This article has been contributed by The Economic Collapse blog for your reading pleasure.
Even though the U.S. financial system nearly experienced a total meltdown in late 2008, the truth is that most Americans simply have no idea what is happening to the U.S. economy.Â Most people seem to think that the nasty little recession that we have just been through is almost over and that we will be experiencing another time of economic growth and prosperity very shortly.Â But this time around that is not the case.Â The reality is thatÂ we are being sucked intoÂ an economic black holeÂ from whichÂ the U.S. economy will never fully recover.
The problem is debt.Â Collectively, the U.S. government, the state governments, corporate America and American consumers have accumulated the biggest mountain of debt in the history of the world.Â Our massive debt binge has financed our tremendous growth and prosperity over the last couple of decades, but now the day of reckoning is here.
And it is going to be painful.
The following are 20 reasons why the U.S. economy is dying and is simply not going to recover….
#1) Do you remember that massive wave of subprime mortgages that defaulted in 2007 and 2008 and caused the biggest financial crisis since the Great Depression?Â Well, the “second wave” of mortgage defaults in on the way and there is simply no way that we are going to be able to avoid it.Â A huge mountain of mortgages is going to reset starting in 2010, and once those mortgage payments go up there are once again going to be millons of people who simply cannot pay their mortgages.Â The chart below reveals just how bad the second wave of adjustable rate mortgages is likely to be over the next several years….
#2) The Federal Housing Administration has announced plans to increase the amount of up-front cash paid by new borrowers and to require higher down payments from those with the poorest credit.Â TheÂ Federal Housing Administration currently backs about 30 percent of allÂ new homeÂ loans and aboutÂ 20 percent of all new home refinancing loans.Â Tighter standards are going to mean that less people will qualify for loans.Â Less qualifiers means that there will beÂ less buyers for homes.Â Less buyers means that home prices are going to drop even more.
#3) It is gettingÂ really hard to find a job in the United States.Â Â A total of 6,130,000 U.S. workers had been unemployed for 27 weeks or more in December 2009.Â That was the most ever since the U.S. government started keeping track of this statisticÂ in 1948.Â In fact,Â it isÂ more than double the 2,612,000 U.S. workers who wereÂ unemployed for a similar length of time in December 2008.Â TheÂ reality is that once Americans lose their jobs they are increasingly finding it difficult to find new ones.Â Just check out the chart below….
#4) In December, there were also 929,000 “discouraged” workers who are not countedÂ as part ofÂ the labor force because they have “given up” looking forÂ work.Â That is the most since theÂ U.S. government first started keeping track of discouraged workers in 1949.Â Many Americans have simply given up and are now chronically unemployed.
#5) Some areas of the U.S. are already virtually in a state of depression.Â The mayor of Detroit estimates that the real unemployment rate in his city is now somewhere around 50 percent.
#6) For decades, our leaders in Washington pushed us towardsÂ “a global economy” and told us it would be so good for us.Â But there is a flip side.Â Now workers in the U.S. must compete with workers all over the world, andÂ our greedyÂ corporations are free to pursue the cheapest labor available anywhereÂ on the globe.Â Millions of jobs haveÂ already been shipped out of the United States, andÂ Princeton University economist Alan S. BlinderÂ estimates that 22% to 29% of all current U.S. jobs will be offshorable within two decades.Â Â The days whenÂ blue collar workers could live the American Dream are gone and they are not going to come back.
#7) DuringÂ the 2001 recession, the U.S. economy lost 2% of its jobs and it took four years to get them back. This time aroundÂ the U.S. economyÂ has lost more than 5% of its jobs and there is no sign that the bleeding of jobsÂ is going toÂ stop any time soon.
#8) All of this unemployment is putting severe stress on state unemployment funds.Â At this point, 25 state unemployment insurance funds have gone broke and the Department of Labor estimates that 15 more state unemployment fundsÂ will likely go broke within two years and will need massive loans from the federal government just to keep going.
#9) 37 million Americans now receive food stamps, and the program is expanding at a pace of about 20,000 people a day.Â The United States of America is very quickly becoming a socialist welfare state.
#10) The number of Americans who are going broke isÂ staggering.Â 1.41 million Americans filed for personal bankruptcy in 2009 – a 32 percent increase over 2008.
#11) For decades, the fact that the U.S. dollar was the reserve currency of the world gave the U.S. financial system an unusual degree of stability.Â But all of that is changing.Â Foreign countries are increasingly turning away from the dollar to other currencies.Â Â For example,Â Russiaâ€™s central bank announced on Wednesday that it had started buying Canadian dollars in a bid to diversify its foreign exchange reserves.
