Praise King Jesus for Salvation and Healing… Acts 2:38 is salvation…

      Charlie Freedom

  • TML

    “According to Kyle Bass, the manager of the hedge fund Hayman Capital and one of the few to correctly predict the stock market crash of 2008: “It has been the largest peacetime accumulation of debt in history.””

    Nothing peacetime about it, Kyle

  • Jay

    Douglas Reed: “The plan, I think, is the old one of world dominion in a new form. The money-power and revolutionary power have been set up and given sham but symbolic shapes (‘Capitalism’ or ‘Communism’) and sharply defined citadels (‘America’ or ‘Russia’).
    Such is the spectacle publicly staged for the masses. But what if similar men, with a common aim, secretly rule in both camps and propose to achieve their ambition through the clash between those masses? I believe any diligent student of our times will discover that this is the case.”

  • http://none Charlie

    Earth ,,,
    Anyway , be on the look out for Obadiah,,,don’t confuse Obadiah with Obama,,, Obadiah is in The Bible and he’s coming to take you out Earth… Meanwhile…
    Praise King Jesus for Salvation and Healing… Acts 2:38 is salvation…

    Charlie Freedom


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