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House Passes $1 Trillion Defense Budget

October 2, 2008, 10:21 am
Filed under: Afghanistan, bailout, bankruptcy, Congress, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, George Bush, global economy, Great Depression, Greenback, House, hyperinflation, Inflation, Iraq, Military, nation building, national debt, neocons, occupation, Pentagon, Senate, Stock Market, Uncategorized, US Economy, us national debt, Wall Street, war funding, war spending, weapons trade

House Passes $1 Trillion Defense Budget

Alternet
September 28, 2008

On Wednesday, the House passed a mammoth defense bill by a 392-39 vote. It’s expected to clear the Senate with little difficulty next week.

It was part of a trillion-dollar stop-gap measure to keep programs running through next March, allowing lawmakers to skip town without passing a final budget. The Associated Press reports, “The legislation came together in a remarkably secret process that concentrated decision-making power in the hands of a few lawmakers.”

In keeping with the tradition of recent years, Bush held a gun to his own head and threatened to pull the trigger if his demands weren’t met. According to the AP, “To earn President Bush’s signature rather than a veto, House and Senate negotiators dropped several provisions he opposed. They include a ban on private interrogators in U.S. military detention facilities and what would have amounted to congressional veto power over a security pact with Iraq.”

In other words, Congress also maintained recent tradition, swearing not to give Bush a blank check and then whipping out their pens and signing a blank check.

The number that the House sent to the Senate for “defense” — $612 billion for the coming year — is eye-popping. Imagine a stack of 612,000 million-dollar bills. Quite a pile.

Read Full Article Here

There Might Be a Financial Crisis, But the World’s Arms Dealers Are Doing Just Fine
http://www.alternet.org/story/100801/

’If we don’t cut back military spending, the bankruptcy of the United States is inevitable’
http://www.tomdispatc..nson_the_pentagon_bailout_fraud

The Pentagon Bailout Fraud
http://www.wakeupfromyourslumber.com/node/8379

Bush Administration Adds $4 Trillion To National Debt
http://www.cbsnews.com/blogs/2008/09/29/couricandco/entry4486228.shtml

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Our $100 Trillion National Debt

August 16, 2008, 5:15 pm
Filed under: Alan Greenspan, bankruptcy, Big Banks, big pharma, Britain, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Euro, Europe, european union, FDIC, Federal Reserve, GAO, gas prices, global economy, Great Depression, Greenback, housing market, hyperinflation, Inflation, medical industrial complex, medicare, national debt, Oil, Petrol, real estate, Social Security, Stock Market, subprime, subprime lending, United Kingdom, US Economy, us national debt, Wachovia, writedown | Tags: Richard W. Fisher, run on banks

Our $100 Trillion National Debt

Lew Rockwell
August 7, 2008

The “official” debt of the United States is only around $10 trillion dollars as of August 6, 2008. This is a manageable number; we could pay it off in a few decades if we quit buying luxuries like food and clothing, and take a few other minor economy measures. Unfortunately, the “$10 trillion” number was produced by government accounting, which among other things allows one to ignore Social Security, Medicare, and the new prescription drug benefit. This is like ignoring rent, food, and utilities in your household budget… it will lead to a few bounced checks. Our real debt is about ten times higher.

Who says so? The President of the Dallas Federal Reserve, Richard W. Fisher. In a May speech at the Commonwealth Club of California, he states that the US national debt is close to $100 trillion. You can read his whole speech at the Federal Reserve web site.

The Real Debt

Here is what he said regarding the actual US debt:

“Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon. Traditional Medicare composes about 69 percent, the new drug benefit roughly 17 percent and Social Security the remaining 14 percent.”

Interested readers will notice that the new prescription drug benefit is projected to be more fiscally crushing than all of Social Security.

Mr. Fisher points out that this $99.2 trillion will be a bit of a burden to pay off:

“Let’s say you and I and Bruce Ericson and every U.S. citizen who is alive today decided to fully address this unfunded liability through lump-sum payments from our own pocketbooks, so that all of us and all future generations could be secure in the knowledge that we and they would receive promised benefits in perpetuity. How much would we have to pay if we split the tab? Again, the math is painful. With a total population of 304 million, from infants to the elderly, the per-person payment to the federal treasury would come to $330,000. This comes to $1.3 million per family of four—over 25 times the average household’s income.”

You do have $1.3 million in your pocket, right? What, are you some kind of deadbeat?

Speaking of deadbeats, the “$99.2 trillion” estimate does not include the subprime bailout. So for those who like large round numbers, by the end of 2008 the real National Debt should be large, round, and about $100 trillion.

