Ponzi Par Excellence!

 

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The Economic Collapse blog offers an excellent piece on the Federal Reserve and it’s destructive existence. I’ve shared this view for quite some time. It’s definitely worth checking out!

 

25 FACTS ABOUT THE FEDERAL RESERVE – PLEASE SHARE WITH EVERYONE YOU KNOW!

“As we approach the 100 year anniversary of the creation of the Federal Reserve, it is absolutely imperative that we get the American people to understand that the Fed is at the very heart of our economic problems.  It is a system of money that was created by the bankers and that operates for the benefit of the bankers.  The American people like to think that we have a “democratic system”, but there is nothing “democratic” about the Federal Reserve.  Unelected, unaccountable central planners from a private central bank run our financial system and manage our economy.  There is a reason why financial markets respond with a yawn when Barack Obama says something about the economy, but they swing wildly whenever Federal Reserve Chairman Ben Bernanke opens his mouth.  The Federal Reserve has far more power over the U.S. economy than anyone else does by a huge margin.  The Fed is the biggest Ponzi scheme in the history of the world , and if the American people truly understood how it really works, they would be screaming for it to be abolished immediately.  The following are 25 fast facts about the Federal Reserve that everyone should know…

 

#1 The greatest period of economic growth in U.S. history was when there was no central bank .

#2 The United States never had a persistent, ongoing problem with inflationuntil the Federal Reserve was created .  In the century before the Federal Reserve was created, the average annual rate of inflation was about half a percent.  In the century since the Federal Reserve was created, the average annual rate of inflation has been about 3.5 percent , and it would be even higher than that if the inflation numbers were not being so grossly manipulated .

#3 Even using the official numbers, the value of the U.S. dollar has declined by more than 95 percent since the Federal Reserve was created nearly 100 years ago.

#4 The secret November 1910 gathering at Jekyll Island, Georgia during which the plan for the Federal Reserve was hatched was attended by U.S. Senator Nelson W. Aldrich, Assistant Secretary of the Treasury Department A.P. Andrews and a whole host of representatives from the upper crust of the Wall Street banking establishment.

#5 In 1913, Congress was promised that if the Federal Reserve Act was passed that it would eliminate the business cycle .

#6 The following comes directly from the Fed’s official mission statement : “To provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.”

#7 It was not an accident that a permanent income tax was also introduced the same year when the Federal Reserve system was established.  The whole idea was to transfer wealth from our pockets to the federal government and from the federal government to the bankers.

#8 Within 20 years of the creation of the Federal Reserve, the U.S. economy was plunged into the Great Depression.

#9 If you can believe it, there have been 10 different economic recessions since 1950.  The Federal Reserve created the “dotcom bubble”, the Federal Reserve created the “housing bubble” and now it has created the largest bond bubble in the history of the planet.

#10 According to an official government report, the Federal Reserve made 16.1 trillion dollars in secret loans to the big banks during the last financial crisis. The following is a list of loan recipients that was taken directly from page 131of the report…

Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – $175 billion
Wells Fargo – $159 billion
Dexia – $159 billion
Wachovia – $142 billion
Dresdner Bank – $135 billion
Societe Generale – $124 billion
“All Other Borrowers” – $2.639 trillion

#11 The Federal Reserve also paid those big banks $659.4 million in fees to help “administer” those secret loans.

#12 The Federal Reserve has created approximately 2.75 trillion dollars out of thin air and injected it into the financial system over the past five years.  This has allowed the stock market to soar to unprecedented heights, but it has also caused our financial system to become extremely unstable.

#13 We were told that the purpose of quantitative easing is to help “stimulate the economy”, but today the Federal Reserve is actually paying the big banks not to lend out 1.8 trillion dollars in “excess reserves” that they have parked at the Fed.

#14 Quantitative easing overwhelming benefits those that own stocks and other financial investments.  In other words, quantitative easing overwhelmingly favors the very wealthy.  Even Barack Obama has admitted that 95 percent of the income gains since he has been president have gone to the top one percent of income earners.

#15 The gap between the top one percent and the rest of the country is now the greatest that it has been since the 1920s .

#16 The Federal Reserve has argued vehemently in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.

#17 The Federal Reserve openly admits that the 12 regional Federal Reserve banks are organized “much like private corporations “.

#18 The regional Federal Reserve banks issue shares of stock to the “member banks” that own them.

#19 The Federal Reserve system greatly favors the biggest banks.  Back in 1970, the five largest U.S. banks held 17 percent of all U.S. banking industry assets.  Today, the five largest U.S. banks hold 52 percent of all U.S. banking industry assets.

#20 The Federal Reserve is supposed to “regulate” the big banks, but it has done nothing to stop a 441 trillion dollar interest rate derivatives bubble from inflating which could absolutely devastate our entire financial system.

#21 The Federal Reserve was designed to be a perpetual debt machine .  The bankers that designed it intended to trap the U.S. government in a perpetual debt spiral from which it could never possibly escape.  Since the Federal Reserve was established nearly 100 years ago, the U.S. national debt has gotten more than 5000 times larger.

#22 The U.S. government will spend more than 400 billion dollars just on interest on the national debt this year.

#23 If the average rate of interest on U.S. government debt rises to just 6 percent (and it has been much higher than that in the past), we will be paying out more than a trillion dollars a year just in interest on the national debt.

#24 According to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”.  So exactly why is the Federal Reserve doing it?

#25 There are plenty of possible alternative financial systems, but at this pointall 187 nations that belong to the IMF have a central bank.  Are we supposed to believe that this is just some sort of a bizarre coincidence?

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Clueless and Classless…

The title of this piece may have been used before. But, it accurately describes the subject matter nonetheless.

I’ve never been one to underestimate the stupidity of the American public. I know that’s a sweeping generalization. However, with the ever increasing number of idiots out there, it’s becoming more difficult to find any semblance of common sense. Witness the 2012 election! Barack Obama, easily the most dangerous and disastrous President to occupy the Oval Office, was handed a second term by a majority of Americans who know little more than anything about him beyond his celebrity status. And the sad part…they don’t WANT to know! They were willing to sacrifice the fabric of our society to empower an individual who continuously lies to them with vague promises and empty rhetoric.

