America in Worse Fiscal Shape than Detroit-Professor Laurence Kotlikoff
By Greg Hunter’s USAWatchdog.com
Boston University Economics Professor, Laurence Kotlikoff, says, “The country is in worse fiscal shape by many miles than Detroit. So, the country is essentially bankrupt.” Dr. Kotlikoff estimates the long term debt and liabilities of America are more than $200 trillion! He is spearheading a bill in Congress called The Inform Act. It is an attempt to wake up the nation to our dire financial situation so something can be done to fix this enormous problem. Dr. Kotlikoff explains, “The bill has been endorsed by over 1,000 economists, including 15 Nobel Prize winners in economics . . .Never in the history of this country have this many top economists from all political persuasions endorsed a piece of legislation like this.” Dr. Kotlikoff and his fellow economists all contend, “The country needs to do honest accounting.” The professor charges the government is “disguising the true problem.” Dr. Kotlikoff says, “The government is printing mountains of money to pay its bills. The Fed is printing 29 cents of every dollar that Uncle Sam is spending.” What happens if this continues? Dr. Kotlikoff says, “Eventually somebody recognizes this and starts dumping the bonds, and interest rates go up, and inflation takes off, and were off to the races.” In closing, Dr. Kotlikoff warns, “This is going to crash, but there are different ways for cancer to kill you. It can be very gradual . . . or it can attack some organ and you can die overnight. Either of those outcomes can happen.” Join Greg Hunter as he goes One-on-One with Professor Laurence Kotlikoff.
Professor Kotlikoff and, indeed, virtually the entire economics profession, are appealing for your help to get your members of Congress, starting with your Senators, to pass this vital law.
Not sure the Treasury issuing currency instead of the Fed Reserve makes any difference UNLESS we default on all out debt and revert to constitutional money…Gold, silver, Nicole and copper. The only change we should make is not to fix any the metals to a specified rate. There can not be a fixed number of silver dollars to a gold dollar as this will facilitate arbitrage. There should be a “real” exchange rate that fluctuates. However, a real market doesn’t allow naked shorts or derivatives.
Once we get rid of the feds, once we re-instate Glass – Steagall legislation, we will prosper in 5 years, promise!
Here’s the latest “skinny” on the largest banks:
Total Assets: $1,947,794,000,000 (nearly 1.95 trillion dollars)
Total Exposure To Derivatives: $71,289,673,000,000 (more than 71 trillion dollars)
Total Assets: $1,319,359,000,000 (a bit more than 1.3 trillion dollars)
Total Exposure To Derivatives: $60,398,289,000,000 (more than 60 trillion dollars)
Bank Of America
Total Assets: $1,429,737,000,000 (a bit more than 1.4 trillion dollars)
Total Exposure To Derivatives: $42,670,269,000,000 (more than 42 trillion dollars)
Total Assets: $113,064,000,000 (just a shade over 113 billion dollars – yes, you read that correctly)
Total Exposure To Derivatives: $43,135,021,000,000 (more than 43 trillion dollars)”
See the entire article with MUCH MORE info at:
Goldman Sachs is hilarious! 🙂 113 billions in assets… truly hilarious.
China Bust imminent? It looks that way! They may NEED to cash in their US Bonds soon.
“China is on the verge of a “Lehman” moment as its shadow banking system implodes. China had pumped roughly $1.6 trillion in new credit (that’s 21% of GDP) into its economy in the last two quarters… and China GDP growth is in fact slowing.”
“there are more than 441 TRILLION dollars worth of interest rate derivatives sitting out there. This number comes directly from the Bank for International Settlements – the central bank of central banks. In other words, more than $441,000,000,000,000 has been bet on the movement of interest rates.”
” At this point, it is being projected that if U.S. bond yields rise by an average of 3 percentage points, it will cause investors to lose a trillion dollars.”
Hmmmm… maybe I’ll be putting off those extra coca-cola’s next year….
How about this health care plan?
The consumer pays for all routine health care out of pocket.
The government pays for all catastrophic health care.
Actually, you pay for it all. Unless you are an illegal alien or a crack heads.
Everything is rigged ….. this is a fact no one can ignore ….. we have not found a market that is NOT rigged ……
Obamacare is about control of another facet of your personal life……. It looks like it is 1934 again…….
Mitch: at least there are fewer banks now than in 1934. Actually fewer banks than EVER. And still consolidating.
