Overwhelmed
By Greg Hunter’s USAWatchdog.com
As I look over the news and try to find the one story that I need to comment on, I am overwhelmed. I see the nuclear meltdown story in Japan and wonder how it will all turn out. It is nowhere near under control. We still do not know the full extent of the damage, but there are traces of radiation showing up in things like milk here in the U.S. Yes, I know experts say the amount is tiny and causes no health threat, but then again, this thing is not over by a long shot. Brave workers there are sacrificing themselves to try and stop a total meltdown and save a large part of Japan from becoming a dead zone. Fox News reported yesterday, “The so-called Fukushima 50, the team of brave plant workers struggling to prevent a meltdown to four reactors critically damaged by the March 11 earthquake and tsunami, are being repeatedly exposed to dangerously high radioactive levels as they attempt to bring vital cooling systems back online.” (Click here to read the complete FOX News Story.)
Next, there is the third war front in Libya. Defense Secretary Robert Gates was grilled in Congress yesterday and reassured lawmakers that there would be no U.S. troops used in that North African country. However, he would not address reports that the CIA was already there. ABC News reported yesterday, “The confusion prompted one US congressman to dub Libya probably the ‘most muddled definition of a military operation in US history.’ News of a secret order signed by the US president authorizing covert American support for the rebels has been received as paving the way for a possible arming of the opposition.” (Click here to read the complete ABC News story.) Let’s hope the mess in Libya is cleaned up before Japan, but I fear both problems will be with us for a long time.
Now, it is reported the next country to destabilize in the Middle East could be Syria. Foreignpolicy.com is reporting the Assad regime in Damascus may be in deep trouble. The story said, “Syria lies at the center of a dense network of Middle East relationships, and the crisis in that country — which has now resulted in the deaths of well over 100 civilians, and possibly close to double that number — is likely to have a major impact on the regional structure of power. . . . This edifice may now be crumbling, and the United States would be wise to spend a little less time thinking about Libya and a little more time thinking about a state that truly has implications on U.S. national interests. If things go south in Syria, blood-thirsty sectarian demons risk being unleashed, and the entire region could be consumed in an orgy of violence.” (Click here to read the complete Foreignpolicy.com story.)
Meanwhile, back in the U.S., Congress is struggling to agree on cutting the $3.7 trillion budget by a mere $33 billion. This seems like some weird carnival of fools playing shuffleboard on the deck of a listing sinking ship. What Congress will likely do is cut the budget by $30- $60 billion and turn right around and raise the debt ceiling by a trillion dollars. That’s the amount bond king Bill Gross says is needed to keep the American ship of state sailing smoothly. By the way, Mr. Gross sold all of his Treasury holdings recently, and if that’s not a vote of no-confidence, I don’t know what is. Don’t think the Tea party or anyone else is going to stop Congress from increasing the debt. The President’s top economic advisor, Austan Goolsbee, said in January if the debt ceiling wasn’t raised the, “impact on the economy would be catastrophic . . . If we get to the point where we damage the full faith and credit of the United States, that would be the first default in history caused purely by insanity.” Who knows, maybe raising the ceiling is just as crazy. On second thought, maybe raising the debt ceiling a cool trillion bucks will be okay as long as we cut $30-$60 billion or so. That will let the world know when it comes to deficit reduction, we are serious. (Click here to read what I wrote about the debt ceiling earlier this year.)
I haven’t even touched on rising oil and gasoline costs, Wal-Mart warning of coming inflation through rising prices at its stores, foreclosures making up nearly 40% of home sales, the Fed printing $75 billion a month to finance the U.S. government or the dollar that is headed way down in value according to Warren Buffet. There was one piece of news that is comforting to journalists such as me who feel overwhelmed–President Obama accepted an award for “transparency” today—in secret. I can’t make this stuff up. (Click here to read the complete story.)
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Greg – I feel like I’m on that highway in the photo, with the big wave coming! Yep, pretty overwhelmed! We keep hearing reports of the “big guys” selling out, even moving to more rural areas. Yet the insanity that is our government and financial operations keep going on with their “business as usual”! I have a feeling they’ll continue on, like the musicians playing on the Titanic! Right up until the ship sinks!
