Professor Laurence Kotlikoff tells us that if we use Generally Accepted Accounting Principles (GAAP) which requires corporations to acknowledge debts as they accrue that America’s debt is 211 trillion dollars and not the more than 16 trillion in outstanding Treasury bonds. The real shocker is that our debt grew by 11 trillion dollars in 2011. That is $916,666,666,667 a month. There are 31,536,000 seconds in an ordinary year (60x60x24x365). This works out to $347,705 a second. Try to get the people you talk to to wrap their minds around these numbers because we have to start a national dialogue.
The United States and Great Britain are both in the midst of the greatest Bubble in history. When our over priced Treasury bonds collapse in value, both nations will enter the worst Depression in 500 years of Western civilization. Not that I would recommend the euro or the Japanese yen. They will die too.
We have to completely reform the system before the federal government goes bankrupt, declares a bank holiday and the dollar crashes. We need to overhaul several systems at the same time. Need I remind you that I previously predicted that over a thousand American cities, counties and local agencies would go bankrupt in 2013 and that will add 2 trillion dollars to its big 16 trillion dollar plus pile of bonds.
I once read a study by an actuary who said that if a married couple worked at the minimum wage from age 18 to 65, they would have a million dollars when they retired provided they put it in a mutual fund and not give their money to Social Security. Of course this was in the old days before Wall Street was given a free pass to steal everything you worked for. Do you remember Al Gore’s Locked Box? He wanted is to pay a lot of taxes to Social Security so they could buy US Treasury bonds and put them in a Locked Box. So what happens when people retire and the Social Security Dept redeems those bonds at the Treasury so they can pay retirees? The Treasury then tells the Congress and the President to pay for those redeemed bonds by raising taxes. And the sheeple thought they were paying into a fund that would take care of them in their old age. It was all a Ponzi scheme. We need a discussion of retirement. It must not be a system where Wall Street bankers and brokers have access to your money because they will steal as much of it as they can.
To prevent the coming Depression I want to do is to cancel all Unpayable Debts and to outlaw the creation of those debts. I would make it illegal for the federal, state or local governments to sell bonds. The total of federal state and local government debts in the US is 21 trillion dollars. If you add in federal guaranteed loans like Fannie Mae and Sallie Mae, the total is 27 trillion dollars. As I explained at length before, I would seize all assets of government agencies listed at CAFR1.com to pay off all bonds and to fund all pensions. I would also cancel $20,000 in debts for every adult citizen not in institutional care. To fund that I would have the military invade a lot of offshore bank havens from the Cayman Islands to Lichtenstein to Dubai. I would only take the money of criminals. I would cancel the government debts of any nation that agreed to join in my suggested bank reforms. I would end fractional reserve banking and interest bearing currencies. Under the present system a bank can create money out of nothing and collect interest. Currencies should be created by the government and not require taxpayers to pay interest to the bankers who did nothing but print money. This burden of paying interest for nothing of value in return leads to Unpayable Debts through the miracle of compound interest. This practice must be stopped worldwide. To convince the people of Europe to quit the EU, which I have called Rothschild Land, I would offer the Europeans government and personal debt cancellation as well as the repeal of their VAT (sales taxes). This would require they end all interest bearing currencies.
Finally. I would release all American secret government scientific advances to corporations that would issue stock shares to American citizens which would be deposited in their name at local cooperative depository trusts in accounts under their name and control. Instead of an employer promising to pay you X dollars in 20 years or contributing to Social Security. I would henceforth make pension promises illegal. All money paid by an employer including the government would be paid into your account in the current year at that local cooperative depository trust. These trusts would dwarf any power from Wall Street so the Balance of Power in the body politic would shift from the bankers to us. I would allow these trusts to operate credit unions, issue credit cards, make loans and sell simple insurance policies with all profits going to fund retirements.
I wrote a series of articles about an American military coup being the worlds last, best and only hope. I should write another. The US and Israeli governments have finally been convinced that attacking Iran would be suicidal for both countries. The US government has been occupied by Zionists and bankers since they killed President Kennedy in 1963 and some say since the Federal Reserve was created in 1913. The most recent version is here.
Memo To Pentagon: Compare The Invasion Of Lichtenstein And The Cayman Islands To War With Iran And Syria
You can read about monetary reform here.
http:/IMF Economists: ‘We Were Wrong.’ Will Someone Please Tell The Press And The Politicians
I wrote two articles on debt cancellation and pension reform here.
What Real Debt Cancellation Combined With Pension And Health Care Reform Looks Like Part I