” In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left, this means that over 10,000 banks have gone out of business since 1985.”
Hi Michael, Wpns 1/6 here …… agreed but the problem in central banking and the crony capitalism which it really is …. The reason why our newly formed government in 1776 limited corporations severely ….. remember, that was a private company’s tea which was dumped in Boston Harbor….
You’re correct Mitch (Semper Fi! 1/6!!)
Now the Corporations run the government, mainly through all the Non Government Organizations (NGO’s) whose members are also on the Boards of many Corporations. That’s precisely what Fascism IS.
Let’s see, Weapons; I don’t think they have 106’s anymore (ever see an “Ontos” (six 106 recoiless rifles mounted on a tracked vehicle, then later on a USMC Mule)? SO are you 81’s, Machine-gunners, or what?
Thank you for your service from all of us civilians, and for watching out for your comrades in arms too! Be safe out there!
I just wanted to give you guys a heads up:
(Epa forced closure of last large lead ammo smelter)
Link this to the 2 billion plus of ammo contracts the government committed to and you have massive coincidence.
War has been declared on the american people, but there’s smoke screen covering their attack. Some look into the smoke dazed while others know what’s coming and head for the hills, hell some bury their head in the ground to avoid seeing the smoke. when I look out from atop the hill I realize I made the journey alone. I see chaos below, the smoke makes man turn on one another. I feel lost and the temptation to decent is great but then realize:
The beauty is we don’t have to fire back in lead, we have the power to change our present future. LETS USE IT!! We live this life because we choose to, let us live OUR life, on the hill.
Thank you greg for being one of the stars to look at on the hill!
DING…..DING……DING…..DING……. Greg you have a winner! This is probably the most important interview you have ever done. The information from this interview is so important we need to figure out a way to get it to the MSM media somehow. Not that it will do any good, but there might be someone who has the guts (besides you) to pick up this story and run with it. I don’t see anything happening in Congress, but the public needs to be warned about what’s coming.
The monkey is out of the barrel. Actual Federal Debt is 205 Trillion instead of 17 Trillion. There you have it. The unvarnished truth backed by 1000 of the nations leading economist. So we have to either:
1. Raise the tax base by 57% or
2. Cut 37% in Government spending.
Nice idea, but it will never happen. In fact Congress is planning on raising the debt ceiling again. the first of next year.
Professor KotliKoff was right about one thing. The government is running a ponce scheme alright with its QE printing and market manipulation. The only problem is, the rest of the world has caught on to it, and is about to pull the plug on it. Ellen Brown is dead wrong about the U.S. losing its status as world reserve currency. Right now the only thing that is still holding the bond market together, allowing us to continue to print money,” is our status as world reserve currency”. The Chinese are inching ever closer to replacing it, and when that happens, the bottom will fall out.
Greg please forward this interview to your contacts in the MSM. If nothing else to warn the people with a credible source. God bless you for your efforts.
Million $1000 bills = 4 inches high
Billion $1000 bills = 358 feet high
Trillion $1000 bills = 67.9 miles high
205 trillion $1000 bills = 13,920 miles high
The 205 number is seriously *too big*.
Its all zeros added with few key strokes Greg, and will be taken out with the same ease they were put in!
Multiple by ten as I can’t get the bank teller to share any of those $1,000 bills with me. $1,000,000 in hundreds weigh 22 pounds
Great interview Greg
Lets stay at cancer metaphor, USA has this financial cancer for at least 40 years (Nixon 1971), it slowly metastasized to everywhere, in 2001 it hit vital organs and since 2008 the USA is brain-dead (after Obama’s 2nd election this phrase got a quiet awkward meaning) and on life support of QE, ZIRP and Forward Guidance. So I think the days of the US are numbered at least in superpower status.
What do you think.
And you will even more. 😀
You are a smart guy Greg, so you already figured it out, but never put it out what I will say. From material side a military superpower need these things (historically proven):
-working agriculture, people need eat;
-easily accessible natural resources;
What have USA from this list?
Agriculture is energy and resource intensive, therefor unsustainable on long therm and farmers are generally dieing out (worldwide).
US dollar is anything but not stable thanks to the Fed and fractional reserve system.
Natural resources a big question mark there.
Production capacity is mostly in overseas, in countries like China, India, Bangladesh etc.
Let’s get rid of health insurance altogether.
Introduce competition in the health industry.