But, I’m getting off track here…

The End of the American Dream blog has compiled a list of 19 items offering proof at the ignorance the American people have eagerly embraced. I’ve decided to add illustrations for those unable to grasp the context here!

19 SURVEYS WHICH PROVE THAT A LARGE CHUNK OF THE POPULATION IS MADE UP *TOTALLY* CLUELESS SHEEPLE!

Are we too stupid to continue as a nation?  That may seem like a harsh question, but I think that it is one that we need to ask.  Even though we have more access to information today than ever before, it seems like the U.S. population just keeps becoming more ignorant.  So at what point does a society become so “dumbed-down” that it can no longer function effectively?  We like to complain about our leaders, but the truth is that we are the ones that elected them.  They are a reflection of who we are as a society.  And when you compare Barack Obama, Harry Reid, Nancy Pelosi and John Boehner to men like George Washington, John Adams, Thomas Jefferson and Andrew Jackson, they don’t fare too well.  Sadly, the truth is that most of our founding fathers would not have a prayer of being elected today.  Instead, they would be labeled as crazy “extremists” for insisting that we follow the U.S. Constitution.  In our entertainment-addicted society, Lady Gaga would have a much greater chance of being elected president today than George Washington would.  That is how far we have fallen.

"I won?...really?...what did I win?.."

“I won?…really?…what did I win?..”

obama-makes-george-washington-cry

Perhaps you think that I am being overly pessimistic.

Perhaps you think that I should have more faith in the American people.

Well, just consider the evidence.  The following are 19 surveys which prove that a large chunk of the population is made up of totally clueless sheeple

qqxsge-mail-privacy1

#1 One survey found that 56 percent of Americans believe that it is okay for the government to track “the telephone records of millions of Americans” in order to keep us safe.  Apparently those people have never heard of the Fourth Amendment.

BUSH KERRY DEBATE 2004

#2 When Bush was president, 61 percent of Democrats considered NSA surveillance to be “unacceptable”, but now that Obama is in the White House, only 34 percent of them consider it to be “unacceptable”.

A drone designed and constructed by Concepcion University and the Chilean army is seen during a flight test at Concepcion city

#3 67 percent of Americans support the use of unmanned drones in “homeland security missions” inside the United States.  What’s next?  Will there be “security robots” that stand in the corner and watch us as we eat dinner with our families?

airport-security#4 Close to one-third of all Americans would be willing to submit to a “TSA body cavity search” in order to fly.

Yeah..these people look like a real threat...

Yeah..these people look like a real threat…

#5 20 percent of all government workers and 26 percent of all Obama supporters consider the Tea Party to be “the biggest terror threat” that America is facing.

obese-children
#6 89.7 percent of Americans believe that they are eating a healthy diet.  Meanwhile, approximately 36 percent of all Americans are obese.
question-cloud
#7 29 percent of Americans believe that “cloud computing” involves an actual cloud.
obamacare-logo
#8 One survey found that 42 percent of all Americans are unaware that Obamacare is law.
homer_tv2

#9 The average American watches 28 hours of television every week.

 iraq-map-hrzgal
#10 According to a survey conducted by the National Geographic Society, only 37 percent of all Americans between the ages of 18 and 24 can find the nation of Iraq on a map.
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#11 Close to 25 percent of all Americans do not know that the United States declared independence from Great Britain.
america_prescription_drugs

#12 We are the most doped up nation in the history of the planet.  As I wrote about recently, a survey conducted by the Mayo Clinic found that 70 percent of all Americans are on at least one prescription drug.  An astounding 20 percent of all Americans are on at least five prescription drugs.

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#13 According to one survey, 24 percent of all U.S. teens that have a sexually-transmitted disease say that they still have unprotected sex.
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#14 Approximately one out of every five teenage girls in the United States actually wants to be a teenage mother.

 20100_4-Gal-Basic-All-Shot_rev_No-Water-Bottle-500x500
#15 As I noted the other day48 percent of all Americans do not have any emergency supplies stored up at all.
Those-who-would-sacrifce-liberty
#16 One survey found that 51 percent of all Americans agree with this statement: “it is necessary to give up some civil liberties in order to make the country safe from terrorism.”
federal-reserve
#17 According to a Bloomberg survey, only 16 percent of Americans believe that the Federal Reserve should be abolished.
Joe-Biden-Idiot
#18 29 percent of all Americans cannot recall the name of the vice-president of the country.
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#19 In 2008, the American people voted to send Barack Obama to the White House.  After four years of watching everything that he did during his first term, the American people turned around and gave him another four years.
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As a nation, we no longer seem to care much about what the U.S. Constitution actually says.  When our politicians tell us that they want to ignore large sections of the Constitution, we just shrug and go along with it.
America_Falling_Apart

And we have completely abandoned the values and the principles that this country was founded on.  Our society bears very little resemblance to 18th century America, and we like it that way.  We like to think that we have “progressed” far beyond where they were at, but the truth is that our country is coming apart at the seams all around us.

wolf

In this day and age, it is imperative that Americans learn to think for themselves.  Way too many Americans are just like sheep – they just blindly follow the herd.

It is time to break out of “the matrix” and to start seeing things for how they really are.  Our nation is crumbling and our leaders are taking us down a path toward oblivion.  We need to wake up our fellow Americans while there is still time.”
Sometimes it takes pointing out the absurdity to see the obvious…..

‘The Teflon President’…????

 

 

My contention that Barack Obama will be re-elected hasn’t changed. There’s simply too much ignorance, supported by lies and innuendo from his allies in the media. Too many Americans who lack rational thought processes to understand any different.

That being said, there’s also a LOT out there that buttresses the belief that THIS President is an abject failure…in EVERYTHING! Mike Flynn @ Breitbart has a great piece pointing out…despite what the press has been trumpeting about Romney this month…what a BAD month September has been for Mr. Obama. Can’t argue with that!….and the month isn’t over yet!

PRESIDENT OBAMA’S HORRIBLE SEPTEMBER

“Obama floats from one disaster to the next with barely a mention in the press.”

 

What color is the sky in the political media’s world? Each week this month has begun with some variation of “Romney is doomed.” We’ve had rabid amplification of Romney “gaffes” interspersed with the traditional “campaign infighting” stories. There has also been a dash of trolling for anonymous quotes from “GOP strategists” wringing their hands and predicting defeat in the Fall. Meanwhile, Obama floats from one disaster to another with barely a mention in the press.

