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Financial Suicide

Published on July 25, 2011

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Treasury Secretary Timothy Geithner says it’s “unthinkable” that there would be a time when the U.S. couldn’t pay its bills. That’s why he says he’s confident of a deal to raise the government’s borrowing limit before an August 2 default deadline. He says the U.S. has a top credit rating and that despite all the rhetoric, there are signs that both sides are coming closer to an agreement. But he says the legislative process needs to get started by Monday night.

We are going to talk a lot about insanity in this essay and these declarations by Geithner are a good place to start. Look at this chart from the Office of Management and Budget. That’s a graphic image of the United States government’s swan dive into oblivion. That’s a straight line into fiscal hell. That’s the visual proof that the only reasons that Geithner is not taken away in a straight jacket is that he knows how to dress well.

Look at that chart again and let your imagination drop with that line that marks off the descent in two-hundred-billion-dollar amounts. That’s a lot of money! More accurately said, it was a lot of money but today $100 billion does not buy governments much since so much of it has to go to paying interest on debts and the insanity of war instigated by mad men who should not be allowed to walk freely on our planet.

Argentina’s President Cristina Fernandez, whose own country defaulted on about $100 billion in debt a decade ago, asked last week: "When did the American dream become a nightmare?"

The current reality, represented very clearly by the above chart, is that the American government cannot pay its bills, not with real money at least, only with the fabricated stuff, the kind of money that can be created out of thin air. Its funny money and it is taking the whole world down to a place where it will probably take many decades from which to recover.

Congressman Ron Paul said, “It isn’t too late to return to fiscal sanity. We could start by canceling out the debt held by the Federal Reserve, which would clear $1.6 trillion under the debt ceiling. Or we could cut trillions of dollars in spending by bringing our troops home from overseas, making gradual reforms to Social Security and Medicare, and bringing the federal government back within the limits envisioned by the Constitution. Yet no one is willing to step up to the plate and make the hard decisions that are necessary. Everyone wants to kick the can down the road and believe that deficit spending can continue unabated.”

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“Eventually the American taxpayer will get so fed up with this bunch of morons in Washington—Republican and Democrat—they are going to demand we take real action with real numbers; cut through the crap and start dealing with this debt and we can do it. Why did we say in U.S., ‘the bondholders can’t be hurt?’ What the hell was that about? It was all mad!” said Howard Davidowitz.

It certainly is too late to return to fiscal sanity for it is insanity that rules the world, insanity that drives the United States government and insanity that runs deep in the psyche of the human race. We are a race of madmen though of course some are much madder than others.

Today we wake up to see the work of a super madman who gunned down 90 innocent boys and girls in Norway. The madmen who have run the pharmaceutical industry kill hundreds of thousands of men, women and children each year so it’s really hard to decide who is the most insane. In the United States alone over 100,000 die each year from properly prescribed medicine.

“President Obama and his allies in Congress believe they know better than you do what is in your own best interest,” writes attorney Jonathan Emord, which means “we have a bunch of morons in Washington” running roughshod over our future lives. As Emord tells us, they even want to control the food we eat so you really know that those running the show behind the scenes are truly mad. Monsanto, with their genetically modified foods, are in all likelihood creating a food Armageddon. In short, that company should be dissolved and its executives locked up for their violence against humanity.

Apparently whether the “little people” like something or not doesn’t matter now in this “new” world. Daily Bell

There is little desire or regard for the middle class from the people at the top of the human heap because a big portion of their wealth is derived from robbing the lower classes. The Federal Reserve acts at the top of the line as the greatest robber of them all, raping the entire system to serve the people at the top.

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

Financial Poison

Contemporary civilization has already committed financial suicide and we are now just waiting for the poison to take full effect but many millions are already feeling the poison flooding through their veins. The only answer the governments have been able to come up with to resolve the situation is to drink much more poison (debt) and ram it down the throats of their citizens. The future of the world is at stake and we have mad politicians at the helm so we do indeed have much to be concerned about.

“The banks of Europe are the new Feudal Manors and Masters. All Europeans now serve them as debt-serfs in one way or another. If we knock down all the flimsy screens of artifice and obscuring complexity, what we see in Europe is a continent of debt-serfs, indentured to the banks under the whip of the European Union and its secular religion, the euro,” wrote Charles Hugh Smith. The title of his essay was 500 Million Debt-Serfs: The European Union Is a Neo-Feudal Kleptocracy.

We are closing in on an event that will “set fire to the heart of the global financial system. The insolvency of the global financial system, and of the Western financial system in the first place, returns again to the front of the stage after just over a year of political cosmetics aimed at burying this fundamental problem under truckloads of cash,” writes GEAB.

