Filed under: Economics, small news | Tags: debt in America, ECONOMIC COLLAPSE, the Federal Reserve system., The U.S. dollar
Here are 65 signs that economic collapse is in progress.
These are facts and cannot be ignored. These figures are serious enough to warrant panic !
1. Since Barack Obama entered the White House, the number of long-term unemployed Americans has doubled from 2.7 millionto 5.4 million.
2. The average duration of unemployment in the United States is nearly three times as long as it was back in the year 2000.
3. The unemployment rate in the U.S. has been above 8 percent for 40 months in a row, and 42 percent of all unemployed Americans have been out of work for at least half a year.
4. Unemployment in the eurozone has hit another brand new record high. It is now sitting at 11.2 percent. It has risen for 14 months in a row.
5. The U.S. economy lost more than 220,000 small businesses during the recent recession.
6. The percentage of Americans that are self-employed fell by more than 20 percent between 1991 and 2010.
7. Overall, the number of “new entrepreneurs and business owners” dropped by a staggering 53 percent between 1977 and 2010.
8. The unemployment rate in Spain is now up to 24.6 percent.
9. Morgan Stanley is projecting that the unemployment rate in Greece will exceed 25 percent in 2013.
10. Since Barack Obama became president, the price of a gallon of gasoline has risen from $1.85 to $3.49.
11. The average American household spent approximately $4,155 on gasoline during 2011, and electricity bills in the U.S. have risen faster than the overall rate of inflation for five years in a row.
12. About three times as many new homes were sold in the United States in 2005 as will be sold in 2012.
13. While Barack Obama has been in the White House, home values in the United States have declined by 12 percent.
14. According to AARP, 600,000 American homeowners that are 50 years of age or older are currently in foreclosure.
15. Right now there are now 20.2 million Americans that spend more than half of their incomes on housing. That represents a 46 percent increase from 2001.
16. According to Gallup, the current level of homeownership in the United States is the lowest that they have ever measured.
17. Federal housing assistance increased by a whopping 42 percent between 2006 and 2010.
18. In some areas of Detroit, Michigan you can buy a three bedroom home for just $500.
19. All around us our cities are crumbling. According to the American Society of Civil Engineers, 2.2 trillion dollars is needed just to repair critical infrastructure in the United States.
20. The unemployment rate in New York City is now back up to 10 percent. That equals the peak unemployment rate in New York City during the last recession.
21. Back in 1950, more than 80 percent of all men in the United States had jobs. Today, less than 65 percent of all men in the United States have jobs.
22. The U.S. Postal Service is about to default on a 5.5 billion dollar payment for future retiree health benefits.
23. According to Graham Summers, “when we account for all the backdoor schemes Germany has engaged in to prop up the EU, Germany’s REAL Debt to GDP is closer to 300%.”
24. According to the Federal Reserve, the median net worth of families in the United States declined “from $126,400 in 2007 to $77,300 in 2010“.
25. The U.S. trade deficit with China during 2011 was 28 times larger than it was back in 1990.
26. The United States has lost more than 56,000 manufacturing facilities since 2001.
27. During 2010 alone, an average of 23 manufacturing facilities permanently shut down in the United States every single day.
28. The U.S. government says that the number of Americans “not in the labor force” rose by 17.9 million between 2000 and 2011. During the entire decade of the 1980s, the number of Americans “not in the labor force” rose by only 1.7 million.
29. Eight million Americans have “left the labor force” since the recession supposedly ended. If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent.
30. Approximately 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed last year.
31. At this point, one out of every four American workers has a job that pays $10 an hour or less. If that sounds like a high figure, that is because it is. Today, the United States actually has a higher percentage of workers doing low wage work than any other major industrialized nation does.
32. Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.
33. According to one study, between 1969 and 2009 the median wages earned by American men between the ages of 30 and 50 declined by 27 percent after you account for inflation.
34. In 2007, the unemployment rate for the 20 to 29 age bracket was about 6.5 percent. Today, the unemployment rate for that same age group is about 13 percent.
35. According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980. Today they account for approximately 16.3%.
36. Medicare spending increased by 138 percent between 1999 and 2010.
37. Over the next 75 years, Medicare is facing unfunded liabilities of more than 38 trillion dollars. That comes to $328,404 for each and every household in the United States.
38. Back in 1990, the federal government accounted for 32 percent of all health care spending in America. Today, that figure is up to 45 percent and it is projected to surpass 50 percent very shortly.
39. Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid, and things are about to get a whole lot worse. It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.
40. Since 2008, the U.S. economy has lost 1.3 million jobs while at the same time 3.6 million more Americans have been added to Social Security’s disability insurance program.
41. Since Barack Obama entered the White House, the number of Americans living in poverty has risen by 6.4 million.
42. The number of Americans on food stamps has risen from 32 million to 46 million since Barack Obama became president.
43. Right now the poverty rate for children living in the United States is 22 percent, and approximately one-fourth of all American children are enrolled in the food stamp program at this point.
44. The number of children living in poverty in the state of California has increased by 30 percent since 2007.
45. Child homelessness in the United States has risen by 33 percent since 2007.
46. According to the National Center for Children in Poverty, 36.4 percent of all children that live in Philadelphia are living in poverty, 40.1 percent of all children that live in Atlanta are living in poverty, 52.6 percent of all children that live in Cleveland are living in poverty and 53.6 percent of all children that live in Detroit are living in poverty.