Let’s take a moment to recount a few items plaguing the Obama Administration this month alone.

 

 

Economy. The month began with another dismal jobs report. The economy only created a very anemic 96k jobs in August, far below what’s needed to keep pace with population growth. Almost 400k gave up looking for work and left the labor force, which sunk to its lowest level in 30 years.

A host of companies lowered earnings guidance for the next quarter. Most concerning were dramatically lower expectations for economic bellwethers FedEx and Norfolk Southern. These are consistent with the sharp turndowns in manufacturing. The economy is simply going to get worse over the next month.

All of this puts a lie to Obama’s claims that the economy is recovering. It was about a year ago, as every economy coming out of recession does, but it isn’t now. On current trends, we are likely heading into another recession.

 

Fed Action. Ben Bernanke essentially threw up his hands this month, saying “what the hell” and announcing their intention to just keep printing money until the economy comes around. This 3rd round of Quantitative Easing isn’t likely to be any more effective than the first two rounds. Eventually there will be a tidal wave of inflation. The Fed’s hubris is that precisely right before inflation fully kicks in, they will be able to stave it off with interest rate hikes. Of course, that will create its own pain unless growth has become very robust. Regardless, the Fed move is explicit confirmation that the economy is faltering.

 

 

Foreign Policy. The spiking of the football over the death of bin Laden is soooo last year. The muslim world has erupted in protests against the West in response to the actions of the Obama Administration. Our ambassador to Libya and three other Americans were assassinated in a terrorist attack. An attack we were warned about but did nothing to prevent. In response, Obama has embarked on a massive apology campaign over an amateurish video that had next to nothing to do with any of the protests other than serving as a convenient pretext.

Almost worse, the Obama Administration has been caught blatantly lying about the events surrounding the assassinations in Libya. Our UN Ambassador went on the Sunday shows and said there was absolutely no advance warning of the attack. She also claimed it wasn’t really an attack, but a spontaneous protest that unfortunately turned violent. The Administration now admits that everything she said was wrong.

This, though, is perhaps the most damning indictment: Obama learned of the attacks in Libya soon after they began. He then proceeded to decisively…go to bed.

 

 

Afghanistan. Obama campaigned in 2008 on a promise to implement a new “surge” strategy in Afghanistan that would see the US to a clear victory. The last of those “surge” troops left Afghanistan this month, with the US position worse than it was 4 years ago. Last week, in a modern day Tet Offensive, Taliban fighters attacked the main allied base, killing several Americans and destroying 6 (!) fighter jets.

The Obama Administration’s chief strategy in Afghanistan has been to build up an Afghan security force. The US worked with these forces tactically to try to defeat the Taliban. Those efforts are over, however, after several incidents when these security forces, our supposed Allies, murdered several Americans. We will now simply limp out of the country. Not since the 70s has American liked this powerless.

 

Fast and Furious. Last week, the DOJ’s Inspector General released its “investigation” of the Fast and Furious scandal. The reports improbable conclusion was that virtually everyone at DOJ knew about the disastrous program except Eric Holder. An appropriate fall guy has been found within DOJ, but the stench lingers. The IG report also reveals that the White House actively declined to cooperate with the investigation.

 

Campaign. While the media trained every gun in their arsenal against Mitt Romney, Obama lost his convention bounce. A week after the Democrat convention, Obama had enjoyed a 5-6 bounce in his support. Despite the covering fire from the media, that bounce is gone. Obama and Romney are tied in polls from AP and Rasmussen. Obama clings to a 2 point lead among registered voters in the latest Gallup tracking poll. Setting aside some ridiculously skewed national and swing state media polls, the race is tied.

At this point in the campaign in 2008, the McCain campaign was essentially broke and off the air in several key swing states. This year, however, Romney has a big cash advantage over Obama and is set to unload an ad barrage in all the swing states. The very fact that Democrat strongholds like Wisconsin, Pennsylvania, Colorado and Michigan are even considered at least somewhat competitive this year underscores Obama’s vulnerabilities.

Up to this point, Obama has spent $200 million to disqualify Romney from the Presidency. He has benefited from an enormous in-kind contribution from the media seeking to do the same. Yet, the race is where it was before Obama’s ad barrage. And now, Romney’s ad barrage will begin. September will probably be remembered as the Obama campaign’s high-water mark.

Keep in mind, the items above are just the highlights of the problems plaguing the Obama Administration this month. I haven’t mentioned our deteriorating relations with Israel, Iran, Syria or record-high gas prices. The media have probably kept 30 career-making Pulitzer Prizes’ on the table in ignoring them. But, don’t sigh for them my friends. Their zeal for investigations and journalism will return when Romney takes the oath of office in January.

 MORE READING: THE 1997 SPEECH THAT LAUNCHED OBAMA – THE OBAMA YOU DON’T KNOW! @ THE WASHINGTON EXAMINER

 

 

 

 

 

 

 

 

Desperate times, desperate measures..

With the United States literally under assault across a good portion of the world, the Federal Reserve and Ben Bernanke have decided to tamper once again with the nation’s already damaged economy. Yep! Undoubtedly at President Obama’s direction, the dangerously powerful Fed plans on inflicting more harm..to the tune of $40BILLION a month…In essence…they’re just printing more money…and the dollar will suffer. In the meantime, the media is more focused on fabricating the narrative that somehow the collapse of Barak Obama’s Middle East policy is Mitt Romney’s fault…that’s a strange assumption…Especially when the United States HAS NO MIDDLE EAST POLICY UNDER BARACK OBAMA!

The guys at End of the American Dream have put together this analysis that will add fuel to the fires that are already burning…Barack Obama’s plan for a diminished America continues!