Read Full Article Here

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Taxpayers Will Pay $800 BILLION For Failed Mortgage Lenders

July 28, 2008, 4:03 pm
Filed under: 1984, 2-party system, bailout, bear sterns, Big Banks, Big Brother, biometrics, California, central bank, Congress, Control Grid, credit card, credit cards, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, fannie mae, Federal Reserve, forclosure, foreclosures, freddie mac, George Bush, global economy, gold, Great Depression, Greenback, henry paulson, House, housing market, imf, indymac, Inflation, IRS, left right paradigm, liquidation, mortgage lenders, national debt, nationalization, neocons, Neolibs, Oppression, orwell, Paulson, Police State, Propaganda, real estate, Ron Paul, Senate, silver, Stock Market, subprime, subprime lending, Surveillance, Taxpayers, US Economy, us national debt, US Treasury, Wall Street | Tags: fingerprints, housing securities, HR 3221, The American Housing Rescue & Foreclosure Preventio

Taxpayers Will Pay $800 BILLION For Failed Mortgage Lenders
House & Senate passes housing bailout bill H.R. 3221 (The American Housing Rescue & Foreclosure Prevention Act) by an overwhelming 272-152 vote, Bush will sign soon.

Youtube
July 24, 2008

Ron Paul talks about the bailout out of the housing industry and how it really just destroys the dollar and adds enormously to the debt.

Also, slipped into the bill, was the stipulation that ALL credit card transactions must now be reported to the IRS.

http://www.youtube.com/watch?v=Wy6SlUpbnIU

Details of today’s housing bill by Dr. Ron Paul:

-$2.5B line of credit to the Treasury (Fannie & Freddie – ‘F & F’) is now “open-ended”

UNLIMITED – Treasury now allowed to buy all ‘F & F’ housing securities
Congress no longer involved in appropriating funds (Treasury now does)

-National Debt Ceiling Moved up $800 BILLION (buried in the bill)

–Treasury Bills being exchanged for unwanted ‘F & F’ securities

This is the asset which “backs up our currency”
Value of these assets are depreciating
Treasuries have replaced gold and silver to back US Dollar

– Solution breeds inflation

Places pressure on the US Dollar

-Mortgage industry workers “will now have to be fingerprinted.”

–All credit card transactions will now be reported to the IRS.

Housing bailout bill – another $800 billion gift from the taxpayer to Wall Street

http://youtube.com/watch?v=TeWJZiJGc2s

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Ron Paul: Bernanke Admits Inflation is a Tax

July 20, 2008, 6:07 am
Filed under: Barney Frank, bernanke, Big Banks, C-Span, central bank, CNBC, CNN, Congress, Credit Crisis, DEBT, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, fannie mae, Fascism, Federal Reserve, food prices, Fox News, freddie mac, gas prices, glenn beck, Globalism, gold, Great Depression, Greenback, henry paulson, House, housing market, Inflation, job market, Media, mortgage companies, mortgage lenders, neil cavuto, Oil, Paulson, Petrol, phil gramm, real estate, Ron Paul, Stock Market, tax, US Economy, us national debt, US Treasury, Wall Street | Tags: kudlow and company, run on banks

Ron Paul: “Some Big Events Are About To Occur”

Steve Watson
Infowars.net
July 17, 2008

http://www.youtube.com/watch?v=06awZjZTVlQ

Texas Congressman Ron Paul has warned the House that he is “convinced the time is now upon us that some Big Events are about to occur.” that will cause liberty to go “into deep hibernation”.

Paul told the House:

“These fast-approaching events will not go unnoticed. They will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed.”

“There are reasons to believe this coming crisis is different and bigger than the world has ever experienced. Instead of using globalism in a positive fashion, it’s been used to globalize all of the mistakes of the politicians, bureaucrats and central bankers.” Paul continued.

In one of Paul’s most memorable speeches to date, the Congressman spoke of rampant authoritarianism having replaced the principles of liberty that the United States was founded upon and warned that current empire building financed through inflation and debt signals a most frightening period in history.

“Our arrogance and aggressiveness have been used to promote a world empire backed by the most powerful army of history. This type of globalist intervention creates problems for all citizens of the world and fails to contribute to the well-being of the world’s populations. Just think how our personal liberties have been trashed here at home in the last decade.” Paul urged fellow representatives.

Paul outlined the history of the current economic crisis and alluded to key events such as the inception of the Federal Reserve System, the creation of the Bretton-Woods Monetary System and the creation of a “dollar bubble”.

“This bubble is different and bigger for another reason.” Paul argued.

“The central banks of the world secretly collude to centrally plan the world economy. I’m convinced that agreements among central banks to “monetize” U.S. debt these past 15 years have existed, although secretly and out of the reach of any oversight of anyone–especially the U.S. Congress that doesn’t care, or just flat doesn’t understand.”

Yesterday, the Congressman also confronted Federal Reserve Chairman Ben Bernanke over what he described as a 35 plus year dollar bubble, telling him “You are probably the biggest taxer in the country”, citing the inflationary fiat money system as the most unfair and regressive form of taxation there is.

A stunned Bernanke put up little resistance and simply agreed with Paul, stating “Congressman, I couldn’t agree with you more that inflation is a tax, and that inflation is currently too high.”

Paul also pointed out that government bail out packages for lenders will inevitably lead to a further increases in the already stratospheric national debt.

Read Full Article Here

Ron Paul on Kudlow and Company