47. Approximately 57 percent of all children in the United States are living in homes that are either considered to be either “low income” or impoverished.
48. According to the U.S. Census Bureau, the percentage of Americans living in “extreme poverty” is now sitting at an all-time high.
49. In the United States today, somewhere around 100 million Americans are considered to be either “poor” or “near poor”.
50. It is now being projected that about half of all American adults will spend at least some time living below the poverty line before they turn 65.
51. Total home mortgage debt in the United States is now about 5 times larger than it was just 20 years ago.
52. Total consumer debt in the United States has risen by 1700 percent since 1971.
53. Recently it was announced that total student loan debt in the United States has passed the one trillion dollar mark.
54. According to one recent survey, approximately one-third of all Americans are not paying their bills on time at this point.
55. In 1983, the bottom 95 percent of all income earners in the United States had 62 cents of debt for ever dollar that they earned. Today, the bottom 95 percent of all income earners in the United States have $1.48 of debt for every dollar that they earn.
56. The United States was once ranked #1 in the world in GDP per capita. Today we have slipped to #12.
57. According to the U.S. Census Bureau, 49 percent of all Americans live in a home where at least one person receives benefits from the federal government. Back in 1983, that number was below 30 percent.
58. Incredibly, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.
59. Today there are approximately 25 million American adults that are living with their parents.
60. The U.S. dollar has lost more than 96 percent of its value since 1900. You can thank the Federal Reserve system for that.
61. During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.
62. Overall, the U.S. national debt has grown by nearly 10 trillion dollars over the past decade.
63. The U.S. national debt is now more than 22 times larger than it was when Jimmy Carter became president.
64. 40 years ago the total amount of debt in America (government, business and consumer) was less than 2 trillion dollars. Today it is nearly 55 trillion dollars.
- As Financial Armageddon recently point out, so many homeless people are pooping on the escalators at San Francisco’s Civic Center Station at night that the escalators are breaking down and repair teams have been called in to clean up the mess. As the economy gets even worse, will scenes like this start playing out in all of our cities? FROM WHTC.com:
We cannot handle 4 more years of movement in these directions
NOW IS THE TIME FOR REAL CHANGE
If America is to survive as a Great power.
OBAMA HAS TO GO !
THIS BLOG FOR THE MOST DEALS WITH HOW TO ATTAIN DIVINE REVELATION BUT AT THIS TIME THE EVIL FORCES ARE TRYING TO DESTROY THE AMERICA WE GREW UP WITH AND MAKE LIFE A LIVING HELL. IT IS TIME FOR THOSE WHO SEEK TO “DO THE RIGHT THING” TO TAKE A STAND. THE TIME IS NOW !
George Soros now controls President Obama and directs policy of the
He is the enemy of the free market system and is working to collape the Amarican
economy so he may profit
HE MUST BE STOPPED
Revealing the evil deceptive ploys and tactics of George Soros, progressive liberals, Marxists, Communists, Socialists, et. al. all to create a One World Government of unrepresentative control, in the same manner Radical Islam wants to create a caliphate.
GEORGE SOROS TRYING TO
IMPLEMENT A “ONE WORLD”
Soros manipulates euro – THE U.S. dollar IS next
Accprding to Jerome Corsi the left-wing billionaire George Soros is trying to manipulate the euro as part of his goal of establishing a one-world currency and a one-world government.
SOROS CAUSED THE OCTOBER 2008 US FINANCIAL MARKET CRASH WITH THE HELP OF GOLDMAN SACHS
In an article Kyle-Anne Shiver wrote for The American Thinker she says, “Soros made his first billion in 1992 by shorting the British pound with leveraged billions in financial bets, and became known as the man who broke the Bank of England. He broke it on the backs of hard-working British citizens who immediately saw their homes severely devalued and their life savings cut drastically almost overnight.”
…Back to America. Soros has been actively working to destroy America from the inside out for some years now. People have been warning us. Two years ago Bill O’Reilly said on The O’Reilly Factor that Soros [is] an extremist who wants open borders, a one-world foreign policy, legalized drugs, euthanasia, and on and on. This is off-the-chart dangerous. (Source) In 1997 Rachel Ehrenfeld wrote, Soros uses his philanthropy to change or more accurately deconstruct the moral values and attitudes of the Western world, and particularly of the American people.
Soros is OBAMA’S BOSS
AMERICA’S & OBAMA’S PUPPET-MASTER
THIS MUST CHANGE OR IT IS OVER !
Inform Your Family and Friends of the Dangers of This Evil, Treasonous Man AND NOT TO VOTE FOR OBAMA AND OTHERS WHO WORK FOR
SOROS WANTS TO MAKE ANOTHER FORTUNE BY THE DOWNFALL
OF THE USA
GEORGE SOROS IS ATTEMPTING TO CONVERT AMERICA TO COMMUNISM WITH OBAMA’S HELP AS A PUPPET PRESIDENT
|FELON, FREQUENT WH VISITOR, AND OBAMA’S BOSS, GEORGE SOROS FINGERED IN CREATING EGYPTIAN UNREST TO INSTALL NEW REGIME|
Occupy’s ‘Nerve Center’ Staffed by Soros Activists
A George Soros-funded, Marxist-founded organization with close ties to the White House has urged the Federal Communications Commission to investigate talk radio and cable news for “hate speech.” The organization, calling itself Free Press, claims media companies are engaging in “hate speech” because a disproportionate number of radio and cable-news networks are owned by non-minorities.