The elites that stand behind the EU are trying to build a one-world order,and they will stop at nothing to get it. The same thing is going on in the U.S. with the debt crisis. An orchestrated agenda. The Americans will eventually get European-style austerity. They simply don’t understand the ramifications yet. – Daily Bell

There is a shock coming soon, probably in the autumn of 2011 where the collective experience will literally be the ground giving way beneath our feet as the underpinnings of our global financial system come apart.

As we head into the black hole of debt that cannot be repaid we will see the word default come up again and again. Jean-Claude Trichet had the word “default” stuffed down his throat last week and in the United States politicians are now, like tug boats, maneuvering the United States of America closer to defaulting on a mountain range of debt and liabilities that should never have been incurred by a sane society and government.

Karl Denninger writes, “When investors get nervous about stocks, they usually flow to bonds. Today, they’re not. They’re buying gold instead which is up just under 1%, or silver, which is up 3.2%…” During the next few weeks or short months even the blind will begin to see which way events are going to take us. Every tick upward of interest rates will ring the bells of doom since servicing trillions upon trillions of debt becomes that much more impossible.

Bloomberg published, “That consumers are increasingly “using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices.Silvio Tavares, senior vice president of the largest credit card processor said, “Consumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending because there’s been no other positive catalyst, like an increase in wages, to offset higher prices. It’s a cash-flow problem.” It is not only governments that are in serious trouble but an entire generation or even two generations that are drowning in debt and fiscal insanity.

The people of Brazil and Chile also have a cash-flow problem. Their banks were loose and easy with money they lent out because in some cases they have been collecting over 200 percent interest on peoples’ debts. There are perhaps a billion debt slaves in the world and we can count most countries within those numbers. Perhaps my numbers are way too conservative; there is no way to count but the situation is dire.

To make matters much worse for the near future of the American economy we and preview at end of the year seeing 3.7 million Americans stop receiving jobless benefits. This financial Armageddon for these 3.7 million families will be cruel enough for them but it will spill over to the wider economy—acting as a hit man to consumption in the first quarter of 2012.

That’s a lot of people to drop out of the bottom of society all at once. It’s the safety net tearing, allowing perhaps as many as 10 million men, woman and children to fall to total destitution. Now imagine what could happen if the United States government goes down and cannot pay for the food for its 40 million Americans on food stamps? Are you getting an idea yet of the bad endings that are possible for the American dream?

Down the Slippery Slope

In a recent Elliott Wave Theorist, Robert Prechter focuses on a different metaphor from sailing to explain what’s happening in the economy. He references the granite slope of Stone Mountain, pictured here for those of you who have never visited Atlanta.

http://www.elliottwave.com/images/freeupdates/Stone%20Mt%281%29.jpg
Photo by JT

Excerpted from the June 2011 Elliott Wave Theorist

Investments

“Near Atlanta is a mound of granite called Stone Mountain. Over the years, people have fallen to their deaths because they allowed the mountain to fool them. There is no sharp cliff of which to beware. The slope is rounded. So, people sometimes sneak past the protective fence and edge their way down the mountainside, thinking that they have sufficient traction to remain stable. But when they pass the point at which they can hold on, the slope only increases, and they fall to their doom.

“This seems to me somewhat analogous to the economic depression that has been developing since the year 2000. It started out slowly, so that people didn’t even realize it was beginning. As the economy deteriorated, they didn’t worry much, because they thought it had plenty of traction. Periods of moderate stability increased their confidence. The quick slide of 2008 wasn’t fatal, because there was a convenient ledge to stop the fall. Today, it seems that 29,900 economists out of the approximately 30,000 in the world are breathing easier, thinking the mountain is safe. But just a few more steps downward in the economy and the slope will be too steep to keep it from going into a death slide.

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  • Rahn

    Melanie brings up a case-sensitive point that few wish to examine. Our “legal bond” to government is pure veneer, and in these times of excessive abuse, we the people have an option open to change the game…in court.
    Ever notice your “official” designation is fully capitalized, which, of course, is bad grammar. Law documentation rarely allows for a p or q, period or comma in the wrong place, so this is not a mistake. The “Justice” system enforcing taxation, and other criminal features of penitent life in America, uses this distinction to be clearly separate from the grammatically correct spelling of your “name” (look that word up in Black’s Law). Upon your approval of this deception your flesh-and-blood body housing a soul is incorporated, registered by that system by birth (read berth) certificate, given a Cusip number making it negotiable, assigned a (SS) number for tracking and is the property of and therefore under the jurisdiction of the STATE of (fill in the blank), subsidiary corporation of the parent corporation UNITED STATES of AMERICA, headquartered in WASHINGTON, District of COLUMBIA (the Queen of England’s Corp.).

