And So I Go: Yesterday, Today and Tomorrow

Posts Tagged ‘China

I did something I seldom do, I carried over not only the entire article but the comments as well.  (There is only 112 of them at this point.)  Andrew Mellon is one of the most astute liberty loving individuals of our time.  I have made his blog  Mellon’s Musings. a part of my daily visits tho I have only “pimped” his article from Big Government Blog.  His bio reads: “Andrew Mellon is a liberty-loving student at Columbia University (oxymoronic though that may be). Writing deep behind enemy lines, Mellon covers issues political, social and economic with a Classical Liberal bent. He worked on his first campaign when he was five-years-old and has been fighting to return the country to its founding principles ever since. If you enjoy his pieces, check out his blog, Mellon’s Musings.

This particular article is a must read.  Not only a must read, but a must understand!    This is going to happen.  It will happen at some point in the future; maybe tomorrow maybe next week or next year but it will happen.  You must prepare for it.  We are all going to suffer when the chaos comes.  And as is usual; the poor among us will suffer the most.  Prepare yourselves and your families as best you can.  I would say save money but probably it would be better to buy up and save food.  Glenn Beck has been telling us to remember our Grandmother’s root cellar where she stored food over the summer  to carry the family thru the winter.  I mention this as being the best course of action for those of lower income because the dollar won’t be worth much  with hyperinflation.  At the same time you should save as much money as possible so you can continue to pay your rent or mortgage and utilities.  You will survive because people do.  Families and friends pull together and help each other.   We as a people have survived before but this time will simply be so much worse because we have been made dependent on the nanny state which is not going to be there for us any more.  The biggest entitlement programs will simply have to go since they now take up one half of our national budget: No Social Security, no Medicare, no Medicaid, no government services of any kind for anyone at all!  Only  the necessary  police services for our personal security and possibly the city utilities.  Our nation has come to the point where there simply is no more money and soon there will be no more lenders.  Remember: we are now borrowing from China to pay the interest on our debt to China!  But as things continue to get bad for the people of the United States and the people stop buying then China too will suffer because the imports from China will decrease causing factories to close in China.  Do you see the connection and how our fall will cause another  because we have become so inter dependent as nations?  It is like tying your income to your neighbors work and spending habits and having him spend like a drunken sailor.  We Americans have been the drunken sailor!

(Sigh) Please read the article .  BB


Fiscal Death by Welfare

by Andrew Mellon  (highlights are mine BB)

Ironically enough, the medicine applied by our state as the antidote for our ills has proven to be poison.  The welfare state is killing our nation.  Today entitlement spending makes up nearly half of our budget.  Long term, we know that there will be no way to pay off our unfunded obligations — we will go bankrupt. There will be three options ultimately, though ultimately can come quite suddenly: default, hyperinflation or abolition of the welfare state.


Default is considered by many to be an impossible option as it would likely lead to mass chaos given the necessary suspension of many government services, not to mention the practical reality that WE are the collateral in the event of default.  To default is to be honest, and to be honest is anathema to the state.

Hyperinflation in my view is the most likely outcome given the massive increase in the money supply, which is good for politicians until it hits because it allows them to kick problems down the road and impose a stealth tax.  Currently, government is toeing the line between monetizing debt and intervening to keep its borrowing rates down, while incentivizing banks to keep money in their vaults or pump it into the stock market.

I believe that as the downturn goes on the government will blame the banks for the lack of economic growth and force them to allocate credit to chosen political entrepreneurs and other bad credit risks, leading to massive inflation in prices which they will likely blame on evil speculators and greedy price gouging companies.  Hyperinflation would allow the government to pay for the welfare state –  by writing entitlement checks in worthless dollars and lead to economic paralysis as constantly rising prices would make economic calculation and thus commerce impossible.

The final option would lead to the crucifixion of politicians.  Of course, this might not be such a bad thing.  All joking aside, there is a reason that entitlement spending is categorized as “mandatory” spending in our budget.  It is wrongfully viewed as an essential function of a civilized western nation, and its end would be met with a serious backlash from all of the welfare state’s recipients.

(The screaming will be loud and hysterical when Social Security and Medicare are cut!  Look what happens when there is even a hint that Medicare may be cut just a speck which the $500,000  really is.  The elderly have grown accustomed to being care for by the nanny state and they feel they have a right because of being bad mannered enough to get old entitles them to special treatment.  And they feel no concern for the young who are trying to pay the bills or the future children who will pay their bills!   BB)

Yet while default is the most honest option, hyperinflation the most likely and abolition the most untenable, in my view it is the third option which is the inevitable end, regardless of the path we choose, with the only question being whether we take our lumps now or at some unknown and jarring point in the future.

But it never had to be this way. Back in February of 1887, Texan farmers were struggling as a severe drought was killing their crops.  Congress was looking to pass an appropriations bill to bail out the ailing farmers.  President Grover Cleveland had the following to say on the matter:

Though there has been some difference in statements concerning the extent of the people’s needs in the localities thus affected, there seems to be no doubt that there has existed a condition calling for relief; and I am willing to believe that, notwithstanding the aid already furnished, a donation of seed grain to the farmers located in this region, to enable them to put in new crops, would serve to avert a continuance or return of an unfortunate blight.

And yet I feel obliged to withhold my approval of the plan as proposed by this bill, to indulge a benevolent and charitable sentiment through the appropriation of public funds for that purpose.

I can find no warrant for such an appropriation in the Constitution, and I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering which is in no manner properly related to the public service or benefit. A prevalent tendency to disregard the limited mission of this power and duty should, I think, be steadfastly resisted, to the end that the lesson should be constantly enforced that, though the people support the government, the government should not support the people.

The friendliness and charity of our countrymen can always be relied upon to relieve their fellow citizens in misfortune…Federal aid in such cases encourages the expectation of paternal care on the part of the government and weakens the sturdiness of our national character, while it prevents the indulgence among our people of that kindly sentiment and conduct which strengthens the bonds of a common brotherhood.

Unfortunately, as we well know future politicians failed to heed these words.  Due in large part to the New Deal and Great Society legislation, post-Lochner era court decisions and ideological subversion of the left in media and academia, the state became the paternalistic figure that it is today.  The welfare state imposed on the people the notion that we were morally required through the force of government to help out our fellow man, an inherently immoral argument.  In so doing, the state became the institution of moral hazard.

By providing aid to untapped politically lucrative constituencies for many of life’s woes, the state altered the character of the American people.  When before, life was based on self-reliance, innovation and entrepreneurship, today a wide swath of American life is based on dependency, complacency and politics, an ironic assertion in that we built our wealth that funded the welfare state on the very foundations that the welfare state undermines.  George Will outlined this transformation eloquently in his CPAC speech.