This plan of Soro has been along time in the making
George Soros launches a $50 million effort to purge economics of its free-market zeal. Michael Hirsh October 27, 2009
THEY WANT TO SHUT US UP
THERE IS SO MUCH INFO AT THESE WEBSITES—THE WHOLE STORY !
AMERICA THE TIME IS NOW TO STOP
THIS IMPENDING DISASTER !
Filed under: Economics
BEFORE WE DISCUSS SOCIAL WELFARE PROGRAMS TO FACE DRASTIC CUTS TAXS ARE GOING UP FOR ALL ! RIOTS COMING !
IT SEEMS FIT TO INTRODUCE IT WITH THIS URGENT WARNING SPONSORED BY GLEN BECK
Dear Fellow Patriot,
Forgive me for being blunt, but you need to take steps right now to prepare. There’s no time to waste.
The odds are stacked against you if a crisis hit today.
Recent surveys show that 91% of Americans are unprepared to survive in a crisis situation. Most likely, this includes you!
While FEMA is broke and first responders are overwhelmed by the surge in natural disasters what will happen to you and your loved ones?
Research shows you need to be able to survive, completely self-reliant, for at least 40 days.
Will you be prepared to survive, completely self-reliant, for 40 days (until order is restored or help arrives)?
Chances are you’re one of the 91% who can not survive for 40 days… but do you want to be one of the 9% that’s prepared?
I’ve developed a FREE 7 Day Mini Course to teach you the first action steps you MUST take to prepare your family in a crisis situation.
I’ll be frank with you, the knowledge contained in the FREE course could be the difference between surviving for you and your family. You owe it to them to invest ten (10) minutes of your time to learn something that could save their lives in a time of crisis.
You MUST prepare to survive.
God bless and stay safe,
NOW FOR THE NEWS ;
SOCIAL WELFARE PROGRAMS TO FACE DRASTIC CUTS TAXS ARE GOING UP FOR ALL !
Now, the truth is that helping the poor and those who cannot help themselves is always a good thing.
Nobody is denying that.
But are there really 100 million Americans that cannot take care of themselves?
Of course not.
The welfare state has gotten wildly out of control and now we are drowning in an ocean of red ink because of it.
In fact, unless the underlying laws for the entitlement programs are rewritten and unless benefits are cut to the bone, it will be mathematically impossible for the U.S. government to not default on the national debt.
Right now, interest on the U.S. national debt and spending on entitlement programs like Social Security and Medicare are somewhere in the neighborhood of 10 to 15 percent of GDP. By 2080, they are projected to eat up approximately 50 percent of GDP if things were to continue as they are now, which is obviously impossible. 50 million are on Medicaid, the federal health-care system for the poor — a 17% jump since 2007. Obama’s health care plan will add 16 million to the Medicaid rolls starting in 2014
Approximately 57 percent of Barack Obama’s 3.8 trillion dollar budget for 2011 consists of direct payments to individual Americans or is money that is spent on their behalf
The U.S. government “borrowed” 2.5 trillion dollars from the Social Security Trust Fund, and now it turns out that the Social Security system is going to start needing that money. So where will the U.S. government get an extra 2.5 trillion dollars?
Food stamp use rises to record 45.8 million
Welfare State: One In Six Americans Getting Federal Aid
THIS IS UNSUSTAINABLE
THERE JUST WILL NOT BE
ENOUGH MONEY !
The costs of federal entitlement programs—Social Security, Medicare, and Medicaid—and interest on the national debt will drive future deficits, and Congress must promptly and carefully decide how best to reduce those costs. However, entitlement reforms will take time, and spending cuts cannot wait. Congress needs to start cutting spending on federal entitlement programs now.
The problem is too deep to fix with spending cuts alone. The country has continually spent more than it has been willing to collect in taxes. Over the past four decades, tax revenue has averaged 18% of GDP — while spending has averaged 21%.
Tax revenue has to go up now so to stop the growth of national debt and bring it under control.
Over the past couple of weeks, George Soros, the IMF and the World Bank have all issued incredibly chilling warnings about the possibility of an impending economic collapse. Considering the power and the influence that Soros, the IMF and the World Bank all have over the global financial system, this is very alarming. So are they purposely trying to scare the living daylights out of us? Soros is even warning of riots in the streets of America.
THINGS ARE GOING TO BE CHANGING VERY MUCH
THE WORLD WE GREW UP WITH IS ON THE WAY OUT !
So what will be in the future of America :
I write this now, as in the future the way things look now State censors will not allow it
The future of America has been stolen
Remember “great Britain , the British empire”, Britain’s decline was driven by bad economics. There are some eerie parallels between the position of the United States today and that of the British Empire a century ago. This is not good. The United States’ recent military interventions in Somalia, Afghanistan, and Iraq all have parallels in British military interventions decades ago. The basic strategic dilemma of being the only truly global player on the world stage is strikingly similar. The ruin of the United States is driven by overextension abroad and profligacy at home. The United States was at risk of “imperial overstretch,” Kennedy wrote in 1987, arguing that “the sum total of the United States’ global interests and obligations is nowadays far larger than the country’s power to defend them all simultaneously.” It has all gone to far.
“It didn’t take long before so many of our tax dollars were going toward interest payments that we cant fund even the most basic of government programs without massive tax increases on everyone. People now work most of the year just to pay Uncle Sam”
How did we get to this point ?
Corruption and ideological venom consumed the America we loved years ago.
Dumping of foreign manufactured products into the U.S. market, has killed domestic manufacturing. There are no more jobs here left to be found.