From End of the American Dream:

10 Shocking Quotes About What QE3 Is Going To Do To America

Ready or not, QE3 is here, and the long-term effects of this reckless money printing by the Federal Reserve are going to be absolutely nightmarish.  The Federal Reserve is hoping that buying $40 billion worth of mortgage-backed securities per month will spur more lending and more economic activity.  But that didn’t happen with either QE1 or QE2.  Both times the banks just sat on most of the extra money.  As I pointed out the other day, U.S. banks are already sitting on $1.6 trillion in excess reserves.  So will pumping them up with more cash suddenly make them decide to start lending?  Of course not.  In addition, QE3 is not likely to produce many additional jobs.  As I showed in a previous article, the employment level did not jump up as a result of either QE1 or QE2.  So why will this time be different?  But what did happen under both QE1 and QE2 is that a lot of the money ended up pumping up the financial markets.  So once again we should see stock prices go up (at least in the short-term) and commodities such as gold, silver, food and oil should also rise.  But that also means that average American families will be paying more for the basic necessities that they buy on a regular basis.  The most dangerous aspect of QE3, however, is what it is going to do to the U.S. dollar.  Most of the rest of the world uses the U.S. dollar to conduct international trade, and by choosing to recklessly print money Ben Bernanke is severely damaging international confidence in our currency.  If at some point the rest of the world rejects the dollar and no longer wants to use it as a reserve currency we are going to be facing a crisis unlike anything we have ever seen before.  The real debate about QE3 should not be about whether or not it will help the economy a little bit in the short-term.  Rather, everyone should be talking about the long-term implications and about how QE3 is going to accelerate the destruction of the dollar.

The following are 10 shocking quotes about what QE3 is going to do to America….

Paul

#1 Ron Paul

“It means we are weakening the dollar. We are trying to liquidate our debt through inflation. The consequence of what the Fed is doing is a lot more than just CPI. It has to do with malinvestment and people doing the wrong things at the wrong time. Believe me, there is plenty of that. The one thing that Bernanke has not achieved and it frustrates him, I can tell—is he gets no economic growth. He doesn’t do anything with the unemployment numbers. I think the country should have panicked over what the Fed is saying that we have lost control and the only thing we have left is massively creating new money out of thin air, which has not worked before, and is not going to work this time.”

Schiff

“This is a disastrous monetary policy; it’s kamikaze monetary policy”

Pento

#3 Michael Pento, The Founder Of Pento Portfolio Strategies

“This is the nuclear option for them. This is a never-ending weapon that is being fired at the middle class”

Trump

#4 Donald Trump

“People like me will benefit from this.”

Randazzo

#5 Economist Anthony Randazzo

“Quantitative easing—a fancy term for the Federal Reserve buying securities from predefined financial institutions, such as their investments in federal debt or mortgages—is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality formed by crony capitalism. And it is hurting prospects for economic growth down the road by promoting malinvestments in the economy.”

Williams

#6 John Williams Of Shadowstats.com

“That’s absolutely nonsense.  The Fed is just propping up the banks.”

Faber

#7 Marc Faber

“I happen to believe that eventually we will have a systemic crisis and everything will collapse. But the question is really between here and then. Will everything collapse with Dow Jones 20,000 or 50,000 or 10 million? Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the election the next Fed chairman will also be a money printer. And so it will go on. The Europeans will print money. The Chinese will print money. Everybody will print money and the purchasing power of paper money will go down.”

Swonk

#8 Mesirow Financial Chief Economist Diane Swonk

“I think this will end up being a trillion-dollar commitment by the Fed”

Bernanke

#9 Federal Reserve Chairman Ben Bernanke

“I want to be clear — While I think we can make a meaningful and significant contribution to reducing this problem, we can’t solve it. We don’t have tools that are strong enough to solve the unemployment problem”

#10 Credit Rating Agency Egan-Jones

“[T]he FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does reduce the value of the dollar (because of the increase in money supply), and in turn increase the cost of commodities (see the recent rise in the prices of energy, gold, and other commodities). The increased cost of commodities will pressure profitability of businesses, and increase the costs of consumers thereby reducing consumer purchasing power. Hence, in our opinion QE3 will be detrimental to credit quality for the US….”

We have reached a major turning point in the financial history of the United States.

It would be hard to overstate how much damage that QE3 could potentially do to our financial system.  If the rest of the world decides at some point that they no longer have confidence in our dollars and our debt then we are finished.

Sadly, the mainstream media does not seem to understand this, and most Americans gleefully believe whatever the mainstream media tells them.

So what do you think about QE3?….comment here: End of the American Dream

‘We tried our plan – and it worked!’

Well, I guess you could say that….if the continued destruction of the U.S. economy is your goal….Yes, that STUPID line from our DANGEROUS President is a highlight of the latest from The Economic Collapse…

What does it take for more Americans to wake up to the reality of the harm Mr. Obama continues to instill upon this country? I simply find it beyond normal comprehension that rewarding this man with four more years in the White House is the answer to our problems! Is Mitt Romney? Who knows! At least he deserves the chance to prove himself. It’s an absolute CERTAINTY Mr. Obama will maintain the same misguided and destructive course. We know that. He is simply unable to run on his record because NOTHING his administration has sponsored or fostered has proven beneficial to our nation! NOTHING! So his campaign paints a distorted picture of Mr. Romney’s record peppered with outright lies.

Back to the matter at hand…As if you need further proof, here are more examples we continue to head in the WRONG direction!

 

17 Reasons Why Those Hoping For A Recession In 2012 Just Got Their Wish

If you were hoping for a recession in 2012, then you are going to be very happy with the numbers you are about to see.  The U.S. economy is heading downhill just in time for the 2012 election.  Retail sales have fallen for three months in a row for the first time since 2008, manufacturing activity is dropping like a rock, sales of new homes are declining again, consumer confidence has moved significantly lower and a depressingly small percentage of businesses anticipate hiring more workers in the coming months.  Even though the Federal Reserve has been wildly pumping money into the financial system and even though the federal government has been injecting gigantic piles of borrowed cash into the economy, we still haven’t seen an economic recovery.  In fact, we appear to be on the verge of yet another major downturn.  In California the other night, Barack Obama told supporters that “we tried our plan — and it worked“, but only those that are still drinking the Obama kool-aid would believe something so preposterous.  The truth is that the U.S. economy has been steadily declining for many years and now we have reached another very painful recession.

 

And don’t let the second quarter GDP number on Friday fool you.  Analysts are expecting to see GDP growth of about 1.4 percent for the second quarter, but the only reason for our very small amount of “economic growth” is because the economy has been flooded with new dollars.