#12) The recent economic downturn has left some localities totally bankrupt.Â For instance, Jefferson County, Alabama is on the brink of what would be the largest government bankruptcy in the history of the United States – surpassing the 1994 filing by Southern California’s Orange County.
#13) The U.S. is facing a pension crisis of unprecedented magnitude.Â Â Virtually allÂ pension funds in the United States, both private and public, are massively underfunded.Â Â With millions of Baby Boomers getting ready to retire, there is simply no way on earth that all of these obligations can be met.Â Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern’s Kellogg School of Management recently calculated the collective unfunded pension liability forÂ all 50 U.S. states for Forbes magazine.Â So what was the total?Â 3.2 trillion dollars.
#14) Social Security and Medicare expenses are wildly out of control.Â Once again, with millions of Baby Boomers now at retirement age there is simply going to be no way to pay all of these retirees what they are owed.
#15) So will the U.S. government come to the rescue?Â The U.S. has allowed the total federal debt to balloon by 50% since 2006 to $12.3 trillion.Â The chart below is a bit outdated, but it does show the reckless expansion of U.S. government debt over the past several decades.Â To get an idea of where we are now, just add at least 3 trillion dollars on to the top of the chart….
#16) So has the U.S. government learned anything from these mistakes?Â No.Â In fact, Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $2 trillion to pay its bills, a record increase that wouldÂ allow the U.S. national debt to reach approximatelyÂ $14.3 trillion.
#17) It is going to become even harder for the U.S. government to pay the bills now that tax receipts are falling through the floor.Â U.S. corporate income tax receipts were down 55% in the year that ended onÂ September 30th, 2009.
#18) So where will the U.S. government get the money?Â From the Federal Reserve of course.Â The Federal Reserve bought approximately 80 percent of all U.S. Treasury securities issued in 2009.Â In other words, the U.S. government is now being financed by a massiveÂ Ponzi scheme.
#19) The reckless expansion of the money supply by the U.S. government and the Federal Reserve is going to end up destroying the U.S. dollar and the value of the remaining collective net worth of all Americans.Â The more dollars there are, the less each individual dollar is worth.Â In essence, inflation is like a hidden tax on each dollar that you own.Â When they flood the economy with money, the value of the money you have in your bank accounts goes down.Â The chart below shows the growth of the U.S. money supply.Â Pay particular attention to the very end of the chart which shows what has been happening lately.Â What do you think this is going to do to the value of the U.S. dollar?….
#20) When a nation practices evil, there is no way that it is going to be blessed in the long run.Â The truth is that we have become a nation that is dripping with corruption and wickedness from the top to the bottom.Â Unless this fundamentally changes, not even the most perfect economic policies in the world are going to do us any good.Â In the end, youÂ always reap what you sow.Â TheÂ day of reckoning for the U.S. economy is here and it is not going to be pleasant.
This article has been contributed by The Economic Collapse blog for your reading pleasure.
Although I try to stay optimistic, I can’t help but feel like one of the people in this car:
Number 20 sums up our awful situation quite well.
We became free as a nation only with the help of God, and we will lose all we have if we turn our backs on him, which is what we have alreadyÂ done.
We are broke financially and morally.
I would add a few more reasons why we are on the edge of a black hole.
A.Â Even though we are broke we keep spending billions to maintain military bases through out the world, in addition to fighting two wars in the Middle East.Â Some of these countries should shoulder their own defensive burden, like South Korea and Japan.Â Let them lower their ownÂ standard of living instead of us .
We are the biggest funder of the UN, a group that threatens our nations soveriegnty.Â We continue to throw good money after bad.Â At the most we should pay “our fair share”, while some say we should just stop altogether.
We continue to give out Foreign Aid, which we can’t afford.
In the end you can’t buy real friends in this world, but you can go broke trying.
B. As the dollar continues to lose value, all finite commodities will go up in value.Â Oil will eventually rise above recent highs and will strangle our economy.Â Even if all countries inflate at the same rate, and the dollar remains stable, commodity prices will still rise.
C. As America spends less abroad, foreign countries are less able to buy our debt, (not to mention less willing).Â Our continued buying of our own debt in order to keep interest rates low will end in either a sudden spike in rates or an all out default.Â
D. Any successful terrorist attack on American soil could shut down what is left of the economy.Â IfÂ Americans are afraid to go to the Malls to shop, what will happen to the retail sales that keep us going.Â Such a slow down would trigger another wave of business failures, layoffs, Commercial Realestate bankruptcies and of course moreÂ Bank failures.
E.Â We are not solving the problems that got us into our current mess.Â Instead we are trying to spend our way out of trouble.