The demoralizing nature of the welfare state in absolving people from making decisions on matters of health, career and retirement in altering our character necessarily altered our actions, the sum of which make up our economy.  By taking long term planning out of the hands of people, the welfare state led us to increase our time preferences.  Time preference refers to our relative short term or long term orientation.  When we prepare for the long term, we make prudent decisions such as saving more and borrowing and spending less, in expectation of reaping greater rewards down the road.  On the other hand, when government taxes, reducing returns on capital and removes the need for cogent planning, we become more short term oriented, valuing more highly instant gratification achieved through spending and borrowing more to consume today.  High time preferences result in low capital formation, high real interest rates and diminished prosperity.

It should be noted that politicians are not immune to time preferences.  Since politicians are concerned most with getting re-elected, and the state came to be seen as the mechanism for spreading the wealth around to various voting blocs, naturally there grew a conflagration of welfare programs (using the term welfare loosely) funded through direct taxation, inflation and debt with little regard for the future.

The psychological and concomitant economic effects of the redistributive state cannot be understated.  What has been consistently understated is what the world would look like without the welfare state.  If we were to abolish Social Security, Medicare and Medicaid, billions of dollars would return to the hands of the people.  People would have to plan their lives more carefully and responsibly and redevelop the drive that had been taken from them by the state, and they would allocate these new funds accordingly.  This influx of new cash to be reallocated according to the preferences of consumers would lead to unimagined innovations.

How many new hospitals, pharmaceutical companies and insurers would crop up?  How many more dollars would people save for retirement and in so doing invest in the private sector?  How many charitable organizations would be created for people to voluntarily help their fellow man?  How many government bureaucrats would be unleashed into the economy and employed in productive jobs?  How many productive jobs would the private sector create?  How many people would pick themselves up out of poverty?  One fascinating anecdotal example of the types of innovations that occurred when the government did not coddle people from cradle to grave was the institution of the fraternal society, one of the functions of which was healthcare provision under “lodge practice,” whereby society members could voluntarily pool their money and draw upon it when in need of medical care.  Prices were low and service was of quality until government intervened and destroyed the practice.

Now surely, as a practical matter the scrapping of the welfare state would cause great disruption, and people expecting to receive and/or reliant on benefits would incur immediate hardships.  But with the infusion of capital back into the hands of private individuals making decisions for themselves, in the long run our standard of living would increase, our competitive advantage in the world would widen and we would restore the national character to which Cleveland spoke.  We would reverse the demoralization and economic stagnation induced by the state.  We would see the bountiful unseen benefits blocked by the massive edifice of the state that holds our people back. It bears remembering that we didn’t grow wealthy with a safety net under us in the first place.

Our society was built on the non-aggression principle.  Individuals should be free to pursue purposeful ends so long as they do not harm others.  Government’s role is to protect us from external harm by providing defense, public safety and the courts.  By government attempting to protect us from the harm of our own decisions, imposing morality on the people through forcing some to subsidize others, government becomes an immoral, socially and economically destructive institution and perpetuates a cycle of intervention, dependency, crisis and further intervention.

As the healthcare debate rages on, and in context of the reality on the ground today, it surely seems as if we are miles from the end of the welfare state.  But indeed, we are going to arrive at the end of the experiment of the Ponzi welfare scheme, and it will not be by government fiat but by gravity.  This will be a blessing in disguise, though the short term pain of a sudden collapse will be great.  Traumatic as the collapse of the welfare state will be for those reliant on it, collapse will go quite a ways towards restoring power back with its rightful owners, the people.
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Cowboy Logic 118p

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Cowboy Logic's avatar - Go to profile Cowboy Logic 118p · 16 hours ago

Parasitical organisms must always live off their host organisms, until they have drained them of blood. Then they move on to the next host, for the next free lunch, and free ride…………

8 replies · active 2 hours ago

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”
Alexis de Tocqueville’Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.’
Won’t that be nice? That is exactly how the the British Empire fell from world economic power when the ‘pound’ lost status…

Wasn’t it Rahm Emanuel who said ‘“Let not one crisis go to waste”?
One really has to wonder just what the end game is here, these are not stupid people in the White House.

4 replies · active 3 hours ago

“Reagan proved deficits don’t matter”— DICK CHENEY

7 replies · active 13 hours ago

Well written, Mr. Mellon.
“The final option would lead to the crucifixion of politicians.”
I favor the final option. Although painful, it does offer full relief, in the end.

1 reply · active 14 hours ago

Excellent post, Mr.Mellon.This is Truth, and it hurts.Just how disconnected from reality are our politicians?This article shows, quite succinctly, how far in the stratosphere the pols are today. Engorged with their own self-importance, these pompous fools have taken our great nation from the heights of greatness to the shallows of despair, accelerating the course exponentially in just a couple of generations.None dare call it Treason? I do.

2 replies · active 15 hours ago

MarkG 98p

Reality is for people who can’t handle Bourbon! A fan of Blues music

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MarkG's avatar - Go to profile MarkG 98p · 15 hours ago

“I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill”When the people find they can vote themselves money, that will herald the end of the republic.” – Benjamin Franklin

“A government big enough to give you everything you want, is strong enough to take everything you have.” – Thomas Jefferson

“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” – Ronald Reagan

“Welfare’s purpose should be to eliminate, as far as possible, the need for its own existence.” – Ronald Reagan

2 replies · active 5 hours ago

StoryKeeper 83p

Preserving the Past, Enriching the Present and Inspiring the Future for all Families

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StoryKeeper's avatar - Go to profile StoryKeeper 83p · 15 hours ago

Can we say Cloward-Piven?

3 replies · active 9 hours ago

Welfare is the extension of slavery which is acceptable to the lazy and irresponsible for generations. If you are a welfare recipient; then this indictment is for you. You have no honor.

1 reply · active 4 hours ago

I think its all part of the progressive design. To change us they must first break us. Share the weath…let all the illegal immigrants in who can receive benefits without paying taxes. Create countless useless entitlement programs to “help them” (the poor and lazy) and of course share some kool aid. Normal hard working Americans don’t believe in entitlement and the progressives know that so.. they buy the votes and support of the poor and lazy and import others who will do anything to get out of there own country.

1 reply · active 6 hours ago

Your whining might have more legitimacy if you prioritized your focus a bit. “Welfare” on Americans is more justified than welfare on foreigners – particularly violent, terrorist foreigners who have attacked us and make enemies for us by supporting them: Israel.

18 replies · active 1 hour ago

Excellent and very, very honest piece. It’s a shame FDR was right when he said that no damned politician would ever get rid of his social programs. The people are too damned used to the government handout right now. There are too many out there that would only lift a finger to keep the checks coming – and then sit right back down on their sorry, lazy butts.