We decided to hand over a bunch of money and power to greedy politicians instead. Smart! After using that money to nationalize a bunch of banks, mortgage companies and insurance companies, they moved on to bigger things.
The airlines came first — we just couldn’t live without them. Then it was the automakers (Detroit would’ve died), health care (they said they could manage it better), and eventually, the oil companies (I’m not sure where all of those “windfall profits” have gone).
The idea behind it all (an idea that was eventually turned into law with the passage of the Securities Exchange Act of 2011) was to “socialize losses” by spreading them out among all taxpayers. The pain, our leaders argued, would be minimal that way.
They were right. At least until the bills came due. See, we didn’t actually have any of the money we were promising everyone; we were borrowing it.
“In the United States, the federal government kept many people alive through programs such as Medicaid, Social Security, and food stamps.”
“Local governments providde for trash removal and water and sewer line maintenance, road and bridge repair, and so on. Police departments tried to defend people from each other.”
After all these services collapsed all hell broke loose !
All unraveled, from the bottom, not from the top.
From not worrying about protecting our borders. Complete chaos reigns, immigration control and the illegal alien situation is impossible.
We have faced all 5 Stages of Economic Collapse :
Stage 1- Financial Collapse
Stage 2- Commercial Collapse
Stage 3-Political Collapse
Stage 4-Social Collapse
Stage 5-Cultural Collapse
Iran appears to be refitting their long-range missiles to carry nuclear payloads. All the Islamic extremist groups have dirty bomb, many are dying.
Because we did not develop energy alternatives of find natural sources for our own oil we now have to pay for it at outrageous prices. Only the “rich” can afford gasoline.
A economic snowball has begun rolling down hill may run over America, leaving in it’s wake, a country that is unrecognizable to the next generation.
Do something to stop this train to Hell, before its to late
Filed under: Economics
FDIC only has $52 Billion to insure $4.2 Trillion in Deposits
The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year.
That has happened only once before — during the savings-and-loan crisis of the early 1990s, when the FDIC was forced to borrow $15 billion from the Treasury and repay it later with interest.
The government agency that guarantees depositors against the loss of their money in a bank failure may need its own lifeline.
The FDIC on Thursday will disclose how much is left in its insurance fund, and update the number of banks on its list of troubled institutions. That number shot up to 305 in the first quarter — the highest since 1994 and up from 252 late last year.
FDIC Chairman Sheila Bair may also use the quarterly briefing to discuss how the agency plans to shore up its accounts.
March 4 (Bloomberg) — Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.
“Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. U.S. community banks plan to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.
“A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions,” Bair said in the letter. “Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”
The FDIC last week approved a one-time “emergency” fee and other assessment increases on the industry to rebuild a fund to repay customers for deposits of as much as $250,000 when a bank fails. The fees, opposed by the industry, may generate $27 billion this year after the fund fell to $18.9 billion in the fourth quarter from $34.6 billion in the previous period, the FDIC said.
The fund, which lost $33.5 billion in 2008, was drained by 25 bank failures last year. Sixteen banks have failed so far this year, further straining the fund.
Smaller banks are outraged over the one-time fee, which could wipe out 50 percent to 100 percent of a bank’s 2009 earnings, Camden Fine, president of the Independent Community Bankers of America, said yesterday in a telephone interview.
“I’ve never seen emotions like this,” said Fine, adding that he’s received more than 1,000 e-mails and telephone messages from angry bankers.
The approximately $41 billion in reserves that the US banks used to have on their books are now provided by the Term Auction Credit (TAF) to the tune of $60 Billion, without which the banks would be insolvent: when the run on banks begins, only 1 customer in 20 may get some money, if lucky…
The FDIC Bad Joke: only $52 Billion Fund – not all of it liquid and available – to PROTECT/INSURE $4.2 Trillion Deposits = 1.22% Ratio, or 1.2 cents on the Dollar…
The FDIC may protect your deposits in times of average financial failures, BUT don’t count on it in the expected Financial Melt-Down: for more information, click on the 2007 FDIC Annual Report in the link below…
The article on the inadequacy of the FDIC reserves linked below uses older figures, but its conclusion could not be any clearer…
“The bottom line is this: your bank accounts are insured unless there is a banking crisis. Then, you must hope for the best.”
There truly is very little now separating your money on bank deposits or in brokerage accounts and the Abyss that will open wide when the first Banks officially go belly up, since they’re now mostly insolvent and the FDIC will be useless…
Federal Reserve Fraud only a fantastic story. There certainly is fraud involved, though it is not the kind normally associated with the word fraud. The Federal Reserve Banks play by all the rules. They may bend the rules from time to time, but they certainly do not break them. There is no need to break the rules when you make the money and the rules !
In a letter to Thomas Jefferson in 1787, John Adams wrote: “All the perplexities, confusion, and distress in America arise, not from defects of the Constitution, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.”
It was Daniel Webster who said; “Of all the contrivances devised for cheating the laboring classes of mankind, none has been more effective than that which deludes him with paper money.”