Let me give you an example.  If I could go out overnight and magically double the bank accounts of every single American, would we all be twice as wealthy?

No, because there would be twice as many dollars now chasing the same amount of goods and services.  The price of those goods and services would soon rise dramatically to reflect this new reality.

With all of those new dollars spinning around in the economy it would look like “economic growth” was going through the roof, but in reality the amount of real economic activity would be about the same.

So whenever we talk about GDP, we need to adjust it for inflation.

And as I noted the other day, after adjusting for inflation the U.S. economy has been continually experiencing negative economic growth since about 2005.

So let’s not deceive ourselves.  The U.S. economy has been declining for a long time.

But soon even non-inflation adjusted GDP will turn negative.  We will probably see a slightly positive number for the second quarter, and the number will likely go negative either in the third quarter or the fourth quarter.

Economists will debate when this new recession officially “began” just like they do with every recession, but it doesn’t take a genius to figure out what is happening to our economy right now.

The following are 17 reasons why those hoping for a recession in 2012 just got their wish….

1. U.S. retail sales have declined for three months in a row.  This is the first time this has happened since 2008.  Every other time this has happened in U.S. history (except for once) this has signaled that the U.S. economy was either already in a recession or was about to enter one.

2. The Philadelphia Fed index of manufacturing activity contracted for the third month in a row during July.  According to the Financial Post, this is a very bad sign….

Seven out of eight times when the average reading has been that low (-11.8) for that long the U.S. economy has tipped into recession.

3. Manufacturing activity in the mid-Atlantic region has also declined for three months in a row.  In fact, the only time in the past decade when manufacturing activity in the mid-Atlantic has fallen more dramatically was during the last recession.

4. A factory index calculated by the Institute for Supply Management has fallen to its lowest level since June 2009.

5. The Conference Board index of leading economic indicators has fallen for two of the past three months.

6. According to a recent survey conducted by the Conference Board, only 17 percent of CEOs had a positive view of the economy during the second quarter of 2012.  During the first quarter of 2012, 67 percent did.

7. Gallup’s U.S. Economic Confidence Index is now the lowest that it has beensince January.

8. Optimism among small business owners has declined in three of the last four months and is now at its lowest level since last October.

9. Believe it or not, the amount of waste being carted around on trains in the United States has an 82 percent correlation with U.S. economic growth.  Unfortunately, right now the number of garbage carloads on trains is falling dramatically.

10. Sales of previously occupied homes dropped by 5.4 percent during June.

11. Sales of new homes declined by 8.4 percent during June.  At this point new home sales are less than a third of what they were during the boom years.

12. An increasing number of Americans are relying on high interest “payday loans” to pay the rent and put food on the table.

13. Far more companies are defaulting on their debts this year than last year.

14. According to the U.S. Labor Department, the unemployment rate fell in 11 states and Washington, D.C. last month, but it rose in 27 states.

15. 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.

16. The teen unemployment rate in Washington D.C. right now is 51.7 percent.

17. A recent survey conducted by the National Association for Business Economics found that only 23 percent of all U.S. companies plan to hire more workers over the next 6 months.  When the same question was asked a few months ago that number was at 39 percent.

All of those are very powerful pieces of evidence that a new recession has started.

But do you want to know one of my favorite indicators that the U.S. economy is sliding into recession?

In a previous article, I noted that Federal Reserve Chairman Ben Bernanke made the following statement to Congress recently: “At this point we don’t see a double dip recession. We see continued moderate growth.”

As I mentioned the other day, Bernanke has a track record of failure that is absolutely embarrassing.  Back on January 10, 2008 Bernanke made the following statement….

“The Federal Reserve is not currently forecasting a recession.”

That turned out to be a great call, didn’t it?

On June 10, 2008 he doubled down on his call that the U.S. economy was going to avoid a recession….

“The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

Just before Fannie Mae and Freddie Mac collapsed Bernanke made this statement….

“The GSEs are adequately capitalized. They are in no danger of failing.”

And there are dozens of other examples just like these.

This is the guy running our economic system.

I am very critical of the Federal Reserve, but there are very good reasons for this.

The Federal Reserve is running our economy into the ground, and we need to pound this into the heads of the American people so that they will wake up and demand change.

Perhaps this next recession will be painful enough to wake people up.

The Wall Street Journal is already even using the “D word” to describe what we are experiencing.  Just today, the Wall Street Journal ran an article that asked this question: “Do Two Recessions Equal One Depression?

Sadly, this is just the leading edge of what is coming.  By the time 2014 or 2015 rolls around, we are going to look back and long for the “good old days” of 2011 and 2012.

Over the next few years, the unemployment rate is going to skyrocket and poverty in the United States is going to get a whole lot worse.

Now is not the time to goof off.  Now is the time to work really hard to get yourself and your family into the best position that you can for the storm that is coming.

Nothing is going to stop the terrible economic crisis that is coming, but at least we can get prepared for it.

There is hope in being prepared.

Sadly, most people will never even see the next crisis coming until they get blindsided by it.

 

 

 

As if you DIDN’T know!….

With today’s crappy numbers on the jobs front, it’s not like you’re taken by surprise by this….not in the least…

Neither are the guys at The End of the American Dream Blog:

The Beatings Will Continue Until Morale Improves: 10 Ways That Obama Is Killing Jobs In America

Have you ever heard the old saying “the beatings will continue until morale improves”?  According to Wikipedia, that phrase is often “used sarcastically to indicate the counterproductive nature of such punishment or excessive control over subordinates such as staff in the workplace or children living at home.”  Well, apparently Barack Obama believes that the more punishment that he inflicts on the U.S. economy the more we will like him.  What other explanation is there for his insane economic policies?  The truth is that Barack Obama is killing jobs in America.  His regulations are absolutely crippling our businesses, he has been heavily promoting new job killing “free trade” agreements, Obamacare has the potential to be the most job killing law of all time, and he is running up debt that will crush job creation in this country for ages to come. Obama will likely go down as the most anti-business president in U.S. history.  He has presided over the worst “recovery” from a recession in post-World War II history, and under his leadership a whole host of economic statistics have steadily gotten worse.  The percentage of working age Americans that have jobs has not bounced back since the end of the last recession, and now the next major economic crisis is rapidly approaching.

