not mythical forces but reason and ideas determine the course of human affairs, what is needed to stop the trend towards socialism and despotism is common sense and moral courage
– Ludwig Von Mises
Found this article on CNBC interesting this morning.
We are in a society that people except government to provide for them. When did we convince ourselves that we are entitled to health care?
It’s sad because we would almost all agree that our country needed health reform, but there was no talk of reforming the insurance industry,the FDA, or the pharmaceutical industry that pay millions to lobbyist to push new drug, and advertising new pills without proper safety testing.
There was no reform talk about changing our current “sick” care into real “health” care. Instead we passed a further reaching, more intrusive bill that 14 Attorney General are suing the Federal Government over being unconstitutional.
What a gigantic screw up.
When you take from the productive members of society and give to the unproductive, you have socialism. In what ever form you want to call it …. it’s the death throw of creativity and production in a society.
If your not familiar with Matt Taibbi, put him on your must read list. Matt is a writer for Rolling Stone and has written some of the best articles over the last year about what really happened with the bailouts. Who caused the economic crash, who made the money, and where did the money go.
His latest article “Wall Street’s Bailout Hustle“, is not only informative but entertaining. Telling the exact way a con man works his mark until he’s broken and confused. One thing is clear after reading Taibbi’s work. This was not a bunch of bad decision that went south, these banks absolutely knew what they were doing, and they are already at it again trying to creating a even bigger bubble to soak up more money.
“In fact, the FED became not just a source of emergency borrowing that enabled Goldman and Morgan Stanley to stave off disaster – it became a source of long term guaranteed income. Borrowing at zero percent interest, banks like Goldman now had virtually infinite ways to make money. In one of the most common maneuvers they simply took the money they borrowed from the government at zero percent and lent it back to the government by buying Treasury bills that paid interest of three or four percent. It was basically a license to print money – no different then attaching an ATM to the side of the Federal Reserve.
A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are demanding a solution. What they don’t realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt.
You see, the truth is that the U.S. government now owes more dollars than actually exist. If the U.S. government went out today and took every single penny from every single American bank, business and taxpayer, they still would not be able to pay off the national debt. And if they did that, obviously American society would stop functioning because nobody would have any money to buy or sell anything.
Here’s a look at reality. Don’t be fooled about how well the recovery is going. Every action the FED takes has consequences that will come back at some point.
The Dallas FED estimated the financial obligations of the US government at 99 trillion dollars. The head of the TARP program estimated the bailout cost at 24 trillion dollars. Totaled together the US has in the neighborhood of 120 trillion dollars of current and future obligations on an annual revenue of around 2 trillion dollars which is falling due to high unemployment, higher state and local taxes and fees and lower wages.
Cutting that down to size, imagine earning 200,000 a year and having a debt of 12 million dollars. In short, the US dollar has become a token of an unpayable debt and thus the anchor of the entire global financial system is a ponzi fraud.
It becomes impossible to compute the value of anything as measured in a fraudulent currency that represents an unpayable debt.
I go through a lot of news articles every month. I archive what i think is important into 71 different categories. But there are those articles that make a lasting impression and having a wider effect then just the day the story was printed.
I put these stories into my MUST READ folder. I wish I had the time or the space here to explain why I believe each of these stories is so important but I don’t. Hopefully something on this list will get you thinking.
The FBI Deputizes Business … an old article from 2008 that I just became aware of.This article talks about InfraGard. 23,000 representatives of private industry who are working quietly with the FBI and the Department of Homeland Security.
Job Growth Lacking in the Private Sector … The admission from main stream media that the American economy has added virtually no jobs in the private sector over a 10-year period. All economic growth has be in the government.
A new superbug found in Britain is major concern: Government scientists … A new superbug that is resistant to all antibiotics has been brought into Britain by patients having surgery abroad. The media is hyping swine fly and we have at least 22 cases in Britain of a superbug.
Swine flu jab link to killer nerve disease: Leaked letter reveals concern of neurologists over 25 deaths in America … A warning that the new swine flu jab is linked to a deadly nerve disease has been sent by the Government to senior neurologists in a confidential letter. Hmm I wonder why this one didn’t get reported in the US.
John Conyers “why would I read health care bill” … This one absolutely floors me. A member of congress say why should be read the bills? because it’s your job …. and the fact that he needs lawyers to tell him what the bill means proves that congressmen aren’t writing these bills. They’re being written by lawyers of the lobbyist and then handed to congress to pass them. That’s enough proof for me right there that you should oppose the health reform bill.
Two executed as China fraud crackdown continues … I love this one. China executed two people for defrauding hundreds of investors out of millions of yuan in beauty parlour, cosmetics and property scams. So Bank CEO’s swindle taxpayers out of trillions of dollars and we give them millions in bonus …. you make a bad business deal and China and your dead!
Judge Orders Fed To Disclose Who Received Bailout Trillions … Bloomberg has sued the FED twice in the last year to get them to disclose where the bailout money went. Now A New York District Judge has ordered the Federal Reserve to disclose the destination of around $2 trillion dollars in bailout funds after the Fed failed to convince the Judge that the records should be exempt from the Freedom of Information Act.
The Man Who Sells America’s I.O.U.’s … The auction of United States Treasury securities, and $32 billion has just been sold in a blink. It was another successful operation for Van Zeck, the commissioner of the public debt, who has the world’s biggest credit card.
Vital Signs and the “Fix” … As we approach the middle of the summer, 2009, it is of utmost importance to be able to slice deftly through the heavy propaganda fog that the government is pumping out through its mouthpiece the media.
Flu shot or get fired … Workers at Capital Region hospitals are going to have to get a flu shot this year or face losing their jobs …. This is a good one to get you thinking, what if this was the policy at your office?
Study Says World’s Stocks Controlled by Select Few … A recent analysis of the 2007 financial markets of 48 countries has revealed that the world’s finances are in the hands of just a few mutual funds, banks, and corporations. This is the first clear picture of the global concentration of financial power.
Common Sense 2009 … This article from Larry Flynt! is amazing. He’s been attacked for years for his free speech as the founder of Hustler. Now he’s hitting back. He writes “The American government — which we once called our government — has been taken over by Wall Street”
Diseased African Monkeys Used to Make Swine Flu Vaccines; Private Military Contractor Holds Key Patents … if your not following Mike Adams articles you should put it on your daily reading list. This guy is hard hitting.