F. Zero interest rates may help the banks make money, but it means the average guy can’t make a dime by keeping his money in the bank.Â This just encourages more people to invest in riskier assets like the Stock Market or Realestate, potentiallyÂ creating new bubbles.
Zero interest “free money” is one of the reasons why we have seen the market come roaring back, not because of real economic improvements.
Some also believe the government has been a major buyer of stocks, just as they have with bonds.
This can not go on forever and will end badly.
Can we really believe that the same peopleÂ and policies thatÂ created this crisis are the onesÂ that canÂ get us out of it??
The Data is pointing to an acceleration culminating in something highly unpleasant. The city that I live inÂ was in a growth spree up until very recently (probably because of money allocated before the downturn hit).
Here is what I see now:
The new businesses built recently were: Banking Headquarters, Dentists, Doctors, Daycare Centers, Churches, laundrymats, low budgets stores, restaurantsÂ and the like. No factories at all. It’s Â surreal.
I see alot more empty stripmall space. A new stripmall was built about 9 months ago in a very large residential area and I only see one business in it so far. A beauty supply franchise consolidated two stores into one. Three businesses near where I ship out my packages have folded or are about to.
A proof that the economic collapse is judgmentÂ for our wickedness comes from the very word that started it “subprime.” This word was unknown by the general public before the subprime mortgageÂ crisis.Â In the years prior to this collapse the word “subpreme” wasÂ being used in papers on the internet to refer to the subpreme court that ordered that all 50 slave states would start killing their children before birth by abortion. This word was modified by 1 letter to subprime as theÂ trigger to the judgment. To this day there areÂ only a few hundred hits on Yahoo for subpreme while there are now tens of millions of hits for subprime. That is quite a Signature of what has blossomed from the word that is not a word “subpreme” into an economic meltdown triggered by “subprime” which isÂ overly defined now. If this Signature of the Supreme is ignored and we allow the killing of babies before birth to continueÂ thenÂ we express our contempt for HimÂ and deserve whatever is coming next.Â Â Â Â Â Â Â Â Â Â Â Â Â Â
All of this debt is imaginary. Banks don’t actually loan anything of tangible value, they just transmit numbers through a keyboard, and since banks are all in the same racket, they cheerfully accept this “debt” because they can use it to create more phony “credit” on top of it. So if the “loans” and the “money” aren’t real, neither are the debts.
For starters, each state should start its own bank, coin its own money, and cut the criminal syndicate in DC and the “Federal” Reserve out of the loop. Hitler made Germany the strongest state in Europe in 5 years, and he did it by cutting the Jew bankers out of the equation, with the German government issuing its own money. The same could be done here.
Thank you for posting this – great find and a great read. The fact we are in a Depression will be obvious in short order
Valid article,Â there’s is of course, plenty like it now on the web.
However let’s leave out any religious overtones.
And to the poster who commented
“Signature of the Supreme is ignored and we allow the killing of babies before birth to continueÂ thenÂ we express our contempt for HimÂ and deserve whatever is coming next.Â ” Â Â Â Â Â Â Â Â Â Â
Come on, leave your hoary religious beliefs in the church.
I don’t belief in any deities and I have morals and values.
As for abortion ….Â this contentiousÂ issueÂ doesn’t belong in a discussion of the economy, financials or the politics related to them.
All remains well where I live – but I am not in Amerika – like the one chap said – when you as a nation spend so much on a military with endless wars – hard to see any progress possible – maybe it is time to really investigate 911 as the great expenses started there – and no CSI team ever looked for the guilty – that might help clear things up re responsibility.
I don’t believe we will have inflation. Inflation means too much money chasing too few goods.
MAtt…..its called “quantitative easing”…..Printing Money!Â
Check out this chart:Â http://research.stlouisfed.org/fred2/graph/?chart_type=line&width=1000&height=600&preserve_ratio=true&s%5B1%5D%5Bid%5D=AMBNS
You better believe inflation is coming.
“we will lose all we have if we turn our backs on him [God]” – I’d rather we didn’t believe in superstitions at all. I think the same mentality that succumbs to belief in an invisible sky daddy also falls victim to other superstitious myths, like the need for government orÂ central banking. The economic version of the myth is that somehowÂ the economyÂ needs a central superintelligent being (in our case Bernanke) creating things out of thin air (on a printing press) and periodically interveningÂ to make sure things run smoothly.
@Ricky – I know it seems obvious from the chart you linked (and many other similar sources) that inflation is coming and coming soon. Â However, keep in mind that we are still in the process of deleveraging over $42 trilllion of private debt… not to mention public debt, underfunded pension funds, etc. Â So yes, printing $1T of new money seems like it HAS to be INflationary, but against the backdrop of $42T+ in public debt delveraging, it’s simply a drop in the bucket.