Rep. Louis T. McFadden (R. Pa.) rose from office boy to become cashier and then President of the First National Bank in Canton Ohio. For 12 years he served as Chairman of the Committee on Banking and Currency, making him one of the foremost financial authorities in America. He fought continuously for fiscal integrity and a return to constitutional government (Reference 1). The following are portions of Rep. McFadden’s speech, quoted from the Congressional Record, pages 12595-12603:
“THE FEDERAL RESERVE BOARD, A GOVERNMENT BOARD, HAS CHEATED THE GOVERNMENT OF THE UNITED STATES AND THE PEOPLE OF THE UNITED STATES OUT OF ENOUGH MONEY TO PAY THE NATIONAL DEBT. The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve banks acting together have cost this country ENOUGH MONEY TO PAY THE NATIONAL DEBT SEVERAL TIMES OVER.”
About the Federal Reserve banks, Rep. McFadden said, “They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; the rich and predatory money lenders. This is an era of economic misery and for the reasons that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable.”
On the subject of media control he state, “Half a million dollars was spent on one part of the propaganda organized by those same European bankers for the purpose of misleading public opinion in regard to it.”
Rep. McFadden continued, “Every effort has been made by the Federal Reserve Board to conceal its power but the truth is the Federal Reserve Board has USURPED THE GOVERNMENT OF THE UNITED STATES. IT CONTROLS EVERYTHING HERE AND IT CONTROLS ALL OUR FOREIGN RELATIONS. IT MAKES AND BREAKS GOVERNMENTS AT WILL. No man and no body of men is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal Reserve banks. These evil-doers have robbed this country of more than enough money to pay the national debt. What the Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people.”
“Our people’s money to the extent of $1,200,000,000 has within the last few months been shipped abroad to redeem Federal Reserve Notes and to pay other gambling debts of the traitorous Federal Reserve Board and the Federal Reserve banks. The greater part of our monetary stock has been shipped to foreigners. Why should we promise to pay the debts of foreigners to foreigners? Why should American Farmers and wage earners add millions of foreigners to the number of their dependents? Why should the Federal Reserve Board and the Federal Reserve banks be permitted to finance our competitors in all parts of the world?” Rep. McFadden asked.
“The Federal Reserve Act should be repealed and the Federal Reserve banks, having violated their charters, should be liquidated immediately. FAITHLESS GOVERNMENT OFFICERS WHO HAVE VIOLATED THEIR OATHS SHOULD BE IMPEACHED AND BROUGHT TO TRIAL”, Rep. McFadden concluded (Reference 1, contains an entire chapter on Rep. McFadden’s speech).
By law (check the Congressional record), we can buy back the FED for the original investment of the FED’s 300 shareholders, which is $450 million (Reference 1, P. 227, Reference 17, P. 36). If each taxpayer paid $25, we could buy back the FED and all the profit would flow into the U.S. Treasury. In other words, by Congress allowing the constitutionally illegal FED to continue, much of your taxes go to the shareholders of the FED and their bankers. Note: The people who enacted the FED started the IRS, within months of the FED’s inception. The FED buys U.S. debt with money they printed from nothing, then charges the U.S. taxpayers interest. The government had to create income tax to pay the interest expense to the FED’s shareholders, but the income tax was never legally passed (Reference 20 shows details, state-by-state why it was not legally passed). The FED is illegal, per Article 1, Section 8 of the United States Constitution. Not one state legally ratified the 16th Amendment making income tax legal. Currently, fewer and fewer Americans are being convicted for refusal to pay income taxes. In IRS jury trials, the jury, by law, must decide if the law is just. If taxpayers do not believe the law is just, the jury may declare the accused innocent. Judges are legally bound to inform juries of their right to determine the fairness of a law. Judges often do not disclose this information so they can control the court outcome. Luckily, more and more citizens are becoming informed. If one juror feels the law is unfair, they can find the defendant innocent (Reference 19). In Utah, the IRS quit prosecuting taxpayers because jurors verdict is not guilty. Please tell your friends and sit in the next jury.
If we eliminate the FED and uphold the Constitution, we could balance the budget and cut personal income tax to almost nothing. In Congressional hearings on September 30, 1941, FED Chairman Eccles admitted that the FED creates new money from thin air (printing press), and loans it back to us at interest (Reference 17, P. 93). On June 6, 1960, FED President Mr. Allen admitted essentially the same thing (Reference 22, P. 164). If you or I did this we would go to jail.
It is time to abolish the FED! Tell your friends the truth and win America back. We don’t even need to buy back the FED. We only need to print money the way the Constitution requires, not the new proposed international money. We want to keep our sovereignty and print real U.S. money. Why has Congress allowed the FED to continue? If a Congressperson tries to abolish the FED, the banks fund the Congressperson’s opponent in the next election (Reference 17, P. 35). The new Congressperson will obviously support the FED. When Congresspeople retire, political campaign funds are not taxed. Get elected and be a millionaire if you vote right. By the way, the profit of the FED is not taxed either (Reference 1, 9). Once America understands, and takes action, Congresspeople will then gladly abolish the FED. In 1992, Illinois Congressman Crane introduced a bill, co-sponsored by 40 other Congressman, to audit the FED. This is a step in the right direction.
America is a great nation. As “We the People” become informed, the media and Congress will be forced to buy back the FED, balance the budget, significantly cut taxes, and stop allowing bribes to determine voting strategies. I have already heard from politicians who claim they will change their platform to include abolishing the FED if enough people become informed. IT IS UP TO YOU TO INFORM THE PEOPLE.
The FED hopes you will be passive and not act on this information. We believe in grass roots America – we are waking up America. Ultimately, the battle plan is to inform all Americans and demand change in the media and Congress. True Americans should run for office and throw out the politicians who allow this fraud to continue. Congress may refuse to deal with this issue. That’s why each person needs to go to their local county/state government with the proper paperwork and ask them to abolish the FED. With the proper documents, they are legally obligated to do it. WE NEED LEADERS TO BEGIN THIS ACTION. WILL YOU HELP?