Between inflation, unemployment, housing price drops, and the constant background noise of funny money creation, we are teetering on the top of a very sheer cliff. Add to that the turmoil created by the side effects of the Japan catastrophe, like auto plant temporary closures, radiation scares, etc, and I just don’t see how much longer this house of cards will stand. For those who have refused to see and prep, their feeling of being overwhelmed will be way more than what I’m feeling!!!
Thanks for the article, Greg. It’s good to know I’m not the only one feeling overwhelmed! Now, back to prepping!!
Me too GrannyB!
Greg
I feel the same way. An impending feeling of doom from all sides. I am looking for good news everywhere, and it is just not forthcoming… Sad, sad, sad.
It really is quite overwhelming, even to those of us that really understand what is going on.
Pray for Japan. And us.
C.D.
Thank you C.D.
Greg
Syria and Algeria are next. Our leadership does not have the capability nor the intelligence to deal with the upcoming middle east war. We cannot let either Saudi Arabia or Turkey fall to the rebels, who in my opinion are backed monetarily by Russia and China. That fact will not get reported by the mainstream news.
Greg, the point of your story as I see it is that there are current, fluid, & mass super events which can’t be predicted and therefore controlled by our government. Further, our policies toward all of them, and you only outlined a few, are short sighted, confused, muddled, without clarity to say the best, complete meltdown of rational ideas for solving them to say the worst. Truly we are a ship
without a rudder on stormy seas and to make matters worst we are heading for a rocky shore without taking emergency precausions to try and fix it and or to abandon ship.
Our esteemed governement officials are asleep at the helm, after all, if there is no rudder no since in standing there right? – Might as well get some coffed and cake, of course, have the american waiters bring it up to them on the poop deck.
Your article was just about right for the current times, it was a soft approach and warning to the coming calamities. American reminds me of a very talented guggler who can guggle seven balls in the air at once, but throw him another 10 or so and see if he drops any; too many events to juggle no matter how much talent.
The short mention of inflation at the end was insightful and will be the ball thrown to the juggler he can’t handle. I read the Wallmart
story on Drudge Report, the CEO stated he believes inflation will commence in earnest about June of this year. In my mind it has allready started at the pump and the grocery store, but not enough for outcry as of yet. It does take awhile for inflation to make an impact on the working class and get their attention. Consumer downsizing is taking place as we speak. Many of the working class are selling one of their cars, or going camping this summer instead of flying to a vacation spot, or just staying home, etc. The inpact of inflation will not get ugly until the downsizing is at critical mass and can’t be used to keep up with inflation any longer – at that point you will see outcry. The sixties & seventies saw inflation but there was wage increase as well to offset it. This time inflation will be different. As stagflation takes hold there will be discontent all around not just in the middle east. Angry people make for unrestful times.
Greg, your work has real value and meaning I just hope someone wakes up and fixes the rudder in time – but in truth you must know there are rocks ahead before you get excited. There is an old saying that the best bilge pump is a scared sailor with a bucket – you first have to know there are actual dangers out there in order to start to fix any. Our government hasn’t a clue.
Thank you Art. Have a nice weekend man!!
Greg
Greg
Thank you for your continued effort to ring the bell of warning. I have been working hard to prepare for what is comming. NOT WHAT MAY. Too many people speak of what may happen. The tornado is on the ground and coming our way. Too late to MAKE plans to build a shelter. You have to urgently find shelter, the time for planning is over. TODAY we can prepare for what IS HAPPENING as we speak. I am speaking with people I know and the information is rarely heeded and little if any action taken. It reminds me of the tee shirt on the Bomb technician “If you see me running try to keep up. Well the bomb technician pased us about 3 months ago.
Thanks Phil, Richard and Howdy. All unique and valid points.
Greg
Greg- Very good article, I totally agree, maybe overwhelming is an understatement though, perhaps insane? in any case you covered maybe a third of what is going on, but then to include
all that is wrong with the world now would be daunting at best.
What with all that is going down now I kind of feel it’s like a
Snowball effect (more and more) I fully expect the next major problem to be something on the scale of a large Asteroid impact,
hopefully not a planet killer, but I fear ole Murphy is really hard at work now.
Greg, what you are describing is a single-thread world — the world hanging by a “single thread” in many, many dimensions. Few if any protective redundancies exist anymore. The rule of unintended consequences is even more threatening in a single-thread world since a seemingly innocuous event one place can break a thread somewhere that can cascade and cause other breaks in fragile systems. Everything gets so complex that it becomes impossible to game or predict outcomes. Scary where we are now except that imho we need to invest (jobs, roads, rail, green, security) more here at home instead of spending limited riches and dear lives trying to change the rest of the world.