0 replies · active 15 hours ago

Ron Greene's avatarRon Greene · 15 hours ago

New York cops get a pension of 80 % of their last year of service salary so what they do is buy up overtime from other officers to run up thier last year salary to 120 % of normal and then after 20 years retire collecting 100 % salary for the next 30 years plus their Social Security and none of this money has been set aside and all must be pulled from that states annual revenue.
It just cannot work the numbers just do not add up and something must be done to end this.

1 reply · active 12 hours ago

kooz 80p

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kooz's avatar - Go to profile kooz 80p · 15 hours ago

Unemployment compensation has to be adding to this right now.
I suppose the recession in general.
It would be great to have a time table,but I suppose the best thing is to buy what you need now
without going into debt.

0 replies · active 15 hours ago

The welfare state cannot exist without the creation of an authoritarian government structure which forcibly takes the funds from one to give to another.After that, it’s just a matter of degree – in how much is taken from the “haves,” and how much force is used in the taking.

2 replies · active 15 hours ago

Woodshedder's avatarWoodshedder · 14 hours ago

Excellent. I agree with you 100%. And I thought I was the only one having these kinds of thoughts.

1 reply · active 10 hours ago

Once a people accept the notion that failure should be rewarded, it was all over.

0 replies · active less than 1 minute ago

To quote Rush Limbaugh, we are speaking truth to welfare.Hey Obama – you wanna see fundamental transformation – The Tea Party Movement is gonna create a Revolution against the big government monster your ilk feeds off and they’ll return America back to First Principles.

The free ride is over for you parasites!

0 replies · active 14 hours ago

Preventing the insolvency of the socialist welfare entitlement state has been the goal of every administration for a very long time, and crafty politicians have been inventing ways to forestall the event. After all, no politician wants to be the one who presides over that.This, I believe, is the prime motivation for “comprehensive health care reform,” with its four years of benefit free tax increases and medicare cuts used to prop up social security, as well as the cap and tax green agenda which is designed to extract more money from every American in order to move the eventual collapse of the welfare state beyond 2012.

0 replies · active 14 hours ago

but they need anohter $93,000 for petty cash !!!! WTF ?????What is wrong with them? This is not the hope and change I voted for !!!!

0 replies · active less than 1 minute ago

On a site that’s full of excellent posts, Mr. Mellon’s writings the past few weeks provide the clearest warnings of a perfect storm dead ahead, how it formed, and some idea of painful choices to be faced.. We Americans sometimes pat ourselves on the back about extreme hardships overcome by previous generations, forgetting the genuine and lasting pain involved, and imagining it immunizes us from any real pain of our own.Unfortunately, we’re likely to experience a historic crisis firstthand. And it it wil be largely inflicted from within.Some Democrats argue they just need to push their stinking carcass of a health-care bill over the hump to get it passed by any means, and Americans will learn to like it. This sounds like some crack dealer who wants to pin down a recovering addict and shoot them up in the arm, figuring once that addictve dependency is injected forcefully, they’ll have a lifelong customer. It may mean ruin for the victim, but keeps the money and power flowing to the pushers, BHO, Pelosi, Reid & crew.

0 replies · active less than 1 minute ago

The collapse of Greece, & the potential of the same for Ireland & other western European countries will bring about the fall of the EU. The U.K. will double-dip into recession followed by the U.S., Japan & China. We are witnessing the final cut w/all ties to 20th century policy. The short term result will be difficult to say the least as those who’ve become addicted to government-imposed dependency start waking up to the real world without their fix. This will be the evil outcome the political “Left” (of both parties) has imposed; FDR’s legacy. But the long term runout will be a much better place & uniquely 21st century as Americans again learn to be self-reliant & neighbor-helping neighbor becomes the new norm.

0 replies · active less than 1 minute ago

Marko68 36p

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Marko68's avatar - Go to profile Marko68 36p · 13 hours ago

Thanks for finally calling it what it really is, WELFARE! The 800lb guerilla in the room at the summit are politicians don’t dare mention.

2 replies · active 2 hours ago

j2points's avatarj2points · 13 hours ago

Get ready for the great recession of 2012 & the final defeat of Liberal Progressivism.

0 replies · active less than 1 minute ago

ahahahahaah all your cons .. fell for the republican line.. they got you convinced that ALL our tax $$’s are spent on people who sit around drinking beer and not working – collecting welfare….
the fact is if congress started to cut all that YOU think is “welfare”.. so many of you would jump up and say “hey not that one”… then on the other hand you are happy with 13 aircraft carrier groups and corporate american paying them selves HUGE bonuses… if my country is going to pay for anything. .I want it to pay for what the people need not what corporate america needs
we need to cut ALL the fat
this is NOT a left/right issue.. it is US against them…..
no palin.. no obama.. no cheney

4 replies ·

's avatar - Go to profile

Government-worker unions are on the rise and they are demanding higher salaries and benefits with your tax dollars. They refuse to take pay cuts, benefit cuts, more employee contributions, etc.. They want top raise property taxes, payroll taxes, corporate taxes, user fees, higher sales tax, food tax, etc…If you are lucky they will sue you with your tax money and take the unions dues you give them to continue to socialize America.…

0 replies · active less than 1 minute ago

“Death by Deficit” and “Death by Welfare” are two phrases that should resonate with most Americans. We should use those phrases relentlessly because they clearly enunciate the future and our consequences of the path we are on.

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StanH 109p

“The Constitution” a binding contract from the Founders to the future.


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StanH's avatar - Go to profile StanH 109p · 13 hours ago

That’s what stimulus (porkulus) was all about TARP, healthcare, and on and on. These bastard politicians have over promised, and now, “America’s chickens…have come home to roost!” Stand back America the parasite class with devour itself. It’s time to say, “NO!”

0 replies · active 13 hours ago

mac1000 1p

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mac1000's avatar - Go to profile mac1000 1p · 13 hours ago

I work in the welfare state. I can promise you that welfare has killed more people than poverty ever did. It has helped NO ONE. And at what staggering cost. Look at the crime rate, the incarceration rates, the miscarriage rate, the life expectancy among welfare recipients. It’s a staggering travesty and our tax dollars are paying for this death.

0 replies · active 13 hours ago

OklahomaBound's  avatarOklahomaBound · 13 hours ago

toconn – March 1st, 2010 at 1:18 am
“Reagan proved deficits don’t matter”— DICK CHENEY

Hey “toconn”, obviously Chenny never could have imagined that a Progressive scumbag like Obama would come along and run up a deficit in one year that exceeded all of the deficit spending of every President in the history of this country combined. When you spend that kind of money to the welfare left and unions then deficits DO MATTER!