IMO, yes there will be inflation down the road, but not at first, not in our immediate future. Â Clearly there is some inflation happening now, gas, food, etc., but that may or may not reverse once the markets begin to reflect reality again later this year and into next year. Â Have a look at reason #1 above. Â The bottom line is, the items we NEED may well go UP in price, while the items we think are valuable (houses, cars, niceties) will undoubtedly go DOWN in price.
Once the great crash finally happens, likely sometime from mid-2010 to mid-2012, and assets and everything else deflates into oblivion, then, and only then do I believe that Dr Bernanke will truly put the printing press into hyper-drive. Â That will lead to the so-called von Mises crack-up boom, in which people will realize that buying anything at any price is better than holding declining value dollars and they will exit the US$ at a geometric rate. Â That currency collapse may take as little as a few weeks. Â That will be the hyperinflation that will ruin our currency, our way of life and most likely our country. Â If we come through it with our current structure of government and our liberties intact, I will be very, very surprised.
I highly recommend you read some information from folks like Harry Dent, Bert Domen, etc. Â Harry’s newsletter is very good and his recently revised paperback book is great too: The Great Depression Ahead (revised Dec 2009).
If you buy the book, please go to Barnes&Noble and keep your money away from Amazon. Â They provide support for NAMBLA by selling many of their books and information.
“each state should start its own bank, coin its own money, and cut the criminal syndicate in DC and the â€œFederalâ€ Reserve out of the loop.”
States are required by the constitution (Art 1 Sec 10 I believe) to accept only gold and silver as legal tender. So the States are already in flagrant violation of the constitution currently. Furthermore, debasing US currency is punishable by hanging under the Coinage Act,Â so we should be seeing a lot of executions. Somehow the law got swept under the rug here.
But really the best scenario would be for anyone to be able to mint coins. For example, I should be able to create gold coins with my likeness on them (as long as I don’t market them fraudulently, say by advertising a false weight). If consumers don’t accept the coins, that’s certainly their choice. But currently, minting your own coins is almost certainly aÂ crime (e.g. the Liberty Dollar was shut down). And the laws (legal tender laws) also force people to accept green pieces of paper even if they don’t want them. If we had more freedom in this country, then market participants would be able to choose formsÂ of money superior to green pieces of paper that come hot off of a printing press.
BigM wrote “…each state should start its own bank, coin its own money, and cut the criminal syndicate in DC and the â€œFederalâ€ Reserve out of the loop.”Â President Kennedy tried to do this by introducing the America Note to replace the Federal Reserve Note.
The ” Jew Bankers” comment ofÂ Big M is out of place.
Blame all this on Â George W Bush. Â The fucking stubborn German Texan fell for this hook line and sinker. Â OBL sucker him in…he started his own war. Â Â W will go down in history as the man who destroyed the United States of America. Â Folks in Texas, smile when you see him.
Inflation is a monetary event not an economic event. There is inflation in the push/pull but the real inflation comes from currency debasement. When there are no longer any buyers of the Gov. debt and the loss of confidence in the currency it loses it’s purchasing power. Last year the Fed bought 55% of the debt. China sold 9 bil.Â Interest rates thenÂ need to rise above the rate of devaluationÂ to keep investors holding the instruments. All the debt that hangs over the US, it’s not possible to repay. If interest rates rise the Gov. will not be able to pay even the interest. Tax dollars are dropping, corporate tax down 55% last year. 35 million people on food stamps, 20,000 more each day. July will begin seeingÂ more of the bail outs as ARMs, Subprime, PrimeÂ & Alt AÂ mortgages come due, peaking in Sept 2011.
I’m embarassed that people still use god as an excuse. ie; goldman sachs “its gods work” or on bush, or on so and so.
the truth is, its ultimately us too. after all, who was it that took advantage of cheap loans? we, the citizens.
who chose to take on debt without taking into account income level? or the potential for job loss? us.
WE fell for the bait they offered, so we should accept the fate.
blaming the jews is pointless. we offered them the position of power because we felt guilty over the fact we stood by idly whilst they were being massacred.
WE put them in power, so once again, we should face the end result.
LAZY IKE wrote:
“The â€ Jew Bankersâ€ comment ofÂ Big M is out of place.”
No it isn’t. In fact, its right on the money (no pun intended)
It looks to me that you can have millions begging on the streets and the media will still talk about a glorious recovery. Welcome to Orwell’s 2010.