My husband was just using that analogy last night. He said we are being held together by several threads. Cut any one and the rest will snap under the pressure.
Hi JB, Your hubby is way behind the times. In this present time, the Washington idiots are using duct tape. At least in FDR’s time, we had a great balance of trade in which we sold more manufactured goods overseas than what we bought. This helped us out of the depression, and allowed us to win in WWII.. Then came the free trade idiots that said we can exist as a service based economy. In other words they said we can export products of our superior brain power while we let the rest of the world bend their backs producing and selling us the goods that we need. Unfortunately, our superior brain power seems to be lacking…(evidence is in our Washington politicians). The duct tape is the government credit card, and this will hit its limit quite soon.
Is anyone shocked that Osama Bin Laden hasn’t made a video yet about the crisis in the Mid.East? could he be dead?
I don’t know what country scares me more. Algeria or Yemen? I think Yemen. It is poor, lawless and every man is armed (literally).
Greg – read this comment from Zerohedge. What’s your opinion on it?
“Unfortunately for silver there are dedicated silver mines that are producing increasing quantities of pure silver. The inverse for gold. Dedicated gold mines are becoming exhausted. So even if the crustal abundance ratios of silver/gold are perhaps 10:1 existing mining ventures (Mexico, Andes) overwhelm this number by pure silver extraction”.
Nm,
I do not know how the writer came up with the analysis. I could not find the article on Zero Hedge. That doesn’t mean it’s not there I just could not find it. I do know physical silver is in tight supply.
Greg
Gerald Celente produces the “trends Journal” and has accurately predicted many global events of the last 10 years. He says prepare yourselves for the next Great War (WWIII). Unfortunately I think he has this one called correctly. If you look at history, times of great economic hardship are often followed by military conflict on a grand scale. The US has their tentacles in nearly every country accross the globe. If we don’t have a US base in your country then you’re receiving foreign aid.
Some comments suggest that the government is clueless about what is going on the middle east- I disagree. It seems quite likely that the US is funding/instigating much of the turmoil going on. The real power brokers know exactly what’s going on (and that probably does NOT include Obama).
Remember the One who brought a Revolutionary Love to the earth 2,000 years ago and join us in celebratining the anniversary of THE Revolution at the end of this month!
FamilyForce6,
I think Celente called the war spot on target! Peace.
Greg
Sorry to burst your bubble, let me remind you that Calente said the collapse would occur during the 4th quarter of 2010. It didn’t.
muddy1,
Anyone who makes predictions of major trends down to the month/quarter are going to miss the timing on occassion. Markets can stay irrational longer than you think (or can stay solvent as a famous quote goes).
My point is he has called “many” of the major trends correctly and I think readers should be aware of his WWIII call. I hope he’s wrong, but fear he’s not. He’s calling for it by then end of 2012 I believe.
Greg,
Thak you for summarizing a lot of current events and connecting most of the dots. I have the same fealings – My description of it however is “deja vu all over again.”
I believe that those of us that read your blog are awake as to the financial realities facing our country and dare I say it – the planet as a whole. The US governing stucture has long ago created and helped evolve the current world finacial system with the US FED as the centerpiece. Most of our citizens either do not understand nor are they able to connect the dots as to what this means.
This is by design, as most believe that our current economic issues will resolve themselves as they always have in the past. There is little if any understanding of the macro structural issues that impact us as well as the world at large.
The MSM appears to have taken a vow of silense on these issues and brands any discussion of them as “negativism.” Short of major financial implosion, I do not believe this will change. Denial is a powerfull human flaw.
Peter,
You may be right. As renowned gold expert Jim Sinclair says, “This is too stupid to be stupid.” I know one thing many people will be wiped-out so fast they won’t know what hit them. Thanks for the good comment.
Greg
Hey Greg:
It was a comment that someone left on an article about silver and gold prices.
Article link below
http://www.zerohedge.com/article/are-we-being-too-conservative-our-price-target-silver?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
nm,
If this person is correct, money managers like Peter Schiff, Eric Sprott and Dr. Marc Faber are on the wrong side of the silver trade. My money’s on Schiff, Sprott and Faber. Thank you for the comment.