And each person begin a health saving account at a local institution from pre-tax dollars. This account will also serve as a future retirement account from the collected monies of forty years of employment. ANY SPENDING FROM THIS ACCOUNT FOR HEALTH RELATED COST IS NON TAXABLE. Any other spending would be taxable. Each person would be responsible for their own health coverage and payments.
Then any catastrophic care or expense to be covered by the state (NOT FEDERAL) government.
Get rid of CON (Certificate Of Need) Laws.
I will accept payments in hen and eggs!
Sometimes i wish to go to an Amish town.
Mohammad. I would like to know what you think. If a waiver signed by patents would lower a doctor bill. seeing the doctors would not have to pay mal practice insurance. Time in court is very expensive.
Free market lowers the health cost and i will give here real life example:
We offer sport physical for kids in schools on a cash basis and it costs the family 20$ per physical, many times i find during the physical an illness like strep throat i treat and no extra cost (many times i wave the cost of strep screen and i found it pays off since they will back if they need something else) . Same exact physical will cost them about 65 $ if they do it with the primary office and charge it to the Insurance.
That is one simple example shows you when the middle man gets in between the patient and the health provider the cost goes north.
If you calculate how much we pay the insurance through out our life time and how much we consume you will be astonished at how the theft is,
If free market is in place, doctors will have to lower their cost to compete with each other and that will work very well for the patient and the doctors at the same time since who gives better service wins.
With the current system the Insurance is steeling both the doctors and the patients and the cost is getting higher and higher.
Law suits are just the frosting on the cake!
This is true. We have one D.C. locally (here in Amish country) that does not accept insurance of any kind. Cash only. His prices are 40% less than other D.C.’s in the area. He is booked full every day.
Well I agree, but you need one thing for that sound currency-real money which is stable or slightly deflationary. And maybe one thing we will need, a good prevention system which includes ban on “junk food” (prevention is always cheaper than fighting with disease).
By the way we are putting together a new system while we discussing.
One apple (non GMO) a day keeps the doctor away.
I don’t understand why people have a distorted view of insurance, especially health insurance. Insurance is a risk based product, at least it as before Obamacare, to cover catastrophes. The labor unions pushed it to cover everything. When I was a child, you paid the doctor and filed for reimbursement. Even people without insurance could afford a visit to the doctor. I have life insurance, car insurance, homeowners insurance and liability insurance.
Health insurance companies average about 4% net. I do think the executives are overpaid but the stock holders are responsible for that travesty.
Why should any heath care be the responsibility of state gov’t. I want less gov’t not more. Do you believe the state’s are more benevolent than the feds?
Sure, that would work fine if you’re rich. But then there’s the vast majority of Americans who will never be able to afford to pay for their healthcare out of just the money they’re able to put aside into a health saving account. And by having catastrophic care paid for by state governments, you essentially guarantee that everyone who lives in a conservative-leaning state is screwed when it comes to getting real coverage for catastrophic care.
President Obama is concerned for civil liberties? Sure, like Jeffrey Dahmer was concerned about nutrition. I respect the professors take on economics but when it comes to politics he’s a little naive. A voucher system for healthcare still puts government hip deep in the system where it doesn’t belong. And is another form of wealth redistribution. Government does nothing, NOTHING effectively or efficiently. Furthermore, this notion that a public-private partnership (which is what a voucher system is) would solve the healthcare delivery challenges is very fascistic.
I do (mostly) agree with Kotlikoff on the debt and how that will likely play out in the future. However, he seems okay with the Federal Reserve for the most part and had nothing to say about the core issues of debt based money and fractional reserve banking. These two working together will never allow for long term prosperity in any circumstance. People don’t understand the salient fact that because our money is debt based if you eliminate it you essentially extinguish the money supply. In other words, it’s not just the debt and deficits, it’s the very foundation of the economy which is corrupt. This renders everything else moot in my mind.
Keep up the good work Greg
Once again Greg, a timely and eye-opening interview. Dr. Kotlikoff and his colleagues have a wonderful plan for a bill. Too bad they are tilting at windmills. This plan will never see the the light of reality. As he stated, collapse is inevitable, and someone should be shouting that message from the roof tops. Those who do not prepare for economic collapse will be destroyed by the upcoming tsunami. It is that simple. Keep up the good work with the guests. I eagerly anticipate your offerings on the altar of sanity.