@ LAZY IKE – you are wrong!! The ‘Jew banker’ comment is spot on as the Jewish Bankers in Germany at the time were responsible for all the mischief and financial shenanigans that was Â hindering Germany’s economic revitalization! Hitler was EXACTLY right and he did the right thing. Jews today, and specifically Zionist Jews, are the culprits of all sorts of evils in our world today – including the subjugation of our government to their interests and by extension AmeriKKKans and the rest of the world’s peoples! Go look up who actually owns the Federal Reserve….among a bunch of other things. Those evil bastards NEED to be tried and imprisoned immediately! Hell, it was THEIR SCHEME and their DIRECT actions that caused 911 – NOT some poor middle eastern patsies who couldn’t even fly a single engine Cessna, much less a giant airliner !!! Mossad and the CIA brought down the towers and have caused everything else that has transpired since then! WAKE THE HELL UP, DUMBASS!!!!
godless socialists and infidel muslems have led this country astray. only through the power of jesus christ our savior and his second coming will all things in our economy be heeled.Â god save us all!
I blame me for the economic destruction of the USA as I plunged into the debt/consumption lifestyle, enjoyed the bread and circuses, and went to sleep during political debates.
It’s all my fault.
Yes, the Jews were clearly the culprits behind Germany’s economic collapse following the first great war. lrn2history neonazis.
waaaa the jews are squashing the righteous christian majority waaaa. gb2 germany circa 1939.
this entire economic downturn solely rests on the shoulders of those among us who were blatantly irresponsible with regards to our personal finances. that is all. there is no other explanation. when the day comes when we accept the fact that we did this to ourselves, we’ll start turning things around. but as it remains, as some of you are comfortable blaming the big bad jewish scapegoat, this country is on the fast track to hell. truthers, neonazis, david icke, wherever you conspiracy nuts fall in, the plain fact is that you cave to conspiracies because you cannot deal with reality. people give in to conspiracies because having the big bad jew to BAWW about like the irresponsible asshats we all are is easier than swallowing the big dose of reality that says “you idiot, don’t spend more than you can afford.”
Please leave your snide, anti-religion remarks at the door.Â None would elect to stifle your free speech by their opinions of your beliefs.Â Why would you not extend the same courtesy?Â
Your stupidity is showing.Â
Comments…..The attributation of the troubles of post WW1 in Germany to “Jew Bankers” is misleading to say the least. In fact the recovery of the German economy when Hitler assumed power was almost an exact duplicate of what America has been doing for the past few decades. They mortgaged their future through notes of indebtedness to other countries to reinvigerate their military industrial complex. The thinking at the time was ” we have had our trading partners and sources of raw material stripped away, what else can we do?”Â The biggest hinderance to any sort of real economic recovery that you and I may see in this country is that we have become a “goods and services” economy. We sell our services to one another and really we make very little in this country anymore. Stop outsourcing manucturing, get rid of the illegal immigrants and return to our roots as an agricultural empire, get out of these pointless wars we are in and reestablish a working relationship with Canada, Central and South America. Either that or really go to war without restraints on who we kill and just take over the whole damn world. Bottom line is if people aren’t working “jobs” any claimed recovery is simply a figment of some mathematicians caculations.
” in our economy be heeled.Â god save us all!”
God save us from the god nuts… and their complete ignorance of reality.
“Inflation or deflation” arguments, although important,Â are basicallyÂ useless unless people agree on what each of those terms really means.
Many people simply look at the price(s) of various items.Â For example, Peter Schiff often seems (to me anyway)Â to equate the rising price of gold with inflation.Â Others, like Mish, only look at they change in the supply of money/credit – regardless of what prices are actually doing.
Rick, there is definitely a lot of confusion out there about deflation and inflation, and I think in 2009 we had some pretty informative discussions about both here at SHTF Plan.
I recently received an email from a reader who brought up Biflation. This is the scenario that has been playing through my head most often in recent weeks, even before I got the email, and I briefly mentioned the effects in a recent article… Insofar as prices of goods are concerned, I can see the price of everything going up several years from now — food, oil, real estate, cars, etc… in NOMINAL terms.
In REAL terms, it may be a whole different ball game.
Perhaps in 2012 you see food rise, in real terms, 300%, but cars actually drop in price, as does real estate. But if you compare 2012 prices to 2007, you see price increases across the board for all items – in nominal terms.
Valuation can get very tricky, especially if you interject those different perspectives from Mish or Schiff or whoever else decides what money and value actually is. (I value all assets against a home-rolled pack of American Spirits, for example)
The one thing I have contemplated recently is which goods will rise in REAL terms. And while I keep leaning towards commodities, especially the essentials like Agri and Energy, one aspect I have considered has been the effect of credit markets on price.