Greg
Greg,
I love your articles! Back in 1992, we started an organization called “United We Stand” and convinced Ross Perot to run for president. We realized that something had to be done to prevent what is now happening with the national debt. I still think that was the turning point…our last chance to fix it. Very few people remember his TV ads where he held up charts showing what would happen to the debt if we didn’t do something to fix it now. Unfortunately, his charts are now fact. It’s very good to see someone like you taking a stand for what you believe in, and when the smoke clears from the upcoming debt disaster, principled people like you coming to leadership will be our best chance for recovery. Hang in there Greg and keep up the great work !!
David,
Thank you for the kind words. We will rebuild, the country will not perish.
Greg
Ross Perot issued a warning to the U.S. about a “giant sucking sound” of jobs leaving this country. You are right, Dave V., Ross was CORRECT about the tens of thousands of jobs that would be lost to NAFTA. The political machine scrubbed his chances at even trying to run again. Too bad; I think he could have, as I (not quite accurately) recall his saying, “lift up the hood and fix the problem”.
Any thoughts on Donald Trump for President? I have mixed feelings about “The Donald”. I’m really a Ron Paul gal at heart, but Trump talks a good line and he’s got some pretty good points (from what I’ve heard). However, if Ron runs, I’ll most likely support him again. If Ross were to throw his hat into the ring, I’d seriously consider him as well.
Thanks, Greg; your insight is excellent and I enjoyed hearing you recently on Coast-to-Coast.
Samantha,
I like Ron Paul more than anyone, but Trump is fun to watch. Thank you for your comment and support.
Greg
I agree with this article and with many of the posters, the current path of the U.S. is completely unsustainable. What is truly disheartening, though, is how hard it is to find honest discussion about what’s coming down the pipeline. There are sites like this, and some investment sites, and flickers of truth within the media, but if you take a walk outside in the “real world” 95% of the population is completely oblivious. Even those I know who tend to be more informed than the rest only know that their stocks have recovered and recovery is well under way. They do not take the time to look behind the hype. They’ve forgotten about Japan and the continuing crisis, because “that was so last month.” Furthermore, they don’t want to miss the boat on the fake bull market, and want to get back into real estate since the prices and rates will never be lower.
I agree with many of the posters as to the final outcome, but do not agree with the timeline. The powers that be are well-informed but are determined to drag this out as long as is possible. You hit the nail on the head with the debt. Congress is debating about whether or not to cut 11% of this year’s budget, equivalent to 0.3% of the total debt. They will end up raising the debt ceiling and everything will continue down this path. The same can be said for acceptable radiation limits. A simple revision of some definitions and the crisis is averted. How about employment numbers? We’ll just change some definitions, and a full recovery appears. We see what is coming clearly, but our government and the financial sector have so many tricks up their sleeves, no one can accurately predict when the train will finally derail.
Serapis,
I think your 95% number is probably correct. So many will loss everything. I think something big happens this year. It won’t take much to cause a chain-reaction into some sort of financial meltdown in the U.S. 2008 was just a dress rehearsal. Thanks for the comment.
Greg
Hi Greg–
One story line you forgot to mention was found in the Detroit News: Obama announced the plan this week to “green” the federal fleet.
Now considering the economy and the dollar, the greening of the fleet either means rickshaws or burning greenbacks for fuel.
Have a good weekend.
Jerry, Glenn and James M,
Great comments and link. Thank you guys!!!
Greg
Hey Greg, I don’t think the late genius Rod Serling could write a better script of world events and its hypocracies.
This is beyond overwhelming. The least I can say is that this is hell of an interesting time to be alive. For better or worse. Like you said, you can’t make this stuff up. I am making a stiff cocktail and watching the show. Silver is kicking butt! Looks like it might go parabolic! That would be sweeeet. The only good thing about inflation is that it makes the metals seem more valuable lol. Thanks Greg, heres a good one from 321gold to cheer you up! :-]
http://www.321gold.com/editorials/robins/robins032811.html
Hi All!
This is not overwhelming if you study the only play book this world is operating under. Yes history(His-story) is being fulfilled before your very eyes. Most of the book of Revelations will be fulfilled before this decade is over starting with Daniel 9:27 this fall. If you would like more insight please check out our web site unleavenedbreadministries.org
In CHRIST! Rob
Can we leave the bible thumping out of the whole debacle please? Honestly, all that ever was, was a really good story to keep the masses in check. There’s no god looking down upon us all at every moment controlling our lives like puppets. That’s just silly. You are your own god. Man up to it! “God” was just something for people to believe in. When people have something to believe in, they are less prone to being complete animals and more likely to act civilized and manageable. Someone figured that out a long time ago. Smart guy!