“Government spending is always a “tax” burden on the American people and is never equally or fairly distributed. The poor and low-middle income workers always suffer the most from the deceitful tax of inflation and borrowing.”
—Congressman Ron Paul
All of a sudden, Congress is paying close attention to Ron Paul.
The feisty congressman from Texas, whose insurgent “Ron Paul Revolution” presidential campaign rankled Republican leaders last year, now has the GOP House leadership on his side — backing a measure that generated paltry support when he first introduced it 26 years ago.
Paul, as of Tuesday, has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.
Paul attracted just 18 co-sponsors when he authored a similar bill, which died, in 1983. While the impact Fed policies have on inflation is once again a concern, fears about loose monetary policy and excessive federal spending appear even more widespread in 2009.
“In the past, I never got much support, but I think it’s the financial crisis obviously that’s drawing so much attention to it, and people want to know more about the Federal Reserve,” Paul told FOXNews.com.
With the Federal Reserve holding interest rates at rock-bottom levels, pumping trillions into the economy and now poised to have new powers to oversee the financial system under President Obama’s proposed regulatory overhaul, Paul said lawmakers want transparency.
“If they give them a lot more power and there’s no more transparency, that’ll be a disaster,” he said.
The bill would call for the comptroller general in the Government Accountability Office to audit the Fed and report those findings to Congress. The GAO’s ability to conduct such audits now is severely restricted.
A slew of top Republicans are backing the bill, as are many Democrats.
“Ron Paul has the right idea on this,” said Sen. Jim DeMint, R-S.C., who supports similar legislation in the Senate. “I’m just hoping we can get a clear audit. … We need to know what they’re up to.”
House Republican Leader John Boehner, who signed on as a co-sponsor this month, wrote in a recent blog post that the “lack of transparency and accountability” regarding federal dollars committed by the Fed and Treasury Department raise “serious concerns” and make an audit critical.
“The Federal Reserve Transparency Act would remove all of these restrictions, and allow GAO to get real answers from the Federal Reserve to protect American taxpayers,” Boehner wrote.
Unfortunately for Paul, the bill appears to be idling in the House Financial Services Committee, which is chaired by Barney Frank, D-Mass. The bill has been sitting there, gathering co-sponsors, since Paul introduced it in late February.
“You’ve kind of got to rely on the Democratic leadership (to move the bill along),” a Boehner aide said. “I haven’t heard a lot of support from Chairman Frank.”
Calls to Frank’s office were not returned.
Paul acknowledged that his bill hasn’t advanced but said Frank has “promised” him he will deal with his bill and is willing to give it a hearing. Paul said it’s easily got the “momentum” to pass the full House.
A representative with the Federal Reserve could not be reached for comment.
Among the many things discussed Friday night, March 27 at the opening gala in St. Louis, Missouri, was the Missouri Information Awareness Centers’s (MIAC) publication issued to the Missouri State Police placing Ron Paul supporters in the same category as terrorists. The principles of freedom and liberty were also discussed heavily, along with the need for more awareness of issues and a push to audit the Federal Reserve, which is neither Federal nor is there a Reserve. The free event was open to the general public and had an array of speakers, focused on issues important to promote freedom.
The Federal Reserve prefers internal audits
Oversight of the Federal Reserve System
The Federal Reserve System–including the Board of Governors and the 12 Federal Reserve Banks–is subject to a number of levels of oversight to help ensure that the System operates as a prudent, well managed, and effective public organization.
The Federal Reserve is subject to oversight by Congress. Board governors and staff testify before Congress frequently to discuss issues within the Federal Reserve’s purview. For example, in 2008, governors and Board staff testified 35 times before Congress. During the first quarter of 2009, governors and staff have testified 12 times. Board staff also meet with Congressional staff to brief them on topics related to the Federal Reserve’s operations and future direction.
The Government Accountability Office (GAO) has broad authority to review and audit Federal Reserve activities.1 The legislative limits on the GAO’s access to the Federal Reserve System are very specific and stated in the law.2 The GAO conducts reviews and audits at the direction of the Congress and also under its own authority. These engagements cover a wide variety of Federal Reserve activities. As of March 31, 2009, there were 20 GAO engagements underway, 17 of which were initiated by Congress. During 2008, the GAO completed 15 similar engagements.
The Board of Governors orders an annual external audit of the financial statements of the Board and the Reserve Banks.3 The current independent auditor is Deloitte and Touche.4 Each Reserve Bank publishes its audited financial statements, and the Board of Governors publishes the audited combined Reserve Bank financial statements and the Board’s financial statements in its annual report to Congress. The Reserve Banks and the Board comply voluntarily with the internal control requirements of the Sarbanes-Oxley Act. The external auditors also perform an evaluation of internal controls over financial reporting.
Oversight of the Board of Governors
Consistent with the Inspector General Act, the Board of Governors’ Office of Inspector General (OIG) conducts and supervises independent and objective audits, investigations, and other reviews of Board programs and operations to promote economy, efficiency, and effectiveness, and to prevent and detect fraud, waste, and abuse. The OIG’s work spans the Board’s mission areas. As of March 31, 2009, the OIG had initiated 12 audits and evaluations, 5 investigations, and numerous law and regulation reviews; responded to a number of hotline calls, emails, and correspondence; and followed up on open recommendations. During 2008, the OIG completed 15 audits, inspections, and evaluations; closed 9 investigations; and issued a strategic plan and compendium of open recommendations.