If there is no credit or it remains in decline or stagnation, then goods that are usually purchased with credit may suffer serious REAL term price declines (hence my cars and real estate examples).
Anyway — Biflation –Â equal rights for the economy! haha
Anybody who doesn’t include the history of the Jews and their religion in their study of the Near East does not have a proper view of the present.
Comments…..jesus aint coming back……get over it ! Quit praying and do something about it
Comments…..There’s something missing in the list.
It’s SSI & SSP.Â That’s Supplemental Security Income and in the state of California,Â State Supplemental Payments.
It is a Tax Free & Work Free CASH check, every single month, sometimes for a person’s entire lifetime.
They give it to people like parolee’s, people that become Morbidly Obese while on CalWorks-a.k.a., Mother/Child Welfare, Alcoholics, Meth Addicts, Heroin Addicts, kids that are diagnosed with ADHD, and the largest Catagory for a person to qualify for SSI & SSP is “Mental Other”.
The Mental Other Catagory was added when Clinton created a Welfare “Lifetime Limit”.
This way, it looked really good for Clinton by shifting Mother’s and Children from the Welfare Program onto the SSI & SSP program! Brilliant manouver by Clinton the eternal Politician.
So, these SSI & SSP people recieve, in the state of California, per Individual, tax freek/work free cash checks of $907 per month.
A couple recieves $1,569 per month.
Children of Illegals, or Anchor Babies CAN get SSI & SSP.
Illegal Aliens age 65+ CAN get SSI & SSP.
Thing is, Illegal’s know full well all about SSI & SSP.
If Obama is able to pull off one of the biggest Sham’s in History like his Health ‘Genocidecare’ and/or his ‘Shamnesty’, all these Illegals will know they can go to Social Security Administration Offices, pull a tab, sit and wait in line to apply and qualify for an INSTANT lifetime Cash Check without having any Working Credits or ever paying one Penny of Taxes! Slick huh….
I grew up watching in the 80’s from my small house in the Los Angeles County suburbs, one house after the other, after the other and after the other, being SOLD to Illegal Aliens.
This is WHY there was a Mortgage Meltdown.
The FHA, Fannie/Freedie/Ginnie and Whatever’eeee, all sell houses with Down Payment Assistance Programs to Illegals, that only have a ITIN-Individual Tax Identification Number and a Welfare check or SSI/SSP check!
And, Obama added in the Original ‘Stimulus’ in 07′ with HR-3221, massive amounts of money to a new program called, USDA Rural Direct & USDA Rural Guaranteed Loans.
It’s Broke now.Â It went broke really fast because all the Illegals were getting Down Payment Assistance money along with 1% Mortgages from this program.
Already, I’ve seen some of these homes all trashed out and up for sale on the USDA website.
Just as the Mortgage Meltdown happened it shall happen again.
Now, what else is MISSING in this article’s list is the fact that IF Obama has his way to get massive amounts of NEW DEMOCRATS REGISTERED TO VOTE in time for the 2012 Presidential Election, he will.
This means that ALL the Newly Legalized, former Illegals will be allowed to Apply & Qualify for SSI & SSP.
As well, all the ‘Chain Migration’ former Illegals, will ALSO be allowed to Apply & Qualify for SSI & SSP.
The money that funds the SSI is from the General Fund of the Federal Government.
The money that funds the SSP portion of the SSI/SSP, comes from the state of California, General Fund.
Where will all this Tax Free and Work Free Cash Assistance Program come from?
I don’t know?
The Statistics of how the SSI/SSP Program is swelling is staggering.
Usually it coinsides with LESS people on Welfare, and SHIFTING to SSI/SSP.
All this Social Entitlement Program Assistance will not be able to stand if there’s only going to be 20-40% of working people being taxed at 70% or something Communistic like that.
When all these people collecting Unemployment benefits drag their benefits out to the bitter end of 2 to 2 and a half years, what else are they going to do?
They are going to go and get on SSI/SSP!
Not enough Revenue going in to pay all the Cash OUT.
So, Gerald Celente is correct.Â There is going to be an enormous collapse.
Move AWAY from the Cities.Â It’s not worth it to try and stay in the Rat Race!
Let’s keep religious dogma out of the conversation. It is that exact thinking that has led us into the god-damned mess in the first place. Jew vs Gentile, Christian vs Muslim etc.