Thanks Obama.

The following are 10 ways that Obama is killing jobs in America….

#1 Blocking The Keystone Oil Pipeline

The Keystone pipeline would have created thousands of new jobs.  It would have stretched 1,700 miles from Canada to Texas.  It would have been a major step toward independence from Middle East oil.  It would have brought more than 700,000 barrels of oil a day from the heart of Alberta to refineries in Texas.

It would have revitalized the economies of Montana, South Dakota, Kansas, Oklahoma, Nebraska and Texas.

It would have helped reduce energy costs in the United States.

It would have been good for America.

But instead, Barack Obama chose to listen to radical environmental groups and has blocked the plan.

So we all lose.

The lack of a coherent energy policy from this administration has hurt all of us.  Since Barack Obama entered the White House, the price of gasoline has risen by about 84 percent.

Thanks Obama.

#2 Obamacare

As I wrote about the other day, Obamacare is going to kill countless numbers of jobs.

Obamacare is going to require all businesses that have at least 50 full-time workers to either provide very expensive health insurance for their employees or pay a $2,000 penalty for each worker after the first 30 employees.

This is going to do a few things….

1) It is going to encourage small businesses to stay under the 50 full-time employee cap.

2) It is going to encourage some businesses to fire workers because they are now too expensive to be profitable.

3) It is going to make businesses operating in the United States even less competitive with foreign businesses than they were before.  So even more jobs and even more businesses will leave the United States.

But even though Obama knows all of this, he is completely and totally unrepentant about this law.  The following is a statement that Obama made at a campaign event the other day….

“I’ll work with anybody who wants to work with me to continue to improve our health care system and our health care laws, but the law I passed is here to stay”

#3 Crippling Regulations

The Obama administration has been piling tons of new regulations on to the backs of our businesses and this is absolutely killing many of them.

The Heritage Foundation says that “the Obama Administration imposed 75 new major regulations from January 2009 to mid-FY 2011, with annual costs of $38 billion. There were only six major deregulatory actions during that time, with reported savings of just $1.5 billion.”

In addition, right now federal agencies are working on thousands more new regulations for U.S. businesses.

Just for Obamacare, 13,000 pages of new regulations have already been written.

How in the world are U.S. businesses supposed to thrive in such an environment?

Sadly, our whole society has become absolutely obsessed with regulations.

The following is a perfect example of the “regulation mindset” that is pervading our society these days….

A Florida lifeguard has been booted from his lifeguard chair for running to save a man who was floundering in the surf.

Tomas Lopez , 21, was fired by his supervisor for vacating his lifeguarding zone to save a man drowning in an unprotected area of the beach in Hallandale Beach, Fla., on Monday, reports the Sun Sentinel.

Lopez’ employer is not paid to patrol the zone where the man had been in trouble.

Can you imagine a lifeguard being fired for saving a drowning man because it was “not his zone”?

That story does not have anything to do with Obama, but it does show the kind of mentality that control freaks such as Obama are imposing on this nation.

#4 Taxes

Barack Obama keeps trying to hit us with sneaky new taxes.  There are more than 20 new taxes in the Obamacare law alone.

Obama does not seem to understand the impact that heavy tax burdens are having on businesses all over America.  The following is from a recent Forbes article….

The president’s (and congressional Democrats’) insistence on higher net taxes is a job-killer in several ways: Higher taxes prevent businesses from expanding and deter consumers from spending.  Many in the middle class already feel that taxes are extortionate and, fearing even higher taxes, have decreased their spending, thereby reducing demand for goods and services.

#5 “Free Trade” Agreements

Barack Obama has been prancing all over the nation declaring that “free trade” will mean more jobs for American workers.

By now, hopefully you all know what a lie that is.  Every single year, the U.S. buys hundreds of billions of dollars more stuff from the rest of the world than they buy from us.  Those dollars could be going to support U.S. jobs and U.S. businesses instead.

Because we have such radically unbalanced trade, our formerly great manufacturing cities are turning into festering sores.  Cities that were once teeming with economic activity have degenerated into hellholes.

During 2010 alone, an average of 23 manufacturing facilities permanently shut down in the United States every single day.

Overall, the United States has lost more than 56,000 manufacturing facilities since 2001.

So why doesn’t Obama do something about this?

Instead of reversing this trend, he says that he wants even more trade with China.

Well, right now the U.S. spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.

China hits our goods with ridiculous tariffs and we let them get away with it.  According to the New York Times, a Jeep Grand Cherokee that costs $27,490 in the United States costs about $85,000 in China thanks to all the tariffs.

And Obama wants more of this?

According to the Economic Policy Institute, America is losing half a million jobs to China every single year.

Do we really want to keep losing those jobs?

According to Professor Alan Blinder of Princeton University, 40 million more U.S. jobs could be sent offshore over the next two decades if current trends continue.

So what is the answer that Obama proposes?

He wants more!

The Obama administration has already made new “free trade” deals with Panama, South Korea and Colombia.  In addition, the Obama administration is making the Trans-Pacific Partnership (“the NAFTA of the Pacific“) a very high priority.

In addition to killing millions of our jobs, that new treaty would reportedly ban all “Buy American laws“.

What in the world is Obama doing?

#6 Killing The Coal Industry On Purpose

New carbon emission rules from the Environmental Protection Agency seem to target coal-powered plants in particular.  I guess this fulfills Barack Obama’s promise to kill off the coal industry.  The following is from the Washington Post….

Industry officials and environmentalists said in interviews that the rule, which comes on the heels of tough new requirements that the Obama administration imposed on mercury emissions and cross-state pollution from utilities within the past year, dooms any proposal to build a coal-fired plant that does not have costly carbon controls.

“This standard effectively bans new coal plants,” said Joseph Stanko, who heads government relations at the law firm Hunton and Williams and represents several utility companies. “So I don’t see how that is an ‘all of the above’ energy policy.”

#7 Wasting Money

Instead of spending our money in ways that would be productive for our economy, the Obama administration continues to spend money in some of the most wasteful ways imaginable.  The following are just a few examples from one of my previous articles….

-In 2011, the National Institutes of Health spent $592,527 on a study that sought to figure out once and for all why chimpanzees throw poop.