    This can all be nullified by simply not claiming the “naming”, since it’s not your intellectual property anyway. Judges hate you for it, but then, how much hate are we up to taking to set things right again. Corporations are paper “fictions” that need your flesh-and-blood to sign documents. Your flesh and soul are not their creations and by rejecting the NAME on grounds of contract law breach (non-disclosure) you are also evoking Ecclesiastical Law that historically trumps anything the STATE dishes out.

    http://spiritualeconomicsnow.net/?p=252

  • Freedomcalls

    Re-read Helix on July 25th above, then paragraph 5 of the blog quoting Rep. Ron Paul.

    That’s the whole can of worms explained in a nutshell.

  • Matt

    I am not talking about the income but taxing the assets of the ultra wealthy. When the world wealth is concentrated to the very few it is time we extract that wealth via taxes on it. Even Donald Trump stated if we institute an annual 15% wealth tax on households with assets over $50 million, would pay of debt.

  • p frank

    but…web says “taxing ‘income’ at 100% stil will not cover all expenses.’
    We st’sg ovs pay int only cant pay prin. Un cle S ugar borrowings c$200t
    two hund tril (tom)_, 12x gdp $14t/yr”

  • Matt

    If the governments would simply institute a property tax on the assets of the ultra wealthy, it would solve most of the problems with debt worldwide. The ultra wealthy have raped and pillaged the middle and poor class, and have hoarded the wealth with multiple mansions, planes, art, jewelry, planes, boats, etc. Simply, the two party dictatorship could simply put a 10% tax on the wealth of persons worth more than $50 million. Trillons of dollars could be raised and pay of the debt and rebuild infrastructure. The world has become the very few wealthy that have most of the wealth, and the rest of us that are barely surviving.

    • cv

      How about we just end the Fed? Most of the world’s problems would improve if we would just end the Fed…permanently.

      All the bologna and terms they throw around area just words to get around the truth which is debt is higher inflation and more taxation. The Fed has decreased the purchasing power of your dollar $$ by 97% since the inception of the Fed. Your income taxes does not make a better road, bridge or school. It goes to debt to the Fed. Read the Creature from Jekyll Island. You will be much wiser!!!

  • David

    I think its a toss-up as to which destruction gets us first. Could it be that a combination of financial meltdown, manipulated weather disasters, earthquakes, vulcanicity and tsunamis (engineered?), eugenics and Elenin will bring about the end of life as we know it?

    The Serbian Prophet, Mitar Tarabich, seems to have had it right. Wars, famine, diseases and GMO food especially in the cities and economic collapse will see the end of mankind. He says that people should flee to the mountains and those who find the mountain will three crosses will survive to continue the specie. He recommends that people fast in the end time when people will eat food and die almost instantly!

    • Helix

      Apocalyptic viewpoints are great drama!

      Now for some reality: The world’s financial problems are man-made, and so they con be solved by approached devised by men. Weather disasters, earthquakes, volcanism, and tsunamis are probably beyond mankind’s ability to manipulate, but one thing is certain: financial meltdowns aren’t.

      The one thing no one wants to talk about is the root cause of the financial problems we’re dealing with today. We anguish over the Federal Debt, but we never stop to examine in a rigorous way what causes that debt, satisfying ourselves with the glib answer that the Fed spends more than it takes in. Ahhh, the McGuffin appears! Beware of sleight of hand!

      Here is the bottom line: Under our current system, and the system of almost all other countries with significant economies, control of the money supply has been turned over to bankers. In the current arrangement, bankers supply money, which they create out of thin air, which is then loaned to the Federal Government — at interest — thereby providing the money supply for the country. The Federal government injects this money into the economy in the usual ways: public works, military spending, social welfare payments, public sevices, etc., etc. The money is then deposited in banks, where by the magic of fractional reserve banking, the bankers multiply it by a factor of ten to twelve (more thin air money), thereby greatly amplifying the interest collected on it. It is fair to say that virtually all money in the US is based on debt.
      Under this system, Federal Debt is unavoidable. In fact, limiting the federal debt — all other things remaining equal — is equivalent to stifling the economy, because federal debt is the mechanism that underlies the money supply: no additional debt, no additional money in circulation, and increased economic activity is strangled.

      Thus we find ourselves in the ludicrous poistion of having to pay bankers interest on money that they create ot of thin air, just to provide the money needed to facilitate economic activity. Right now, financing the federal debt runs somewhere north of $400 billion per year. Just so we will have a money supply created out of thin air! That works out to about $1300 per person in the United States. And we wonder why we’re struggling financially? Can you say “rip off”?

      But it doesn’t stop there. Through fractional reserve banking, bankers can easily engineer great swings in economic activity, simply by extending credit on easy terms when they want economic activity to increase, and refusing to extend credit and calling in loans when they want economic activity to decline. Why would they want to do this? Because tremendous wealth is created during booms, and that wealth will be redistributed for pennies on the dollar — to bankers — during busts.