0 replies · active less than 1 minute ago

Dau.of Patton's  3rd's avatarDau.of Patton’s 3rd · 12 hours ago

The Marxist in Chief must be awfully proud to see this happening.
Probably has a thrill go down his leg everytime he thinks about it.

0 replies · active less than 1 minute ago

cardon 79p

Just an ordinary person with extraordinary concerns about what’s going on in our government!

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cardon's avatar - Go to profile cardon 79p · 12 hours ago

We should be inundating our Senators and Congressmen with
e-mails, letters, phone calls, about this healthcare takeover…
Time to put on the pressure…With all the people out of work, and
not paying taxes, there will be a shortfall…there’s no way they’ll be
able to pay for the programs they have without adding this piece
of crap…..

0 replies · active 12 hours ago

Congrats’ America Your entiteded To It!

0 replies · active less than 1 minute ago

All Your Entitede Are Us

4 replies · active 11 hours ago

Over The Hill's  avatarOver The Hill · 12 hours ago

It’s About time

0 replies · active less than 1 minute ago

Socialism is a fraud. Keynesian economics is a fraud.Socialism lets politicians lie to gullible people, telling them what they want to hear, which is that they can get something for nothing. Keynesianism lets the politicians print unlimited amounts of money to pay for the promises. But when the promises come due, there will be a reckoning and it is coming.

In times of financial collapse and turmoil, civil society may break down. It is at that time that our civil society is weakest and may either devolve towards dictatorship, under the guise of keeping civil order, or civil society will recover and reboot itself. We need to be prepared for that time.

It does not bode well, or give any comfort, to know that the Federal government is hurriedly trying to make us give up our liberty in advance of that time.

0 replies · active less than 1 minute ago

Nothing worth having ever comes easy.
I remember Jack Kemp (speaking around the time Perot got Clinton elected and the MSM caused the L.A. Riots) advocating the creation of “enterprise zones” in inner cities. As I recall this involved tax breaks and govt loans. I thought “eh, not too bad” but then I heard him talking about home ownership [because you don’t burn what you own] and while I can’t remember the details I think it was an expansion on the already growing Fannie/Freddie bubble.
See, while I paid attention to politics, without the benefit of Liberal indoctrination, I hadn’t a clue about the ramifications of the Open Conspiracy in play. I knew something was wrong – that RINOs were filling the ranks of the Republican party but I didn’t know about the Progressive infiltration or agenda. I’m indebted to Andrew Breitbart, Beck and the other New Media outlets for bringing truth to the surface for all the world to see.
Now, how are we going to get that country “though the people support the government, the government should not support the people” back?

0 replies · active 11 hours ago

Dave Rooney's avatarDave Rooney · 10 hours ago

Mr. Mellon.With all due respect give a time line or time table when you say “Hyperinflation in my view is the most likely outcome given the massive increase in the money supply, which is good for politicians until it hits because it allows them to kick problems down the road and impose a stealth tax.”

One year? Two years? Three years?

You’re not speaking about the crux of the crisis. And that is fatal. CREDIT my friend is contracting and is in a tailspin. Those that want it can’t get it. Those that can get don’t want it.

How on Gods great green earth is that inflationary in the near term? Are you suggesting that house prices have to rise to unleash pent up credit? Hyperinflation is a wet dream for the Fed. Gold bugs are going to take some heat. Which ones can hold on and not be forced to sell time will only tell.

This analysis is not only counterproductive to BIGs readers but it almost galvanizes their beliefs. NOTHING will reverse the credit contraction with current prices. It will be a huge lower price tailspin that precedes the availability of fresh new credit. Ergo reduce the risk and let the new games begin.

But at that juncture you will find an American psyche so wounded by the carnage that only the brave souls will step up to the plate and seize opportunity. And that is how fortunes are made. Be prepared to act and not react. And based on the what I see as prevalent few will be in a position to act. The masses will be scared chitless.

1 reply · active less than 1 minute ago

If you want to really understand all that needs to be changed. Just look here at what the last Congress did (110th.) With an avg of 170 days in session they enacted 460 Laws >> of the laws had to do with funding/creating entitlements and monuments to cronies. We have a long way to go to correct ourselves.

0 replies · active less than 1 minute ago

When we have card carrying socialists in our government, no one complains, people elect these people.
This seems to me these are the free loaders of society, these are the people who want more.
60 plus congress people are Democratic Socialist.
Until the people of the nation become independent thinkers, and become informed, the DemoRats will destroy our great Nation.
It will take generations to try to undo what this administration has done, if ever.

0 replies · active less than 1 minute ago

And the rose colored glasses approach that future growth will bring in more revenues, I’ll work twice as hard in the future knowing that my hard work will be transfered by the likes of Nanny Pelosi to those she deems worthy, by sacrificing my labor for the greater good I will get that euphoric feeling of being a good commie.

1 reply · active 5 hours ago

Roundup_Logan's  avatarRoundup_Logan · 4 hours ago

I’ve always thought the true underlying issue with health care was to kick the entitlement program crash further down the road. We should start reversing this now by cleaning out the illegals off the welfare roles, then move to married couples (potential double income earners), and then start raising the income base line lower and lower to be elligible for any type of public assistance until soon if you make more than $1000 a year you won’t get public assistance. And if you can walk, talk, and breath – you can work and if you can work, you don’t need public assistance. Spend your time working instead of standing in the welfare line to get some of Obama’s “stash”.

0 replies · active less than 1 minute ago

It’s called ‘mordidas’, the death of a thousand cuts.

0 replies · active less than 1 minute ago

Tyrant 53p

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Tyrant's avatar - Go to profile Tyrant 53p · 4 hours ago

We have too many illegal immigrants, AND too many recent “legal” immigrants we unwisely allowed into the country that have become a burden to society. They need to go.