Synopsis of Lovellian Economics and the book, The Fix
The Fix (Lovellian Economics) is a new system of free-market capitalism being interpreted through a unique capital market exchange platform. While this may sound unorthodox, the capital market platform is the mechanism through which previously unachievable outcomes become the usual and sustained outcomes. The Fix starts with a sophisticated structure for organizing, capitalizing and operating companies in a way that provides a high degree of certainty as to how these future operations will actually result and provide auditable, real-time reporting. This means that the investing-public has the opportunity to save and invest by investing in these companies that provide certain key benefits that serve as the linchpin for the entire universe of Lovellian Economics that is the heart of The Fix:
• All listed companies insulate the investing-public from investment fraud.
• All listed companies automatically payout all capital sums in excess of those funds needed for immediate operations each and every month as these funds are generated – whether the companies want to pay them out or not.
• All listed companies automatically generate audit-ready financial statements on a real-time basis (complete financial transparency).
• All listed companies insulate the investing-public from bankruptcy risk, inflation risk, interest rate risk and other subjective investment risks.
These companies are traded on a special capital market exchange platform called “INSTICERT” or “They Royalty Exchange” (“TREX”). This is a modified Dutch Auction platform (think eBay meets the world of business finance) that is accessed 24/7 through the Internet by anyone on the planet and for every business on the planet. This exchange is designed to eliminate the risk to the investor of a loss due to a “stock market crash” or the risk of losses due to program trading. This means the likelihood that these listed companies will actually payout their stated earnings projections are high enough to use them as the basis for paying for the costs of governance using the investment-income method instead of using the taxation method of funding government. This finding allowed Lovellian Economics to expand into the creation of a whole new method of organizing, administering, managing and reporting upon the operations of the key institutions in government and the private-sector economy government is intended to serve (but so rarely has). These institutions include:
• A new central banking system that is only used to manage the currency supply and not to provide any stimulus to the commercial banking system. This new system completely replaces the Federal Reserve with an equity-expansion system of currency creation that is completely self-regulating.
• A new commercial banking system that is completely self-sustaining and self-regulating in terms of the production, creation, management and allocation of credit and wealth for the benefit of all stakeholders in the economy – not just the banking industry and ruling-class.
• A new fiscal appropriations system that is self-regulating and fraud-proof for all units of government that results in 100% of government spending creating a minimum actual/auditable stimulus of no less than dollar-for-dollar gains in every case.
• A new entitlement program for housing that is self-sustaining and self-regulating.
• A new entitlement program for health care that provides universal health care that is truly affordable, controls cost, does not limit care and requires no taxpayer funding.
• A new entitlement program for Social Security that is entirely private-based, self-sustaining, self-regulating and exceeds the current law formula benefit by a margin of greater than 5 to 1.
• A new entitlement program for education that completely replaces public education and provides the accountability, cost controls and quality outcomes we seek from education, while providing real opportunity for education workers and the private-sector – all without any government participation or taxpayer funding that is affordable even for low-income families.
• A new entitlement program that replaces the failed justice system of corrections and rehabilitation to generate a completely different set of potential outcomes for criminality in America that is both self-regulating and self-sustaining in nature and operations.
• A new commercial real estate financing program that completely replaces the failed mortgage finance system and provides no limits on access to capital, while increasing accountability and cost efficiencies at all levels and without any government participation.
The resulting benefits of this new system of institutions and programs include:
• A new way of saving and investing that replaces the failed pension plan model because there are no unfunded liabilities in this personal account based system. Saving and investing now has a guaranteed outcome with citizens electing when to lock in benefits, when to retire, to retire and work and have all the flexibility in their life planning they have wanted, but never had.
• The elimination of the use of taxation to fund any unit of government or government program.
• The elimination of the national debt within 12 to 16 years and without anyone suffering any kind of economic hardship in order to create this outcome.
• The elimination of all the deficits associated with the current Social Security program within 12 to 16 years without any taxes, “mandatory contributions” or reductions in benefits.
• The elimination of credit and commercial investment bubbles in industries as a result of the shortcomings of the current commercial banking system.
• The elimination of the use of fiat currency and the exposure of the currency to foreign exchange speculation.
• The elimination of government waste and fraud as possible long-term programmatic outcomes owing to any government spending program.
• The elimination of economic crimes in the United States.
• The elimination of economic recessions, depressions and systemic unemployment above that measure that would be considered to be unemployment due to personal choice.