The OIG reports the results of its work on its public website and in its semiannual report to Congress. In addition, the OIG is currently coordinating with Treasury’s Office of the Special Inspector General for the Troubled Assets Relief Program (SIGTARP) on matters concerning the Federal Reserve, and participates with other financial regulatory IGs on the TARP IG Council. In addition, the SIGTARP has authority to review certain Federal Reserve System activities that involve the expenditure of funds from the Troubled Asset Relief Program. Four SIGTARP reviews are currently underway.
Oversight of the Reserve Banks
Each Reserve Bank has an independent internal audit function that reports to the audit committee of each Bank’s board of directors. The internal audit function is responsible for identifying risks and assessing the effectiveness of the Reserve Bank’s risk management, control, and governance processes.
In addition, the Reserve Banks are subject to general supervision by the Board of Governors and, in certain matters, the Board’s specific authorization or approval. The Board of Governors’ oversight includes assessing whether Reserve Bank strategies, objectives, and other matters are reasonable and take into consideration all significant and relevant issues and monitoring and reviewing ongoing operations and the implementation of major initiatives.
The Scope of Audits
The scope and frequency of audits are based on the specific risk factors inherent in each Bank’s operations, including the nature of the activities it conducts, the prevailing level of controls surrounding these activities, and the quality and experience of the individuals assigned to the operation.
Internal audits at each Reserve Bank involve verification of assets, liabilities, and items held in custody. Auditors check both the physical presence of these items and the timely and accurate reporting of their movement. An evaluation of the adequacy of controls throughout the Bank and of compliance with prescribed procedures also is done. Audits are performed periodically in order to determine if the auditors’ perceptions of prevailing risk levels and operating conditions since the last review remain valid. Periodic audits also help to determine whether previously identified problems and issues were adequately addressed and remedied, and to ascertain whether new problems or issues have emerged.
Although auditing procedures differ among the 12 Reserve Banks, their emphases are broadly similar. At the Federal Reserve Bank of New York, the audit staff reviews the cash, check, fiscal, electronic payments, and accounting areas, and all of the service and professional operations (which include legal, bank supervision and regulation, and research and statistics). It also audits centralized electronic data processing operations and automated systems under development. These audits consist of reviews of the Bank’s data centers, with primary emphasis on environmental software products, including data base systems, operating systems, and data communications systems. Auditors evaluate the strength of internal controls and security of each software product, as well as the procedures and controls put in place by the organizational unit responsible for it. An auditor at the Buffalo Branch reviews activities there.
Audits of automated systems under development similarly concentrate on the adequacy of controls and security. These audits are intended to ensure that appropriate checks and balances are in place for each automated processing operation. Audit teams check the accuracy of records pertaining to transactions that flow through the system and certify that systems under development are fully and adequately tested before being placed into production.
Together with two other departments of the Bank, the audit staff controls activities in the Bank’s gold vault, which stores about one-quarter of the world’s official gold reserves. Auditors monitor all gold transactions, both deposits and withdrawals, and independently verify accounting records and balances pertaining to gold held in custody by the Bank.
Vice Chairman Donald L. Kohn
Federal Reserve independence
Before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
July 9, 2009
Chairman Watt, Ranking Member Paul, and other members of the Subcommittee, I appreciate the opportunity to discuss with you the important public policy reasons why the Congress has long given the Federal Reserve a substantial degree of independence to conduct monetary policy while ensuring that we remain accountable to the Congress and to the American people. In addition, I will explain why an extension of the Federal Reserve’s supervisory and regulatory responsibilities as part of a broader initiative to address systemic risks would be compatible with the pursuit of our statutory monetary policy objectives. I also will discuss the significant steps the Federal Reserve has taken recently to improve our transparency and maintain accountability.
this is a very long post read the rest at
Filed under: Economics
Gerald Celente, the CEO of Trends Research Institute, is renowned for his accuracy in predicting future world and economic events, which will send a chill down your spine considering what he told Fox News this week.
He correctly predicted the 1987 stock market crash and the fall of the Soviet Union is now forecasting revolution in America, food riots and tax rebellions – all within four years, while cautioning that putting food on the table will be a more pressing concern than buying Christmas gifts by 2012.
Celente says that by 2012 America will become an undeveloped nation, that there will be a revolution marked by food riots, squatter rebellions, tax revolts and job marches, and that holidays will be more about obtaining food, not gifts.
“It’s going to be very bleak. Very sad. And there is going to be a lot of homeless, the likes of which we have never seen before. Tent cities are already sprouting up around the country and we’re going to see many more.”said Celente, adding that the situation would be “worse than the great depression”.Crime is going to be a lot worse than it was before because in the last 1929 Depression, people’s minds weren’t wrecked on all these modern drugs – over-the-counter drugs, or crystal meth or whatever it might be. So, you have a huge underclass of very desperate people with their minds chemically blown beyond anybody’s comprehension.””America’s going to go through a transition the likes of which no one is prepared for,” said Celente. Celente went further on the subject of revolution in America.”There will be a revolution in this country,” he said. “It’s not going to come yet, but it’s going to come down the line and we’re going to see a third party and this was the catalyst for it: the takeover of Washington, D. C., in broad daylight by Wall Street in this bloodless coup. And it will happen as conditions continue to worsen.” “The first thing to do is organize with tax revolts. That’s going to be the big one because people can’t afford to pay more school tax, property tax, any kind of tax. You’re going to start seeing those kinds of protests start to develop.”