0 replies · active 4 hours ago

Must Know Headlines 3.1.2010 —

[…] Fiscal Death By Welfare […]

Kevin  Butterfield's avatarKevin Butterfield · 3 hours ago

I see no real end to the welfare state. In fact, it is probably more true that the vision concerning monetary ends for the citizenry according to the Socialist visionaries is a society where there are no wages, but credit. You would work, do your job, and have an allotment of resources that you can access. Products would be government controlled, and therefore equal in quality, so excessive consumption would be, theoretically, phased out. For instance, think, no exotic sports cars, because there would only need to be so many models for certain demographics necessary to produce in a One-Minded homogenized society. Obviously, sports cars are not a necessity. All that is needed in this particular scenario is for an exotic car company to fail, become owned by the government, and have it decided that the best interest of the company is to be absorbed by a general car manufacturer where, from that point, the exotic car companies goals and aspirations for future models is also absorbed. Ahhh, there is so much to consider, but it really is similar to 1984. Healthcare definitely is a major first step in building this new world. Mind, it isn’t begun with welfare – that was tearing down the old. I see it starting with healthcare, because society turns on food, and health is primarily about consumption. So, it isn’t about controlling money really, but controlling actual needs. Needs are subconscious, and logical. There is a lot to consider…

0 replies · active less than 1 minute ago

Justamused's avatarJustamused · 3 hours ago

After coming out of a Wal-mart, filled with “Made in China” merchandise, I watch as a mother/daughter sumo team worked strenulously to lift the lard they carried on their frames into a $52,000, 2009 F-350 Ford. It was convieniently parked in the handicapped spot with bales of hay (a sure sign of hay burning horses) and empty beer cans. A cigarete dangled out the puffy, celulosic lips of both. I was amazed that a disable individual could climb into such a tall vehicle, let alone afford it. This thing was crew cab diesel. Heel, I work for a living and can’t afford such high end equipment. But I guess Walmart’s motto is right, “SAVE MONEY, LIVE BETTER”. Keep paying your taxes kids. The poor need you.

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vlscpa's avatar - Go to profile vlscpa 78p · 3 hours ago

Yeah, well, when the $hit hits the fan we suburbanites won’t look so stupid for having fled the cities. Welfare has to end, just like those ridiculous and unsustainable gov’t salaries have to end, and the end won’t be pretty.

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its time  continued's avatarits time continued · 3 hours ago

If you cannot help yourself, then you can you help?

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How does ANYONE expect the problem to be corrected when the scumbag PRESIDENT of the UNITED STATES is, himself, a welfare rat and entitlement clown. From his high school days to his degrees at Columbia and Harvard he has sucked on the welfare teat of minority programs to pay his way. And no records to ever be reviewed. Gee.. I WONDER WHY ! One cannot change the stripes on a welfare bum. It’s generational as those of us who have lived close to large urban areas know !Cut all welfare programs and subsidies to minority pregnancies immediately. Let them work as I am sick and tired of carrying their lazy asses while they get their “HAIR AND NAILS DID” ! Lazy scumbags…. Soon to change !

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In a world where a smug socialist president takes cheap pot-shots at a vietnam war hero, serving in Congress, and is obsessed with using the words HealthCare to ‘transform America’ into a Welfare state, we have no choice but to use whatever freedoms we still have left, to to overthrow him and his entire team. TeaPartyNurse, NJ

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Look on the bright side!Economic meltdown will present plenty of opportunities to get back in touch with our roots!

Dig up your lawn and plant crops! Get a rifle and learn how to hunt (something edible, not each other …).
Throw away that useless paper money and learn how to carve wampum out of clam shells!

Consider it as an opportunity for personal growth!

sbenard's avatarsbenard · 45 minutes ago

“Death by Deficit” and “Death by Welfare” are two phrases that should resonate with most Americans. We should use those phrases relentlessly because they clearly enunciate the future and our consequences of the path we are on.

Mar. 23, 2007 – How China Purchased the United States. Part I

Posted in Commentary

On the evening of January 11, 1944, President Roosevelt was unable to give the annual presidential State of the Union speech before Congress so he instead gave it to the entire nation by way of his famous Fireside Chats. Cass Sunstein, a prominent liberal law professor at the University of Chicago called it “the most important speech of the century”. It’s importance is due to the fact that it is the first and most far reaching speech and endorsement of an American president for the legitimizing of the welfare state. The idea of the welfare state is that government MUST GUARANTEE the social and economic security for all citizens. The fore fathers and creators of the United States of America promised all citizens the right to life, liberty and the pursuit of happiness. Nothing more! Originally the statement read: life, liberty and happiness. With the word happiness meaning financial well being and security for each individual. It wasn’t long before the delegates realized the mistaken assurance that promise made. No free man or free government could promise happiness (financial security) to it’s citizens. Not all individuals are endowed with the same abilities and talents. Nor are they all desirous of pursuing the same goals. So it follows that in the scheme of things some individuals will be more financially secure than others, and for a wide variety of reasons. One of the founding fathers was a prime example, Samuel Adams, the Father of the American Revolution was a brilliant orator and writer who could have chosen to turn his talent into a source of income and “happiness” (security) for himself and his family. Instead he chose to spend his talent and his time deriding the English Parliament and King George’s treatment of the colonies, and involving himself in other political matters. In that time politics was the realm of the wealthy because there was little pay for holding public office. Because of Adam’s choices his family lived on charity. When he was sent to Philadelphia as a delegate to the first Continental Congress the city fathers got together and purchased a suit of clothing for him to wear so his appearance would not embarrass them.

The Founding Father’s quickly added the words the “PURSUIT of happiness”. All men were guaranteed life, liberty and the pursuit of happiness. This belief was accepted by all from July 4, 1776 to the last century when our 32nd. President after being elected in 1932 set about initiating his New Deal with Americans and that New Deal he finally legitimized with his speech on January 11, 1944.

It is important for all citizens to recall the one thing the founding fathers knew and avoided when creating a new country and new government, a welfare state is in fact Socialism. And Socialism morphs easily into communism as the state takes from those who have to give to those who have not and in so doing reduces the haves to the level where they can not maintain the investments which produce jobs and job security forcing the state to therefore take over and operate these factories and businesses. The state owns all. All people are guaranteed a job for life and healthcare from birth to death. There are in theory no classes or divides, no people getting more than any others. Well anyone who has been paying the least bit of attention to Russia and China the two largest communist (socialist) countries in the world should be cognizant of the fact that there are very definite disparities between peoples and groups. They should also be aware of the standards of living of even what is in this country considered the middle class. Doctors and scientist are happy the state allows them a three room apartment and a salary of $100 per month. The factory worker gets a two room apartment and only $70 per month. People line up for hours at the grocery stores to be able to purchase a limited supply of groceries from the state own stores and the state own factories and the plants and the state own farms. There are shortages of every type consumer goods because production levels are very low. Why are they low? Why should any one work any harder than the laziest worker if all are going to be paid the same amount for their labors?

As for health care in Russia and China since the Iron Curtain fell we have been treated to the horror stories concerning the conditions in their hospitals. If we ever get to view the conditions of health care in China I am sure we will see the same. The polluting of the rivers in China have made headlines. these same rivers provide the drinking water for millions of people.

This is the welfare state that Franklin D. Roosevelt started and legitimized with his introduction of Social Security, a promised payment of funds to all elderly upon reaching age 65 based on how much they put into the system. (The dirty little secret of Social Security that most Americans don’t realize is that every cent a person has put into the system thru pay roll deductions is returned to that person after 2 to 2 1/2 years and after that it is nothing more than Welfare for the Elderly with the younger workers picking up the tab. I hear all the time” I deserve this because I paid into it”. The answer is , “Yes you paid into the fund but certainly you are getting much more back.”