The moral fiber of the USA has eroded steadily since the end of WW2. Hollywood, Musicians and Sports Celebrities have been the Pied Pipers of social debauchery…the sixties then gave rise to a sexual no holds barred free for all.Â Every generation since, has steadily pushed the envelope of indecency plus selfishness and no longer honoring time tested social standards of the nation. It didn’t help having a President and Senator brother screwing the same blonde starlet. Or a cigar chomping chump in the oval office later on getting a BJ from an intern.Â Washington DC is a writhing festering nest ofÂ corrupt ratbastards…of all religious persuasions.Â The damned nest needs to be fumigated and then burned to the ground.Â The people need to get off of their dead asses, and vote everyone out of office, regardless of record or achievements.Â There has to be a whole new government, with many of the current and past miscreants tried andÂ imprisoned. I can think of a few who should be hung!
Then we go after the corporatist and NWO elitist’s who worship nothing but money and power, at the expense of everyone worldwide.Â Groups like the Tri-Lateral Commission, Bilderberg Group and others are a anathema to survival of the human species.
Yes! let the whole foul thing collapse and shut down. It needs to. I want it to. Unfortunately, personal wealth accumulation is not going to be in the future plans.
People have to understand, you live with just what you need to survive, and you do not harm the planet in the process of living off of it. Right now, it is wholesale rape of every conceivable natural resource known to man, all in the pursuit of the god all mighty dollar.Â When you kill the host who is giving you a place to live, where do you goÂ afterwards?
Let SHTF, and soon. Let the coming insurrection and social tide of violent revolution oust every politician and banker from their beds, as they are then tarred and feathered.Â Anyone who has more than $50,000 in the bank, will lose it. No one needs to be a multi millionaire, or a mega billionaire. No one needs a 5,000 sq ft of more home. No one needs a $100,000 car, a 2.5+ million dollar boat, several homes, etc. No one should be paid hundreds of millions of dollars to play a fucking game!
And then be put on pedestal as a demi-god, who then turns out to be a low life, bimbo screwing, cheater…Â Commercial Professional Sports are evil.
Yes…I want social justice. Albeit, not the way BO and his tribe of misfits wants it.Â I want another American Revolution. It is long over due.
Washington DC, your days are numbered. and I think you know it!Â The rats are already jumping ship…in droves.
Hang `em all, let GOD sort `em out!
Buy guns and ammo, for the roving lawless gangs are about to descend upon us all, like a plague from Hell.
People without hope or opportunity will get mad dog mean. Count on it.
We are really in a bad place…….
Prepare for the worst, hope for the best everyone!
We could not agree with you more……
You really put up some good facts, as well as some great insight.
We all need people like you to help others see the way.
He up the great writing!
We will watch for your future postings……they are spot on!
Do you forget that all things come from God?
It’s like telling your father he has no say in his own house!
If you don’t believe in the absolute truth of Jesus Christ that is on your soul and up to you, and you dont have to include him in your economic understanding.
I for one believe in the Truth of God and know that this wrath in which our economy and the world economy is now bleedingÂ out is a consequence of our sin.
You need to make yourself right with the Lord before its too late or deal with the consequence.Â Through free-will you do have the ability to reject him.
As far as the economy goes the massive amount of debt that is being undertaken will NEVER get repaid. We can’t even afford the interest let alone the original debts themselves. The government is buying timeÂ by printing money until they decide on a new path for America. The scary thing is I dont see a new America coming out of this but rather a new world order with a new world currency.
I wanted to add this was a very good article. Facts dont lie.
Iv come to face that i am ready to die. When i found out that the f-22 was sold, i automaticly knew that we are seriously going to war soon. Don’t believe me but Russia is ready for war, they have new SU-47! (“look it up”) You better believe USA will be leveled soon. The SU-47 does things that the F-22 couldn’t even do, then we went and sold the F-22 to the most scandal country in the world. WOW!!!!!! At this point the USA deserves what we get. IM ABOUT TO LEAVE THIS PLACE. PEACE!! have fun trying to fight Russia. Remember whoever has control of the sky controls the ground.
America will be LEVELED alright! BUT, the Elites have underground Bunkers across the US, all being perfected for them to go to.
This is all part of the planned, Depopulation.Â
YouTube has ton’s of very informative video’s explaining what’s coming.
In 1992, Bush the Senior Pres., attended the EARTH SUMMIT, and he joined and signed an Agreement with the United Nations, simply called, AGENDA 21 or ‘The Wildlands Project’
You can SEE the planned map on the internet, and there’s an Interactive map of it on the United Nations Sustainable Development and Biodiversity for the 21st Century’s website.
HENRY LAMB on youtube does really good video’s on just exactly what Agenda 21 is and what it will do to us.
There’s a youtube called, ‘Agenda 21 for dummies’.
You see, long ago the Committee of 300 planned this all out.Â The Club of Rome had a writer write up all these plans, and the decided to implement it upon the world.