-The National Institutes of Health has spent more than 5 million dollars on a website called Sexpulse that is targeted at “men who use the Internet to seek sex with men”.  According to Fox News, the website “includes pornographic images of homosexual sex as well as naked and scantily clad men” and features “a Space Invaders-style interactive game that uses a penis-shaped blaster to shoot down gay epithets.”

-If you can believe it, the federal government has actually spent $750,000 on a new soccer field for detainees held at Guantanamo Bay.

You can find many more examples of this phenomenon here and here.

#8 Barack Obama Encourages Government Dependence

At the same time that Barack Obama is absolutely crippling small businesses, he is also encouraging more Americans to kick back and become financially dependent on the federal government.  But it is not good to have tens of millions of Americans sitting around and doing nothing productive for the economy.

Since Barack Obama entered the White House, the number of Americans on food stamps has increased from 32 million to 46 million.

But for Obama that is not enough.

Amazingly, the Obama administration has been spending millions of dollars on ads that encourage even more people to go on food stamps….

The U.S. Department of Agriculture has been running radio ads for the past four months encouraging those eligible to enroll. The campaign is targeted at the elderly, working poor, the unemployed and Hispanics.

The department is spending between $2.5 million and $3 million on paid spots, and free public service announcements are also airing. The campaign can be heard in California, Texas, North Carolina, South Carolina, Ohio, and the New York metro area.

Overall, the amount of money that the federal government gives directly to the American people has increased by 32 percent since Barack Obama entered the White House.

Barack Obama may enjoy playing Santa Claus with our money, but this is getting way out of hand.

#9 Barack Obama Has Fully Supported Federal Reserve Chairman Ben Bernanke And Actually Nominated Him For A Second Term

More Americans than ever are coming to realize that the Federal Reserve is at the very heart of our economic problems.

And who has been running the Federal Reserve during these troubled times?

Ben Bernanke.

Sadly, Federal Reserve Chairman Ben Bernanke has a track record of failure that is absolutely legendary.  If you have forgotten how badly he has performed over the years, just check out this articlethis article and this article.

But instead of dumping him when his first term ended, Barack Obama decided to nominate Ben Bernanke for another term.

Why does it seem like every single decision that Barack Obama makes is bad for the economy?

#10 The Soaring National Debt Is Killing Millions Upon Millions Of Future Jobs

The debt that Barack Obama is piling up right now will haunt the U.S. economy for ages to come.

When Barack Obama first entered the White House, the U.S. national debt was sitting at 10.6 trillion dollars.  Now it is right on the verge of crossing the 16 trillion dollar mark.

Amazingly, Obama has added more to the national debt than the first 41 presidents combined.

At this point, the United States has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain does.

But Barack Obama shows no sign of slowing down.  In fact, the federal government continues to steal approximately 150 million dollars from our children and our grandchildren every single hour.

In the end, this is going to absolutely destroy our financial system and our economy will collapse.

So what do all of you think about Barack Obama’s economic policies?

The REAL World!….

Not a good week, was it Mr. President?…..Reality sorta sneaks up on you!

While former President Clinton excuses himself for endorsing the extension of the “Bush tax cuts”, and ABC News (just like most of the lame stream media) makes excuses for the misfortunes of the Democrats (“Incoming! The Potential Campaign Torpedoes Beyond Obama’s Control”), our friends at the Economic Collapse blog have some harsh facts these guys absolutely REFUSE to acknowledge:

The U.S. Economy By The Numbers: 70 Facts That Barack Obama Does Not Want You To See

Why is the economy going to collapse? Have you ever been asked that question? If so, what did you say? Sometimes it is difficult to communicate dozens of complicated economic and financial concepts in a package that the average person on the street can easily digest. It can be very frustrating to know that something is true but not be able to explain it clearly to someone else. Hopefully many of you out there will find the list below useful. It is a list of 70 numbers that show why we are headed for a national economic nightmare. So why does the title of the article

single out Barack Obama? Well, it is because right now he is the biggest cheerleader for the economy. He is attempting to convince all of us that everything is just fine and that the economy is heading in a positive direction. Well, the truth is that everything is not fine and things are about to get a whole lot worse. Certainly others should share in the blame as well. Congress has been steering the economy in the wrong direction for decades, the “too big to fail” banks have turned Wall Street into a pyramid of risk, leverage and debt, and the Federal Reserve has more power over the financial system than anyone else does. Our economy has been in decline for quite a while now, and soon we are going to smash directly into an economic brick wall. Unfortunately, a lot of Americans are in denial about this. A lot of people out there doubt that an economic collapse is coming. Well, if you know someone that believes that the U.S. economy is going to be “just fine”, just show them the list below.

The following are 70 facts that Barack Obama does not want you to see….

$3.59 – When Barack Obama entered the White House, the average price of a gallon of gasoline

was $1.85. Today, it is $3.59. 22 – It is hard to believe, but today the poverty rate for children living in the United States is a

whopping 22 percent. 23 – According to U.S. Representative Betty Sutton, an average of 23 manufacturing facilities

permanently shut down in the United States every single day during 2010. 30 – Back in 2007, about 10 percent of all unemployed Americans had been out of work for 52

weeks or longer. Today, that number is above 30 percent. 32 – The amount of money that the federal government gives directly to Americans has

increased by 32 percent since Barack Obama entered the White House. 35 – U.S. housing prices are now down a total of 35 percent from the peak of the housing

bubble. 40 – The official U.S. unemployment rate has been above 8 percent for 40 months in a row.

42 – According to one survey, 42 percent of all American workers are currently living paycheck to paycheck.

48 – Shockingly, at this point 48 percent of all Americans are either considered to be “low income” or are living in poverty.

49 – Today, an astounding 49.1 percent of all Americans live in a home where at least one

person receives benefits from the government. 53 – Last year, an astounding 53 percent of all U.S. college graduates under the age of 25 were

either unemployed or underemployed. 60 – According to a recent Gallup poll, only 60 percent of all Americans say that they have

enough money to live comfortably.

61 – At this point the Federal Reserve is essentially monetizing much of the U.S. national debt. For example, the Federal Reserve bought up approximately 61 percent of all government debt issued by the U.S. Treasury Department during 2011.