The Social Security Act was quickly followed by several others that would come to be known as “entitlements” 1)a payment to widows and orphans from this same fund called a Survivors Benefit. Having had experience with the Survivors Benefits I can tell you they are generous enough that a widow and her children can live well enough if not extravagantly. In fact it was President Reagan in 1981 who stopped paying the benefits past age 18 to surviving children who went to college.

2) a Medicaid Bill providing health care to the needy and poor. A bill I fully support and feel should be expanded for the needy children who will be the future workers and supporters of all this largess.

3) guarantee of funds to those who are disabled and unable to work. The only problem with this program is the large disparity in what is considered a disability.

I admit these are all worthy causes but they are like that second bathroom, nice to have if you can afford it.  The thing is we the tax payers can not afford them.  We couldn’t then because we were in a depression and we surely can not now given what has been done to the programs and the funding for the programs.  In the beginning the payment into the Social Security account from a workers pay check was only one half of  1%. Another fact of life then was that most people did not reach age 65 so it was deemed a “safe” age for retirement and promise of payment of benefits which of course would not need to be paid.  Things have changed considerably over the years. With advances in medical care and then the Medicare Bill which came along in 1965 people began to live much longer. It is not unusual for a person to receive Social Security Benefits for 10 or even 20 years after retirement. And though the payroll deductions into the Social Security Trust Fund is now up to 15% (7 1/2% from each the employee and the employer) the fact of any one person cashing out their contribution in 2+ years is still true.

World War II came along and the military requirements meant jobs were available for everyone. This prosperity continued into the 1950’s and 1960’s. Everyone was on top of the world and everyone remembered FDR. He was in fact all but a God to my parents and grandparents who had lived during the “Great Depression” and Roosevelt was credited with getting us out of the Great Depression. Well, really he did. He got us into a war and wars mean jobs and jobs mean money.

The prosperity of the 1950’s and 1960’s was also primarily due to the war. First, there were jobs during the war years and good money being made but no consumer goods being produced to spend it on so people had money in the ‘50’s for homes and appliances and cars and colleges for their kids. The government encountered a problem tho after the troops began returning home from the war that threatened another depression with more workers than jobs. The government solved this problem by offering the soldiers coming home a GI Bill for special schooling or college which ushered in a huge middle class in the United States which further added to the prosperity of the country for decades.  The GI Bill was probably the only outstandingly prosperous and good legislative act of the  government  since the Constitution of the United States of Amrica was written.  Itr made possible the United States as we known it today; a country whose citizens enjoy the highest standard of living in the world.  The only shame is that our elected officials failed to make more of this wave of prosperity we at one time were riding.

Anyhow, getting back on topic, the second thing the government did which created jobs was to rebuild Europe with what was called the Marshall Plan (the greatest idea ever conceived after a war. Do read about it if you never have. The Marshall Plan did more to insure peace than any thing else ever could.) It wasn’t freeas  we were taking back IOU”s from the Europeans for this help. So our factories kept producing and jobs were available into the 1960’s rebuilding Europe and then continuing into the 1980’s to supply the restored and gaining in prosperity of the European people with much wanted American products.

Enter President Lyndon Johnson who in 1965 made another welfare state deal with Americans with his Medicare Bill which guaranteed all elderly Americans health care for a very small monthly fee taken from the Social Security Franklin D. Roosevelt had given them. Johnson also expanded Medicaid which I grant was needed, I have always felt the poor and needy should be cared for. Then Johnson looked around and decided more “poor” kids needed to go to college and since the GI Bill wasn’t getting enough of the population in college now that there were fewer soldiers so he started the ball rolling towards the government stepping in and guaranteeing  student loans. The money for students loans weren’t from the government,  but were government backed and the government paid the interest on these loans until the student graduated and began paying back the loans themselves. The banking industry loved this bill! It was a sweetheart deal made in Heaven as far as they were concerned and they couldn’t lose because if the student defaulted then the government paid off the principle after paying the interest all those years. Billions of dollars are owed the government on defaulted student loans. (another story for another day).

The Medicare Bill did set up a separate tax for the so-called Medicare Trust Fund, but it basically operates the same as the Social Security Trust Fund and is stuffed with all but worthless T-Bills. Both extra tax systems are pay as you go schemes where those paying now are carrying the load for the present recipients. When more funds are taken in than are needed then they are to go into these trust funds. The funds are then taken out of the Trust Fund and used for current government expenses while being replaced with Treasury Notes, or promises of payment by the same government( read that: tax payers) from future taxes when the funds are needed. I suggest some of you take a good look at the predicted value of treasury notes in the future when they are “needed”. They ain’t got no value at all! And next year when the first of that huge group of so-called baby boomers (children born to the returning WWII veterans) start to retire and demand their Social Security the only place our government has to turn is to tax you the tax payer more, or to do what it has been doing for years now and that is sell more of our treasury notes and assets to China. We are selling our country to China thru buying far more from them than they are buying from us. Jobs that were once in the United States have now gone to China.  Our government is spending more and more than it is taking in in taxes meaning the government must “borrow” this money from somewhere to pay the defitcit.   Along comes China quite willing to take our governmentss IOU’s for its goods.  Thus my title for this rant: China now OWNS the UNITED STATES OF AMERICA!   Sincerely, BB

**John Marini, Professor of political science at The University of Nevada spoke at Hillsdale College and his speech was later printed in Hillsdale’s Imprimis Newsletter. This particular newsletter is what got inspired this post. For you not familiar with Imprimis Newsletter it has a monthly readership of 1,250,000. Hillsdale College’s motto is Educating for Liberty since 1844. Their roll call of speakers are some of the foremost experts in their fields. They have a web site if you too would like to receive their newsletter.

It is ironic that We the People   may have a communist dictatorship to thank for saving us from our own President and Congress.

Our President, Barack Obama went hat in hand and on bended knee to our nation’s banker this past week to beg that our mortgage be extended and even that we be allowed to take out an additional mortgage.  The man who holds the post that has been considered the most powerful in the world  due to his policies seemed to see no shame in begging another country  to  bail out and continue to finance the profligate spending of  the nation he is supposed to be governing and he is, because of his policies and agenda, demanding.

And what did China leaders say?    China which now holds over $500 billion in US Treasury Notes and that much again in actual US properties  told President Obama that they are seriously  concerned about the irresponsible spending  of his administration and think that his proposed health care reform bill  is more than our nation can afford considering  the money to fund this monster would have to come from China and the Chinese people’s  thrift and savings and doing without what they can not afford.