What is all is, is: DEEP ECOLOGY.Â Just like the words written on the ‘Georgia Guidestones’ are words of a Maniac person that follows Deep Ecology.
The 60’s produced one of the most popular pushers of the Agenda 21, Maurice Strong.
Oh, he has a massive amount of land in Colorado.Â Filled with every Frickin’ Freak the world has to offer, all living there for free on American workers tax dollars, like Kings, Queens, Princes and Princesses, and they are not any sort of Nobility.
The Committee of 300 is the HEAD, then the United Nations.Â There are protector groups like, The Knights of the Garter, The Black Nobility, and then you have your Bilderbergs, Trilateral Commission, World Council of Churches, and it just goes on and on.Â But, not everyone is ALLOWED to be a member of this world’s Elite group.
The GREEN AGENDA is what’s used to confiscate and Land Lock off more and more parts of land worldwide.
There are people that are taught how to screw with people’s minds and brainwash them into following the Green Agenda.Â They become Certified by these United Nations Organizations that then sends them into EVERY nook and cranny of the World.
Your area, no matter how small has one.Â They are called, “Trained Facilitators”.Â Then the people that go along with all this to help the UN grab more land are called, “Stakeholders”.
Basically they are all bought off.
The GOAL in the US is to FORCE all rural living peoples OUT and into CORE Bioregional cities that have been pre-chosen.
Only the people that have gone thru the INTERNMENT/RESETTLEMENT Camp’s re-education and re-programming program successfully will be accepted into these CORE Biodiversity SLAVE cities.Â You will be the Elite’s Slave.
They have a LIMIT as to how many people can remain alive.
They have chosen 500,000 as Asian only.Â Japanese and Chinese for their sub-servant lifestyles.
All one needs to do is Google a Quote by:Â HRH Prince Philip , you know the hubbie of the Queen of England.
Read what he says about wanting to come back as a ‘virus’ to wipe out all but only 500,000 total population.
He’s said this so many times, it’s become a broken record.
Rockefeller says this too.Â MOST of the Elite’s say this endlessly.
They want us G-O-N-E.
They want a Utopia of “no human” areas called, ‘protected areas” and “buffer zones”, so they can use DNA to Re-Grow Dinasours and let the “re-wilding” begin.
BUT, they also want to be able to land their private helicopter on top of any mountain in America they so chose, with no humans around except for maybe, Pedro their Indigenous Slave, to set out the tea service, champagne, white linen, and caviar for their lunches.
Oh, it’s all available on the Internet and on places like You Tube.
I’ve got so much information, I could never fit it all on here!
So, what do you do?
You move to a place like Conservative, Preparedness, Survivalist, White Eastern Oregon, where housing is very inexpensive and you will have a paid for home and land and enough money left to store up and seek out your Bug-Out.
On this religion thing.Â it’s either 2nd Timothy chapter 2 or 2nd Thessalonians chapter 2 that tells just HOW people will be acting, and it really is spot on.
Everyone can stay in their cities, but I left Kalifornia behind.
I’ve never been happier!Â And, I’m able to spend alot more time Preparing:)
PS, I’m ready too go down fightin’ or up in flames if need be too pal!
Comments…..Excellent–keep on trucking!
Comments…..President Obama should haveÂ annoucedÂ at the State of the Union Â he was reducing all of the senators/congress and all of the their staff, all civil servents, judges and all federal employee’s salaries by %20 percent, including his own. Â All departments must make 20% cuts in the operational area of their departments. Â He should encourage all states across the nation do the same. Â He would have been able to say “well I don’t hear too much clapping. ..here”, Â wait, “I think I hear them clapping at home”. Â He should encourage all employers throughout the U.S. to make similar cuts. Â He should bring the troops home to be placed on the southern and northern border. Â He should audit the Federal Reserve and no longer pay a private company print our money and then charge us interest. Â He should hold up the Obama Health Care bill, Â Let the State use the State Dept. of Education to handle the educational funds. Â We can no longer continue to spend the money the way our government has in the past. Â We must change and live within our means. Â We are now paying China 80% of what they need to fund their military. Â Imagine what the bill will be in 20 years. Â We all know that the bills needs to be paid or that we need to stop the buying. Â We need to figure this out or the U.S. as we know it will fade and we ‘ll go down into the tunnel.
Inflation will continue within the United States all the way to December 2011 then pause (a staggering) until April 2012 then a monetary deflation over the following eight months takes place ending in August 2012 at which time the nation shall be so weak– Russia together with China in this month will unleash nuclear destruction upon the USA.Its the Judgement of God for America. Amazingly not a single person in Christ dies from this attack!