Of course you can twist the words on every page in the bible to make it seem like everything is coming to fruition and the world is ending. People are great at twisting words for their own benefit and beliefs…
Empire,
I am leaving the “Bible thumping” on this site, and even though I don’t agree with you I will put your comment up as well. I want people to see this thing from as many perspectives as possible.
Greg
That’s fine and I completely understand. It wouldn’t be the first time I had a disagreement with someone on the interwebs and probably not the last. Don’t get me wrong though, Greg. God? Not buying it… A power greater then ourselves? I can subscribe to that. It’s one thing to be religous and another thing to be spiritual.
It’s probably not my place to be on a personal crusade of moderating your userbase anyway. And I can respect that as well.
Anywho, carry on… I enjoy the comments and articles nontheless.
When it’s gets to crazyyyyyyyyyyyyy I just go and plant some potatoes and smoke some local weed. PEACE
The headlines do get overwhelming, but if we just keep adding and being prepared, food, personal care items and some PM for insurance if it all does go to hell in a hand basket we are several step ahead of our fellow citizens.
Perrot was right about the “giant sucking sound” and his charts were the road map to today. No one listened. The politicians are lining up with their empty promises for 2012. Trump is beginning to sound better than any of the others. I have never liked the man, but admire the job he did rasing his kids, so he can’t be all bad.
Yes Greg, as Jim said, we are well past the point! But never give up hope of saving the republic,lets try to repair the rudder! There is a wrench under article V, the States may hold a Constitutional Convention, http://www.article-v-convention.com/main_page.html. Also the updated site, http://www.foavc.org. Hell, if I read this right, Reid,Polsie & lots of other older members of congress have made up lies about what the constitutional convention is really for. It may be used to reclaim the Republic from a corrupted government.
Our military is being stretched thin, I don’t like that a bit. If by design or not it leaves us way over extended. Syria is Iran’s front for weapons flow through & is full of Iran’s elite trained killers, that all the US needs to have them blending in with so called friends that want democratic rule.
Greg, I know nothing else, but try to add as much PMs as person can. 4/2/2011 I will write my State rep & my Reps in congress for a answer to the above links & request a answer ASAP. If others thinks contacting state reps & your member of congress on the above links & ask why they have not acted on said request from the states? May be Facebook & twitter will be be busy if I can get others to act to the above links. As always Greg, thanks for your work & sound truthful reporting, may GOD bless us all! M.Smith
Thank you M Smith for your passion and comment!
Greg
Came back to add I was just joking about Trump sounding good. The only way I could vote for him would be if Obama was my only other non choice.
Hi Greg,
Contrary to what seems to be –the intensity of challenges–we remember an ancient story of personal transformation: To form a brilliant diamond, the master craftsman chisels, polishes, and strips away edges of the stone in order for it to glow in pristine beauty. Once accomplished, we see a miracle: a masterpiece, a faceted diamond, reflecting the splendor of the sun.
To be in this state of intense transformation requires strength; surely we’ve been born into the world at this time as a GREAT BLESSING, endowed with the requisite strength to not only witness the enormous challenges, but more importantly, to provide soothing words of truth and hope. Therefore, we are truly living in a Golden Age, a time when humanity hungers for these values, and a time when we’ll witness many rise to their full potential.
Although it feels overwhelming from one perspective, Greg, you have fortitude and tell the truth…so, from another paradigm, it is the best of times.
🙂 Diane
P.S. I’m launching my website/blog soon!
Greg – it is a total wreck in the making out there. the one thing i feel for sure is that we do not have clueless and stupid leadership steering this titanic ship afloat in a sea of carnage. please do not sell this crew short on intelligence. though they plow full steam ahead towards an ice berg, they know full well with planning, intent and execution about what they are doing. it is the sinister work of evil for sure, but they excute it with precision. may god help those not preparing to protect themselves. my hat goes off to you with your articles of investivagative journalism, the stuff MSM not only refuses to report on, but spins into “green shoots” type news. they are betraying the American citizen, many good people there!– thanx for all you do….
Thanks Big Tom.