There are a host of other benefits and issues that Lovellian Economics addresses as the core of the program is designed as an omnibus structure designed to allow for a complete expression of free-market capitalism without government corruption, socialism, progressivism or any of the shortcomings our economic society would reasonably hold as undesirable or unwanted outcomes.
What a nice fairy tale. As far as eliminating economic crimes, AG here isn’t really prosecuting any. Just cones
200 trillions in debt, ouch. Dollar is in huge trouble. I am not sure if anybody noticed this but there a news on BBC about OPEC losing control of Oil prices. Major news. Of course, this is nothing about “fracking” as muppet are saying, this is simply Yuan taking over international Oil trade.
To pay off this 200 trills, they have to hyperinflate, they have no choice. I know what hyperinflation is very well.
New site is jamming!
Laws are only for us little people.
Actually 500, you’re correct: the Laws ARE for we the people, and the Constitution is supposed to be for US to hold the government accountable. How’d this all get turned around on us?
As for Reid, don’t get me started on that pedophile; he likes em pre-teen, and either sex. ‘Just waiting for the videos to hit youtube! If Americans knew how many of our Federal leaders were total perverts, we would see some REAL change… or would we?
Gee, Breitbart is lying again. What a shocker.
Really enjoying the wisest guests you are sharing!
With your guest today Kotlikoff – the critical mass of global consciousness
is starting to take place – that is when change begins!! The wise ones
are stepping out to LEAD! Love his stand!!!
I did predict the ME war, Black Monday, the coming 2008 crash,
and gold sitting at $1,300 for a long long time.
I now predict gold at $3,800-$4,200 in 2015. No confiscation.
I also had predicted later on for gold $50,000 and silver $3,500+.
And, now a few well knowns are stating the same. History repeating itself.
The long term gold charts reveal gold at $1,700 in Europe centuries ago – what would be the inflated equivalent today?
Hang on everyone!!!
Great website!!!! The Seer
You’ve made your choice, and clearly, so you live with it; no one can serve two masters. Like Jesus says: “why do you call Me Lord when you don’t do what I say?” So follow your own interests, and I leave you to them.
Are you insinuating that Greg serves evil? Not sure what to make of your comment. I know one master is Christ so you don’t need a PhD in theology to understand the reference. I am at a lose as to what to think.
The wise ones are stepping out to LEAD!
I must respectfully disagree.
What I see here here is a mass of willfully delusional people happily partying in the back of a bus being driven by one so totally drunk that he can hardly see through the windshield. Our bus is now hurtling down the road at around 100 mph. and accelerating toward the edge of a tall cliff, approximately 50 ft. away, while our hero proposes to erect a warning sign at the cliff’s edge.
..and predict the following based loosely on what some “well knowns” from the past have stated but it’s not about history repeating itself …
I predict that we in America, and the rest of the world riding in similar buses, are all going over our respective economic cliffs. But this is just the beginning of our woes which, taken together, involve social and political issues as well. The few travelers who survive the coming severe economic trauma will be living dazed, confused, disillusioned and terribly afraid in a world where local anarchy and chaos reign supreme. Eventually, they will be exposed to a severe global threat, most likely a hoax, which will allow them to then render their adoration to a new, global world order which they see as necessary for their very survival.
Now guessing at just what the said “global threat” might be is more difficult. Perhaps what Hollywood is currently conditioning us for, and what President Reagan once joked about, and what the UN Office of Outer Space Affairs is involved in, the prospect of a threat of alien invasion would seem to be as good a guess as any other.
Hang on everyone!!! …. agreed.
UN’s Space Ambasador…
It is the moral cliff frosty that we are about to jump (If we did not already), we are doing like the coyote and the road runner where the coyote is past the cliff and still running in the air just before he looks down, once we look down ….. well….. you know the end.
I’ve discovered a real life situation which provides a compelling moral allegory to depict how the use of fiat money and its false promises, coupled with our ignorance and greed, has led to our capture under dire global conditions we observe today….enjoy.
In India, people can capture monkeys by securing a half full jar of chick-peas to the ground. A monkey comes along, reaches into the jar and grabs a fist full of the peas but, alas, can not then remove its clenched fist because the mouth of the jar is too small.
This ingenious trap works because the monkey’s greed prevents it from letting go of the peas. What happens to the poor monkey?…well…that’s another story.
Give me one example of an exploratory race that didn’t end up decimating the less advanced race. Only a wackadoodle liberal can believe any extraterrestrial will be benevolent. But then the UN is hardly benevolent to the Western world .