I am appalled that I would live to see the greatest nation ever known come to this in only a few short decades !  I watched C-span Washington Journal – C-SPAN last night  and listened to two very astute ladies discuss our economy and what has happened and what they feel is going to happen.  The videos are below and are rather long but well worth listening to.

First is Judy Shelton whom most of you may be more familiar with as a Wall Street Journal contributing OPED columnist.  Ms. Shelton is careful not to criticize any current or even past  official, she merely states what she feels should have been done instead and gives guidance for the future.   When asked point-blank what current official she  thinks is acting correctly ” Bernanke , Geithener”  she avoided the question altogether and named one of her most admired Economist instead,  and in that way not only answered the question beyond a doubt  but also changed the topic. You might take that to mean a resounding Nay! vote on any of  the people currently making decisions which affect our lives.

The second interview was Nomi Prins discussing her book It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street (Wiley; September 22, 2009) with Vermont Senator Bernie Sanders (I).  Ms. Prins is quite frank and open in discussing her views and placing blame.  She agrees that Wall Street is greedy and grasping and interested in nothing but profits.  She agrees that  Wall Street did build the situation that led to the Bail Out 2008-9  by taking a handful of what came to be called toxic mortgages and created  what she called an upside down pyramid of speculation and profiteering  with derivatives.

If you will recall I once explained derivatives as bets on nothing substantial..  I think  Iused a  fight between two opponents as my basis (mortgage).  This was substance and real and had some value as such.  Subject A and subject B bet on  who would win the battle or the outcome of the fight by choosing sides.  Still some substance and value at this point and little risk of their bet (money).  Subject C and Subject D came along  with a created derivative and bet on  who would be right Subject A or Subject B.  The derivative was based on nothing substantial, nothing but air, nothing but the opinion of another subject in this case.  The risk was greater as  they could lose their money if one of any number of things occurred:  they could lose if any one or all of the two combatants or the Subjects A and/or B  simply walked away  and removed themselves from the action for one example.  Now usually with these transactions this didn’t happen but instead of just dropping out the subject would try to sell his stake to another subject (at a profit of course).  Imaging this then becoming a pyramid of bets on the bets or opinions of others being bought and sold and bought and sold and piled higher and higher.

It was this speculation and play with derivatives that Ms. Prins  explains and blames for the Financial Crisis 2008-9. And  she agrees that  Wall Street’s greed caused all  of this.  However, she explained that it was the Federal government’s (Congress)  insuring any losses that encouraged and enabled this reckless behavior. Wall Street was the animal doing what Wall Street does: churning the paper and making profits.  If the federal government had not encouraged and enabled this risk taking so that the risk was minimized then it would not have happened.

Now let us go back to these toxic mortgages, or mortgages given to people who could not by any prudent lending measures afford the mortgages they were given.  The Federal Government enabled this by almost forcing banks to give these loans and it started with President Carter, picked up again with President Clinton and continued to run amok with the  under the direction of Representative Barney Frank and Senator Chris Dodd  as they  failed to enforce any of the regulation on the Federal Reserve, Fannie Mae and Freddy Mac.

President George Bush again and again called for enforcement of the regulation.  Senator McCain and others called for enforcement.  But because the then privately owned Freddie Mac and Fannie Mae and the Wall Street bankers were making such good campaign donations the Congress overlooked what was going on and allowed the disaster to happen.  The Bail Out   paid off all the “bet” made in the example above and then bought Freddie Mac and Fannie Mae.  Yes, you the tax payer now own the two largest mortgage holders in the world  along with all the foreclosed homes and lost mortgage payments!  And, no one was blamed for the mess.  No one was found guilty or even had to say I’m sorry.

On the topic of “too big to fail”  Ms. Prins  answers that these institutions are too big NOT to fail. They must in her opinion be broken up immediately.  But instead of doing this the Congress with new laws are encouraging them to merge and merge again into larger and larger entities that will eventually become impossible to contain or control and regulate.

And Ms. Prins goes on to explain that regardless of all the noise coming out of Congress (Frank and Dodd) the games are being encouraged , enabled and smiled upon again which is leading to an even greater disaster sometime soon.

This was not news to me since if some of you may recall I have been blogging about this and throwing the belief out at every opportunity to help prepare my readers and myself to the coming deep depression, but it was nice to have two such intelligent renowned economist as these two ladies back my beliefs up.  That is, this beat up old lady with obsolete degrees in education, psychology and avocations in philosophy and history could see it coming so it must be apparent to our congressmen and women so why are they not doing something about it?  Why are they instead continuing on this path of spending, spending, spending?  Why?

And what are We the People going to do about it?

I don’t know the answer to that question.  Congress seems deaf to all the shouting of the Tea Parties, Town-halls, Marches on Washington and probably more town-halls during this Thanksgiving Holiday.  And the elections of 2010 is really going to be too late to do a whole lot  IMO. Besides, I do not trust the American people not to elected again the same thieves and criminals they have been electing.  Rep. Barney Frank will die in his office being elected by a tiny,. tiny group of people and yet holding life and death power over the rest of us.  Congress has the ability to police itself and rid itself of these Rep. Murthas but has rarely done so and is not about to do anything now as far as I can see.  So what is the answer?

Perhaps as I stated in the beginning:  Communist China as our banker has the power and just may use it to save our nation.  You see we are at this time China’s golden goose; we are the consumers of China’s goods so it behooves them to temporarily keep us afloat.  In other words the United States is too big to fail—RIGHT NOW!  The future may be another story and if we don’t get our act together as a nation then we will die as a nation at some later date you can be sure of this.  China is expanding its market area and also growing a more afluent society that will  support its own industry so the time will come very shortly when we are no longer important to China.  It is this time we need to be prepared for and have our house in order so that we can reasonably repay our debt.    Or am I dreaming?  BB

By the way you might want to put C-span Washington Journal – C-SPAN on your to watch list when there is nothing else on TV  or to check on line their video library for topics that interest you.  It will become the most comprehensive “click” on your  blog list I am sure.  C-span is a daily must for me.  I may begin using features programing to post on in conjunction with the usual media.  BB

RealClearPolitics – Debacle in Moscow

Krauthammer does a really good summation of the first ten months of governance under Obama.  This is a must read refresher course for those who have forgotten, and for those who have not.

What’s come from Obama holding his tongue while Iranian demonstrators were being shot and from his recognizing the legitimacy of a thug regime illegitimately returned to power in a fraudulent election? Iran cracks down even more mercilessly on the opposition and races ahead with its nuclear program.

What’s come from Secretary of State Hillary Clinton taking human rights off the table on a visit to China and from Obama’s shameful refusal to see the Dalai Lama (a postponement, we are told). China hasn’t moved an inch on North Korea, Iran or human rights. Indeed it’s pushing with Russia to dethrone the dollar as the world’s reserve currency.