Celente, who successfully predicted the 1997 Asian Currency Crisis, the subprime mortgage collapse and the massive devaluation of the U.S. dollar, told UPI in November last year that the following year would be known as “The Panic of 2008,” adding that “giants (would) tumble to their deaths,” which is exactly what we have witnessed with the collapse of Lehman Brothers, Bear Stearns and others. He also said that the dollar would eventually be devalued by as much as 90 percent.
If you thought the $700 billion bailout bill was bad, think again. We all argued about so strenuously about $700 billion just this past September. We demand and then codify into law the requirement that our banks make massive loans to people we know they can never pay back? Why? We learned just days ago that the Federal Reserve, which has little or no real oversight by anyone, has “loaned” two trillion dollars (that is $2,000,000,000,000) over the past few months to companies and financial institutions effected by the credit crisis, but will not tell us to whom or why or disclose the terms. Who has this money? Why do they have it? Why are the terms unavailable to us? Who asked for it? Who authorized it? The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure. The Fed made the loans under terms of 11 programs, eight of them created in the past 15 months, in the midst of the biggest financial crisis since the Great Depression.
“It’s your money; it’s not the Fed’s money,” said billionaire Ted Forstmann, senior partner of Forstmann Little & Co. in New York. “Of course there should be transparency.”
We don’t really know who they’re handing the money out to, because, apparently, it’s a secret. What are the implications of these secret loans? Well, more than anything, it is a serious crisis in democracy. The loans do not come from nowhere — they exist in the form of taxpayers money and loans taken out from foreign investors that must be paid back by, you guessed it, the taxpayer. Another huge problem with the massive bailout is that the tax payer is getting literally nothing in return for it. We already know that $29 billion worth went to JPMorgan Chase (NYSE: JPM) — to shift the worst junk on Bear Stearns’ balance sheet to the Fed’s back in March. And it’s safe to assume that the $2 trillion the Fed lent out is being exchanged for similarly junky assets.
In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed’s disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate. Frank said he has discussed the program with Timothy F. Geithner, president and chief executive officer of the Federal Reserve Bank of New York and a possible candidate to succeed Paulson as Treasury secretary. Barney Frank, embarrassing himself yet again, claims the Fed should keep its clap shut because if people know how bad it is, well, there might be a run. I think Barney’s missing the point, as long as people don’t know how bad it is, they won’t trust anyone who might be borrowing large amounts of money from the Fed with crap collateral, because they don’t know how bad it is and they suspect it’s really really really bad. As in 10 cents on the dollar bad. More to the point, that 2 trillion is taxpayer money, and taxpayers have a right to know what sweetheart deals Bernanke’s been giving out, and who’s been getting what. The whole of “this information is too scary for citizens to know.
There aren’t really words to describe how utterly outrageous this is. It is an utter failure of the democratic process and a shocking snap shot of just how corrupt the monetary system is that we live under. The United States is currently over $10 trillion in debt, a level that any other nation would collapse under. The consequences of perpetual debt, privatized profits and socialized risk are stark.
The Government Has Loaned or Pledged Over 7 Trillion Dollars To The Bailout !
Let’s put this in perspective. According to Jim Bianco of Bianco Research, the bailout has cost more than all of these big budget government expenditures – combined:
• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551billion, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
TOTAL Combined Cost: $3.92 trillion
Bail Out: $7 Trillion. That’s $7,000,000,000,000.00 and……. growing
Another thing to consider :
Federal Reserve can’t find 9 TRILLION Dollars. The Federal Reserve apparently can’t account for $9 trillion in off-balance sheet transactions. Elizabeth Coleman as the inspector general of the Federal Reserve of the United States and is supposed to be responsible for preventing and detecting waste, fraud, and abuse, but in a videotaped Congressional testimony, she acknowledged that she can’t account for many trillions of dollars of our taxpayers money. TRILLIONS. Specifically she says she knows nothing about nine trillion dollars ($9,000,000,000,000) that is claimed to be unaccounted for.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed’s expanded balance sheet, the IG didn’t know.
Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
“I am shocked to find out that nobody at the Federal Reserve is keeping track of anything,” Grayson says.
“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.
“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”
Translation: Nobody at the Fed knows where the money went.
Do you know what who got the $1 trillion or more in the Fed’s expansion of its balance, Grayson pressed.
“I do not know. We have not looked at this specific area at the particular point on that specific review,” Coleman answer.
What about the trillions of off-balance transactions since last September, Grayson asked.
Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.
Between the Public Health Emergency over the Pandemic A/H1N1 Swine Flu, North Korea taking aim at Hawaii, discourse throughout the world, the wars in Iraq and Afghanistan and the Federal Reserve misplacing NINE TRILLION dollars, the crisis are indeed adding up. America sits in the eye of the perfect storm for the change you don’t want to believe in.
something is amiss (to say it lightly)
“We are on the verge of a global transformation. All we [ the CFR ] need is the right major crisis and the nation[s] will accept the New World Order.” End Quote. David Rockefeller: Founder and Honorary Chairman, Council of the Americas; Chairman, Americas Society; Founder, Forum of the Americas; Chairman, Emeritus, Council on Foreign Relations [CFR]; Founder and Honorary Chairman, Trilateral Commission [TC]; Chairman, The Bilderbergs.