As extremist as I am sure I sound I have to say that this cancer he is talking about started decades ago and well intentioned, moderate solutions that target symptoms of this nations problem as they become critical are simply not going to cut it, period.
There is no rule of law and there is no basis for liberty when a majority of citizens simply refuse to acknowledge the role they MUST play in order to live in a free society. Our “leaders” must be held into account by a nation of citizens who fully support an honest and just system of courts.
So long as all of us John and Jane Q Publics out here bummble around like morons while these assholes in charge run circles around us we will witness one crises after another and as a result of each and every crises we will be stripped of more and more of those things we supposedly cherish, oh you know things like the future of our children, the notion of private property, the moral high ground we think we stand on, our integrity, the idea of liberty, the right to a due process, the notion of right and wrong, our health, our wealth….the right to live. You know the little things.
he says “I think everybody needs a health Ins. policy, that’s why we have 50mil uninsured” ie. phony Liberal talking points
Just like Obama’s American born birth certificate is still a question of reality; is not his education a farce too? Is he really a lawyer? Did he really graduate from anywhere? Did he pass a Bar anywhere? There is a story that his wife got him a job in Chicago at a law firm by pushing him through without meeting the companies requirements such as back ground checks… hummmmmmm
No, there is not any question of the validity of Obama’s birth certificate. Take off the tinfoil hat and rejoin reality.
$200 trillion in total debt and about $40 trillion in current debt with unfunded liabilities for next 5 years.
To paraphrase a scene from ‘Dumb and Dumber’….”So you think we have a chance?”
$200 trillion to the primary 80 million taxpayers is only $2.5 million each. A $40 trillion debt to pay for debt and mandates for next 5 years is only $500,000 per 80 million taxpayer. Thus, actions of confiscation and not fixing-the-problem may come sooner than we want.
What this means is that we will witness and experience confiscation of homes, land, 401K, Social Security, savings accounts, mutual funds, life insurance, and others to pay for the immediate debt coming. The best way to start this is to make the dollar worth a penny.
I don’t put much faith in the academic community to save the day, as the vast majority of Ivy League professors drink the same Ecstasy-laced Kool-Aid that is excessively gulped in Washington, Wall Street, and even by the poor common folk on the pot-holed streets of America. You must already know who is really being raped in this drunken modern-day Roman orgy, getting the raw end of the deal you might say without so much as a “thank you”.
The humungous “fiscal gap” will never be filled because no one is serious about fixing the problem. The big banks and the military industrial complex, and every other special interest group that controls our politicians, are making too much money by plundering from the large government revenue “pot” while it still has money to be grabbed. But that revenue stream was not big enough as they piled on huge quantities of debt to expand their profits from more government spending without having to save and do productive work to earn real profits, like the rest of us little people have to do. This expansion of debt and funny money will end in a hyperinflationary depression, and these well-connected elite will have already shifted from their vast quantitative holdings of paper and digital dollars into hard assets like fine art, land, and precious metals. Their timing will be impeccable.
I learned long ago in my college days that we are all indoctrinated with a bunch of crap and lies, just like the real worth of my “B.S.” (Bachelor’s degree) that says so on my worthless paper certificate given by the university as I was swindled with my tuition. Our real education begins by using our own brains and going to the few internet sites that still allow the free flow ideas (at least for now). Greg, you have real courage to show your face and run such a valuable site.
Geez. I don’t know where to begin. I have a policy that I always try to say something positive, rather than something negative. Sometimes that is very difficult.
1. Another law will not solve anything. First, most people in America don’t want the truth. They just want the system to continue on as it has in the past. Second, the rule of law in the US has been thrown out the window. Laws at the top are not followed anyway. The US Government lies to us everyday. Another law will not fix that. You can’t legislate honesty.
2. Health Care needs to be a personal responsibility. Insurance is NOT the answer. So long as people can have their issues paid for by someone else we will always have a problem. The real solution is to go back to a system where everyone is responsible for themselves. I assure you if people had to pay for their own doctor visits, testing, drugs, etc, etc, etc – they would be making different choices. Most likely healthier choices. You can’t legislate responsibility and good health.
Rich. Brother you nailed it… sooo right. It is my responsibility to know my doctor, and the drugs I take. Health care laws are the problem not the solution.
