Watch this video clip and read this very important story and the imbedded video clip. Glenn Beck has really nailed this. If you are like me; it will be a real eye-opener for you. Our government has just indebted us all an additional One Trillion dollars on Thursday afternoon March 19th, 2009. With a stroke of Fed Chief Bernanke and Treasury Secretary, Tim "Turbo Tax" Geithner's pens; it was done. Hang on now here is what a Trillion dollars looks like: $1,000,000,000,000.00 The only indicator of what occurred was the Treasury had the Federal Reserve slip through a little noticed press release at the end of the news day cycle, under the cover of the Media and Congressional contrived outrage and frantic furor of their AIG BONUS SCANDAL, a scandal of Obama and Congress' very own doing. What a perfect way to screen and dull the biggest financial earthquake imaginable; one that would never be felt.
What's the "Trill" for? Not a new yearly budget bill, or anything like that. No, this isn't a new Government "Stimulus" Bill, or another Bailout for a Bank, Auto Maker, Fannie Mae, Freddy Mac, AIG or any other bailout that would need even the most perfunctory and useless of the usual 12 to 24 hour period of superficial debate performed by this Congress with a few Presidential Town Hall meetings thrown in. Nope, this even slipped in under their normal "Fast Track" bill factory process and system they have perfected for scaring the living hell out of us stupid goober Americans into supporting this bill, or that tax, or else the Nation will collapse-- most likely tomorrow if it isn't passed today!!!! No, this one went through quietly, just like the IOU's that were first slipped in when our Government raided the Social Security Trust Fund starting the precedent to finance our regular budgetary outlays with S.S. trust fund reserves.
So here is the bottom line in summary. The U.S. Government, just turned on the printing presses and like that printed ONE TRILLION Dollars of really nothing more than MONOPOLY money, backed by the very toxic mortgage and bank securities the Treasury now owns, purchasing them from U.S. Banks and Holders with similarly acquired TARP funds and will use the "fresh" currency just printed to buy it's "own" debt with it.
Got that? Obama and his Treasury Secretary took it from their left hand, wrote, IOU but when the government writes IOU's to send to the world, it's "We the American People" and sent it to the Federal Reserve printing department to chug out a Trillion Dollars in U.S. Currency in return for that valueless IOU. And some said that Tim Geithner isn't smart enough to do his own taxes with Turbo Tax. This is a huge crap shoot. And they are betting with your Social Security, Private retirement accounts, savings, trust funds, home, real property, and all your personal possessions; that it will work. It never has before, not in pre-Hitler Germany, not in Banana Republics; not ever.
I have said for about 3-4 months, when the full faith and confidence of the world is lost in the U.S. Dollar and our Credit, we have nothing left. Did you know that China's Premier 5 days ago publicly expressed worry in the value of it's U.S. Investments? I think he has cause for concern. Of the Peoples Republic of China's total financial reserves of Gold, precious gems, metals, International securities (Stocks, Bonds, Deutschmarks, Euro's, Yen, Dollars, and U.S. TREASURY NOTES) Our U.S. Treasury notes, bonds and U.S. Dollar/Treasury backed instruments make up about 70% of China's total financial reserves. What do you think will happen when China perceives a lack of value and loses confidence in these instruments of investment? Pick the scenario you think most likely to occur. A. They won't buy them from us anymore? B. They will dump them on the world market for pennies on the "dollar". C. They will call in the notes to be paid with marketable world currency or demand Fort Knox Gold reserves be tendered? D. Settle some of the debt for the island they call Formosa and we call Taiwan? Or maybe E. All of the above.
Then, to top it off. The same day, our Congressional Budget Office releases a report and correction of the "just crammed through" budget/stimulus bill deficit analysis. The ink was barely dry on this budget buster bill and already it's over budget? It seems not only were those Democrat allowed bonuses to AIG employees in the bill they didn't want anyone to read, but some Fuzzy math was too. It seems that in the process of putting the accounting together, Obama and Congress were a just a tad off on the figures. CBO says the budget deficit for the decade this spending and stimulus bill covers will raise the deficit likely TWO Trillion more dollars than the lower "hopeful" estimates provided by the Administration. And, this doesn't take into effect the ambitions in the new annual budget they are working on promoting his new Education initiatives and Health Care Program, Cap and Trade regulations, and so forth. Nope, with what has only been passed to date by this Congress and signed by this President, this will "change" upward dramatically the deficit and total spending outlays with interest and so forth on the total cost of the bills and new spending programs, according to the CBO.
We must stop this madness. Share this with your friends and family. It doesn't matter what party we think we are in, it's about America and the future of our nation and world. We will all be equally destitute with our wheelbarrow full of Monopoly money in line at the government bread center for our weekly loaf if we don't demand CHANGE in the course and path we are on. This Congress, with this President have spent their way to a bigger budget deficit in just two months, than Bush did for the entire eight years of his Presidency. It seems crazy now that we Republicans were furious at how big a spender Bush was! He was a fiscal Conservative by today's standard. We have to stop them from doing any more damage now. CONTACT your Legislators and tell them in NO UNCERTAIN terms what your vote will be in 2 years if this recklessness continues.
Michael Bednarz
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