      Make no mistake: the current downturn has been engineered, as was the boom that preceded it. Don’t believe it? Then look at the Fed’s policy during the final years of Greenspan’s tenure. Starting in 2001, the Federal (Reserve) prime rate was dropped from over 6% to near 1% in just over a year. Housing boomed, exacerbated by easy lending policies and legislation that allowed homeowners to write off interest on loans backed by the value of their houses. Enormous wealth was created. At the peak of the frenzy, Greenspan famously exhorted gullible borrowers to go head over heels into debt by accepting teaser rates on new mortgages.

      The hook was now set. Starting in 2004, Greenspan raised the prime rate seventeen times in consecutive meetings of the Fed. Mortgage rates rose in lock step, stifling additional credit. As mortgages were paid down, money supply contracted. By 2006 forclosures began to escalate. In a cascading effect, the contraction in money supply became catastrophic. For ordinary people, that is. For the bankers, of course, it was a different story. In the end, they ended up with all mortgage payments made by defaulting mortgagees, plus title to the property on which the mortgages were secured. In other words, the bankers ended up with a large chunk of the wealth generated during the boom years. “But what about the decrease in housing values?” you ask. Not a problem. “Mark to fantasy” acccounting standards were adopted — remember that money is essentially a thin-air proposition for those empowered to create it — allowing the homes to be carried on the banks’ balance sheets at full value. For those banks for whom even this was not enough, wealth was transferred to their coffers by outright confiscation from taxpayers and additional borrowing, a scheme soft-pedaled as “bailouts”. Pleas from the citizenry to reject the bailout scheme — in some congressional offices running as high as 99-to-one against — were ignored.

      Houston, we have a problem. We have authorized bankers to create our money supply out of thin air and the Federal Government pays them interest for the privilege of using it. With the principal thin-air amount guaranteed by the authority of the government to tax us. (Did you ever wonder why the creation of the Federal Reserve came almost immediately after the passage of the 16th amendment, giving the Federal Government the authority to levy a tax on income without apportioning it proportionately among the states?) Somehow this system is supposed to be preferable to the government creating the same money out of the same thin air according to prudent monetary policies. The missing ingredient, of course, is the interest that now goes to the commercial banks, who are thereby in a position to control the government by virtue of amassed wealth and credible threat to wreck the economy.

      We have somehow forgotten Proverb 22:7 — “The rich rules over the poor, and the borrower is the slave of the lender.” The US government is indeed the slave of the commercial banks, which is why it is seeming powerless to address the current economic crisis. The current system not only isn’t working. It is unjust, and it’s a threat to the security and well-being of us all. We are on the road to economic ruin, and then serfdom.

      • peggy

        the weather is as man-made as the well-designed financial ‘crisis’. the usa is being deliberately ruined financially and otherwise. much easier to abolish the us constitution and replace it with the un charter that way. you might want to check out some credible haarp websites. compelling.

        all tyranny leads to the implementation of un agenda 21. that is actually what the 2012 drama is all about. fake alien attacks and the introduction in all countries, by religious holograms, to the united nations new anti-christ saviour, maitreya. accept it or be eliminated. it is that simple. seriously. easy to check out.

        say no. at every turn.

        • Melanie

          You might want to put forth the ultimate effort and use your shift key for capital letters. I realize it’s hard, but if you practice you’ll get used to it.

        • The state of the economy is taken into ciseodnration by GDP. GDP is 47% larger. Even if unemployment was 25%, GDP is 47% larger yet income tax revenue is 10% lower. If the economy was operating closer to full capacity we’d have a larger GDP and more tax revenue. That goes without saying. But you might have a number like GDP Is 50% larger and tax revenue is the same. There would still be a huge imbalance between revenue growth and gdp growth. IT’s tax cuts that created this.

      • Barry

        Poor little Helix. He’s spinning on a globe out in space on a sphere where Einstein said many dimesnions exist. So sad to have a closed mind.

        • Helix

          Aaahhh! Ridicule! The first stage of truth! I must be striking a nerve. That’s good! I expect vehement denial next.

          Oh wait. Actually, I don’t expect anything next. Snipers usually split the scene after they’ve taken their shot.

          If course, I hardly need to point out the total absense of facts or arguments refuting anything in my post, but that rarely matters to a certain type of mentality. Reasoning about such matters is just too much work, and you have to be able to do the math. Ridicule is so much easier!

          Just for the record, Einstein never proposed more than three linear dimensions. He treated time as a 4th dimension for mathematical convenience, given that the speed of light being constant allows ready conversion between time and distance. Plus it makes for some interesting philosophical speculation and some realy cool diagrams.

          But I digress…