63 – One recent survey found that 63 percent of all Americans believe that the U.S. economic model is broken.

71 – Today, 71 percent of all small business owners believe that the U.S. economy is still in a recession.

80 – Americans buy 80 percent of the pain pills sold on the entire globe each year. 81 – Credit card debt among Americans in the 25 to 34 year old age bracket has risen by 81

percent since 1989. 85 – 85 percent of all artificial Christmas trees are made in China.

86 – According to one survey, 86 percent of Americans workers in their sixties say that they will continue working past their 65th birthday.

90 – In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

93 – The United States now ranks 93rd in the world in income inequality. 95 – The middle class continues to shrink – 95 percent of the jobs lost during the last recession

were middle class jobs.

107 – Each year, the average American must work 107 days just to make enough money to pay local, state and federal taxes.

350 – The average CEO now makes approximately 350 times as much as the average American worker makes.

400 – According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

$500 – In some areas of Detroit, Michigan you can buy a three bedroom home for just $500. 627 – In 2010, China produced 627 million metric tons of steel. The United States only

produced 80 million metric tons of steel.

877 – 20,000 workers recently applied for just 877 jobs at a Hyundai plant in Montgomery, Alabama.

900 – Auto parts exports from China to the United States have increased by more than 900 percent since the year 2000.

$1580 – When Barack Obama first took office, an ounce of gold was going for about $850. Today an ounce of gold costs more than $1580 an ounce.

1700 – Consumer debt in America has risen by a whopping 1700% since 1971.

2016 – It is being projected that the Chinese economy will be larger than the U.S. economy by the year 2016.

$4155 – The average American household spent a staggering $4,155 on gasoline during 2011. $4300 – The amount by which real median household income has declined since Barack

Obama entered the White House. $6000 – If you can believe it, the median price of a home in Detroit is now just $6000.

$10,000 – According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

49,000 – In 2011, our trade deficit with China was more than 49,000 times larger than it was back in 1985.

50,000 – The United States has lost an average of approximately 50,000 manufacturing jobs a month since China joined the World Trade Organization in 2001.

56,000 – The United States has lost more than 56,000 manufacturing facilities since 2001. $85,000 – According to the New York Times, a Jeep Grand Cherokee that costs $27,490 in the

United States costs about $85,000 in China thanks to all the tariffs.

$175,587 – The Obama administration spent $175,587 to find out if cocaine causes Japanese quail to engage in sexually risky behavior.

$328,404 – 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.

$361,330 – This is what the average banker in New York City made in 2010. 440,00 – If the federal government began right at this moment to repay the U.S. national debt at

a rate of one dollar per second, it would take over 440,000 years to totally pay it off. 500,000 – According to the Economic Policy Institute, America is losing half a million jobs to

China every single year.

2,000,000 Family farms are being systematically wiped out of existence in the United States. According to the U.S. Department of Agriculture, the number of farms in the United States has fallen from about 6.8 million in 1935 to only about 2 million today.

$2,000,000 – At this point, the U.S. national debt is rising by more than 2 million dollars every single minute.

2,600,000 – In 2010, 2.6 million more Americans fell into poverty. That was the largest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.

5,400,000 – When Barack Obama first took office there were 2.7 million long-term unemployed Americans. Today there are twice as many.

16,000,000 – It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

$20,000,000 – The amount of money the U.S. government was spending to create a version of Sesame Street for children in Pakistan.

25,000,000 – Today, approximately 25 million American adults are living with their parents. 40,000,000 – According to Professor Alan Blinder of Princeton University, 40 million more U.S.

jobs could be sent offshore over the next two decades if current trends continue.

46,405,204 – The number of Americans currently on food stamps. When Barack Obama first entered the White House there were only 32 million Americans on food stamps.

88,000,000 – Today there are more than 88 million working age Americans that are not employed and that are not looking for employment. That is an all-time record high.

100,000,000 – Overall, there are more than 100 million working age Americans that do not currently have jobs.

$150,000,000 – This is approximately the amount of money that the Obama administration and the U.S. Congress are stealing from future generations of Americans every single hour.

$2,000,000,000 – The amount of money that JP Morgan has admitted that it will lose from derivatives trades gone bad. Many analysts are convinced that the real number will actually end up being much higher.

$147,000,000,000 – In the U.S., medical costs related to obesity are estimated to be approximately 147 billion dollars a year.

295,500,000,000 – Our trade deficit with China in 2011 was $295.5 billion. That was the largest trade deficit that one country has had with another country in the history of the planet.

$359,100,000,000 – During the first quarter of 2012, U.S. public debt rose by 359.1 billion dollars. U.S. GDP only rose by 142.4 billion dollars.

$454,000,000,000 – During fiscal 2011, the U.S. government spent over 454 billion dollars just on interest on the national debt.

$1,000,000,000,000 – The total amount of student loan debt in the United States recently surpassed the one trillion dollar mark.

$1,170,000,000,000 – China now holds approximately 1.17 trillion dollars of U.S. government debt. Yet the U.S. government continues to send them millions of dollars in foreign aid every year.

$1,600,000,000,000 – The amount that has been added to the U.S. national debt since the Republicans took control of the U.S. House of Representatives. This is more than the first 97 Congresses added to the national debt combined.

$5,000,000,000,000 – The U.S. national debt has risen by more than 5 trillion dollars since the day that Barack Obama first took office. In a little more than 3 years Obama has added more to the national debt than the first 41 presidents combined.

$5,000,000,000,000 – What the real U.S. budget deficit in 2011 would have been if the federal government had used generally accepted accounting principles.

$11,440,000,000,000 – The total amount of consumer debt in the United States. $15,734,596,578,458.59 – The U.S. national debt as of June 7, 2012.

$200,000,000,000,000 – Today, the 9 largest banks in the United States have a total of more than 200 trillion dollars of exposure to derivatives. When the derivatives market completely collapses there won’t be enough money in the entire world to fix it.

Boggles the mind, doesn’t it?….

Matt Welch @ Reason.com has a great piece out..and the title alone is PERFECT advice for Mr. Obama and the Democrats:

GET SERIOUS ABOUT GOVERNING, DEMOCRATS!

Check it out! Definitely worth your time!….In the meantime, the Wisconsin fall out continues…and November 6 looms ever closer….