Greg
Its called Terminal Madness of the End Times, first described by Joseph Chiappalone back in 1998. You can google this term and find his material. His predictions since then have been quite profoundly accurate. Chiappalone is the Gerald Celente of the metaphysical aspect of human existence. Warning, his material is not for the faint of heart, but you may find great comfort in understanding the predictability of the insanity we see around us.
Living out of the US, it is interesting to watch people still there and recently from there attempt to make sense of a world ruled by demons and psychopaths. There is a level of awareness possible where this confusion makes complete sense. What is scary is the folks that still think things are going great.
As we used to say in 12 step circles, feeling f–ked up in a f–cked up world does not necessarily mean that you are f–cked up. Consider the possibility that you might be the one that is sane.
Mcalevy,
Thank you for the info, comment and perspective. I hope the folks who read this site are the sane ones!!
Greg
Greg said:
“I think your 95% number is probably correct. So many will lose everything”.
Someone else was telling me this last night. That many people are going to end up broke and will never recover. It’s scary but I don’t think they see what’s coming.
I must say that reading this site has turned me into a very boring dinner guest at social functions. In the past few months, many of my friends have been asking what’s wrong with me — why I’m so quiet at parties lately and you know what it is? The conversations I”m hearing are no longer real. It’s almost surreal. I can no longer relate to a lot of what my friends are talking about. I wonder if this has happened to other readers of sites like these? You become so aware of the reality that you begin to separate (mentally and intellectually) from that 95% who still don’t understand what’s really happening and once this knowledge shift occurs, it becomes harder to keep having “silly” conversations about American Idol.
I’m getting a small tax refund this year and I’m buying physical silver. Would never, ever have thought of doing that prior to reading a site like this.
nm,
I feel the same way you do sometimes! Thank you. Please read the “How to Buy Gold and Silver” post. It is on the front page below my mug shot. Good luck.
Greg
I feel your pain Greg. I have trouble picking which issue is most pressing to comment on day after day. I just hope I do enough articles about various issues that it will cover almost everything.
There’s an old joke we are all familiar with: Everybody complains about the weather but who really does anything about it.
So what can actually be done to actually improve the economic situation? Well here’s a suggestion just for starters.
Reform the corporate tax code to create two-tiered system.
Level one: If your business income is derived from the manufacture, transport or sales of real physical goods you get taxed on that income at a very low rate. This would apply from the top to heavy industry all the way to the bottom where the mom and pop shop is selling gas and potato chips. There could be differentiations within this group depending upon what percentage of components or raw material goods are derived domestically and what percentage are imported. This would encourage the expansion of on shore business to produce or procure components or raw materials here at home rather than importing them. In other words a tariff by other means.
Level two: If your business income is derived from speculation, i.e. just moving money from one pile to another and not actually producing any real goods as exemplified by the FOREX carry trade, commodity speculation, stock and bond trading, you get taxed at a much higher rate and have severe restrictions on what are allowable deductable expenses. This would not include the individual who trades within small accounts or their 401K or IRA to try and make a few extra bucks to put their kids through school or make their retirement a little easier. We’re talking large institutional speculators. Can you hear me Goldman Sachs, JP Morgan etc. etc. etc. This would not include the transactions wherein they make loans to businesses or mortgages or car loans and the like, provided they keep those loans on their books so as to maintain a real interest and indeed risk in how well you do. The very minute that they bundle those loans into CDOs (collateralized debt obligations) all previous and future income becomes taxed at the tier one rate.
Item three: Over a set period of time phase out and then ban all OTC derivative trade or at least tax them at such a rate as to make them completely unprofitable. Ban the issuance of CDSs (credit default swaps) to anyone other than the primary risk taker. Ban financial and securities firms from taking out CDSs on the securities they have sold to their customers.
Don’t hold your breath waiting to hear any of our politicians talking such common sense as long as the revolving door between Wall Street and the Treasury Department remains in operation. Even suggesting it would unleash a pestilence of lobbyists and under the counter campaign contributions to kill like nothing that has ever been seen.
We have been suckered into believing the fixed pie theory. It’s a fallacy perpetrated by the left and the banks. The money exists, government policy and in this case tax policy, must be changed to pull it out of speculative none productive applications and into manufacturing where real wealth and jobs are created, the economy expands and the pie gets bigger.
the whole world will look similar to japan one day its called self
destruction where not very smart sorry