And more……

And what’s come from Obama’s single most dramatic foreign policy stroke — the sudden abrogation of missile defense arrangements with Poland and the Czech Republic that Russia had virulently opposed? For the East Europeans it was a crushing blow, a gratuitous restoration of Russian influence over a region that thought it had regained independence under American protection.

Henry Kissinger once said that the main job of Anatoly Dobrynin, the perennial Soviet ambassador to Washington, was to tell the Kremlin leadership that whenever they received a proposal from the United States that appeared disadvantageous to the United States, not to assume it was a trick.

No need for a Dobrynin today. The Russian leadership, hardly believing its luck, needs no interpreter to understand that when the Obama team clownishly rushes in bearing gifts and “reset” buttons, there is nothing ulterior, diabolical, clever or even serious behind it. It is amateurishness, wrapped in naivete, inside credulity. In short, the very stuff of Nobels.

Morning Bell: Outsourcing Your Tax Dollars » The Foundry

A bit of information about the Waxman-Markey Cap and Trade legislation.  That is besides not working to do much for the environment :

As we have asked before, “So how is that ‘developing country participation’ going?” Well, just this week ministers from 10 African countries renewed their intent to demand billions of dollars in aid before they sign any climate agreement and both China and India have also made it crystal clear that they require billions in aid to help finance carbon-reducing projects before they agree to reduce their emissions.

Can you believe this?!? China and India own the United States!  They own more Treasury Notes than any other country in the world and they have the gall to tell us they will only agree to do some cleaning up of the environment in their very polluted countries only if we give them billions of dollars which we of course don’t have but will have to borrow from them!  In the meantime Russia, china and India are calling for a change in currency where the standard is other than the American dollar.  This of course means the American dollar will be worthless and we tax payers will have to pay back the money we borrowed from them in order to bribe them to sign on to the Cap and Trade  with something other than the devalued dollar.  Talk about a Dream Deal.

However, our Congress lead by Waxman and Pelosi think it is a great idea and see no problem with  the United States tax payer not only  paying HUGELY for our own  environmental bill that won’t clean up the environment but for the rest of the world’s too.  There’s more to this story but I am too busy shaking my head in disbelief to paste on any more quotes.    I am also wondering why I am surprise by any stupidity coming out of Congress anymore.  BB

One more reason to be in Washington  on September 12 or with the Americans for Prosperity on October 2-3.  Somehow we have to make the stupidity in Washington stop and that means scaring the Hell out of our career politicians.  BB

Russia, China, others urge diverse monetary system – Yahoo! News

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Russia instigated the greatest blow the United States has ever taken by calling for the replacement of the US dollar as the worlds dominant currency.  As the greatest debt nation it is imperative that we be allowed to repay our debts in our own currency because if we can not and have to exchange our currency for another to use as repayment our debts will only increase and probably astronomically. China tried to intervene, along with India because their investment in US Treasury notes are so great in order to keep their own economy stable they had to try to keep the dollar stable.  It didn’t work, so the next best thing was to group together and try to  come to some agreement that would be less detrimental to the United States.

YEKATERINBURG, Russia – Brazil, Russia, India and China on Tuesday called for a more diversified international monetary system, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world’s dominant currency, the U.S. dollar.

The statement issued by the leaders from the so-called BRIC nations contained no reference to developing new reserve currencies to complement the dollar, which Russia had called for at a separate event earlier in the day. Instead, the cautious wording appeared to reflect China’s concerns that any anti-dollar statements could erode the value of its currency reserves.

This is the One World Currency that President Obama wanted as a prelude to his One World Government.  He knew the United States, even our benighted congress, would not go along with giving up the dollars place in the monetary system of the world so he set out to destroy the dollar with unsustainable debt.  In other words, we are now so far in debt we will never be able to pay it off or even down, and in a few years if Obama gets his health Care system and with the growing entitlement programs of  Social Security, Medicare and Medicaid  growing with the retirement of the Baby boomers we will not even have the ability to pay the interest on our debts because the government will not be able to take enough in in taxes.

The BRIC nations urged the international community to keep the multilateral trading system stable, curb trade protectionism and they stressed a commitment to “advance the reform of international financial institutions to reflect changes in the world economy.

The group repeated long-standing calls that emerging economies like Brazil, Russia, India and China be given greater representation at major institutions like the International Monetary Fund or the World Bank.

The document called for broader cooperation in the energy sphere, diversifying energy resources and energy transit routes.

And here is the break point and the end of American sovereignty:

It also underlined support for a “more democratic and just multipolar world order based on the rule of international law, equality, mutual respect, cooperation, coordinated action and collective decision making of all states.”

The “all states” referred to are the same states that rule the Security Council and have repeatedly shown their hate for the United States and especially Israel.  The United States will become a stripped down banana republic with no standing in the world and with it’s resources  available to its note holders to exploit at their will.  Israel will of course cease to exist.

The wording reflected a longtime call by China and Russia, shared by other developing nations, for a bigger say in global affairs to counter what they see as the U.S. domination in global affairs.

Fears mount that North Korea is preparing to attack the South – Times Online

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I received an email asking me why I am not on top of the North Korea story.  My answer is that I don’t yet know what to say.  Is the lunatic who has been in charge over there forever at last going to stop shaking his fist and actually do something?  Will China step in and spank some buns like they have in the past?

Or, has the world sat back and allowed  their first mad man to develop weapons that can actually start a nuclear missile war?

The rest of the world is pondering what to do about North Korea’s underground test of a nuclear bomb eight days ago. Yesterday fresh reports emerged that the nation was transporting its most advanced missile, capable of reaching Alaska, to a launch site. David Miliband, the Foreign Secretary, said that Britain and other members of the UN Security Council were drafting new sanctions against Pyongyang.

In South Korea the most pressing question is: what next? The nuclear test was just the most alarming in a series of growing North Korean provocations. In April the North launched a long-range rocket over the Pacific, and last week half-a-dozen short-range missiles were fired from launch sites across the country.

Pyongyang announced on Wednesday that it was pulling out of the armistice agreement that ended the Korean War — and at the weekend satellite pictures revealed that another long-range rocket was trundling towards the launch pad.

If my question above is by any chance  answered in the affirmative then  there is the greatest possibility that I  won’t have to say anything about the problem at all.   We will all be either blasted to smithereens in a storm of radio active dust or will be  preparing for that Nuclear Winter we have been reading about since the 1960’s.  Remember the book  and movie “On the Beach”?

New gruesome thought:  I believe I read somewhere that cock roaches were expected to be survivors.  A million years from now a species of higher life form will have developed with  wriggling antennae!

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