Rich: I agree with your first point entirely; what we need is not more laws, but people who are willing to submit to regulation that requires righteous actions. The promise of true Christianity was very appealing to me when I read that God promised to write the law on the tablet of our hearts. Inward motivation is worth far more than outward regulation. In fact; God says that the outward regulation (the Law) is for those who will not submit willingly to the inward motivation to do what is right in God’s sight! That seems to me to be in perfect accord with what you stated – and I am gladdened to hear it from you, here.
As for your number 2; I have several concerns. I believe, as you seem to, that managing our own health is our responsibility, including getting checkups and modifying our behaviors which result in poor health. The sole legal purpose for insurance; according to law; is to manage RISK. But you cannot even do that anymore. Take for example getting car insurance; they will not tell you what they will pay you for a total loss in collision, so how can you possibly manage your risk? If you cannot measure risk, you cannot manage risk! The only “Certainty” about Collision Insurance is that they will cheat you on any claim you make, and refuse to be accountable to anyone for it. I put this legal brief to my state Insurance Commissioner and they will not respond to it. They don’t even care! And THEY are supposed to be the legal entity to keep the Insurance Sellers in line with the law!
To make comprehensive healthcare a responsibility of the State you must also make every behavior which affects your own health a matter of State control; and THAT; I think, is why they are going this direction. It’s not about care at all, it’s about CONTROL OF ALL.
I enjoyed your comments!
Real Insurance doesn’t tax other people.
They know what we’re every cell phone is/ was.
Every cell phone is always (as long as the battery has charge and is in the phone) “in-network” as a cell of the entire network, and thus its location can be determined by its distance to/from the three nearest towers AND other cells of the network; whether it’s turned on or off.
I guess that makes you “ignorant” or “misinformed”, but now that you’ve read this – not ignorant and not misinformed anymore.
If you don’t want your location to be tracked, remove ALL power from your cell (not just the main battery) or leave it behind.
Me; I don’t care who tracks me or listens in either. I’m willingly accountable to One very much higher than any of them, and I turn at His displeasure seeking to live constantly doing what pleases Him. He is Guardian of my soul and my eternal future, and in my opinion; the only way to Live.
Here; check it out:
Lets say a bank is robbed on first street, anytown, USA. You walk away even though you hear the alarm, because you “don’t want to get involved”. The capabilities of the NSA include the ability to investigate by interrogating the telephone databases to see who’s phones were in the same vicinity of the bank, at the time of the robbery. From there, they can track down the names and addresses of everyone who was nearby. Or, who was nearby an accident on the freeway. Or who was in the building while a certain person of interest was there. Or the phones of people who are more than once or twice in the approximate vicinity of a “person of interest”.
And it doesn’t require a smartphone either. If you have any mobile device, wi-fi device, on-star in your car, GPS system in your car, plain-Jane cell phone, or even an RFID chip inside a product you just bought from Walmart, you’re being tracked as a potential future “person of interest”.
That is NOT speculation. That is the world in which we live.
It’s not just the NSA and Walmart doing the date mining either. China inserts wi-fi enabled chips into appliances sold in other countries, just as companies in the US do; to spy on customers and gather data.
Don’t be naive; be aware. They don’t even need facial recognition software to spot me, I’m the smiling guy with one finger raised up to the cameras, heh heh heh.
Let me crank it a notch for you, How about manipulation of thoughts and behavior once all the foundation is in place for all the wireless networking with the necessary wave lengths that will in the future interfere with our brain’s wave frequencies once they master that art or science, you see…. we are bathed in an ocean of waves!
That technology is already here and in use by the US Army. That is precisely HOW it works too; matched to the Alpha/Beta wave states of consciousness. When turned on it CREATES involuntary and uncontrollable panic and fear much as a taser overwhelms the nervous system by overload. People either fall to the ground or run away in panic.
As for an ocean of waves; once again you are correct. Matter is only the appearance of energy in certain states of stable magnetic organization. I have successfully developed all the equations too; that prove this true, and identified the flaws (and corrections) in current physics and with the supporting math.
If you want to see exactly how an electron moves and looks, drop a small stone in a pond. The continuing undulations (up and down) of the surface of the water at the center point is what creates the continuing ripples emanating from the center point, where the stone penetrated the water. It continues to undulate until the disturbance of the water dissipates all the energy released into the water.
The water is analogous to space-time in 2 d.
You are very knowledgeable in quantum mechanics, (either you can estimate the probable position of the electron or its speed but never both), your example is the essence of anti gravity technology where the Ether is the pond and the stone is the stress of the medium by the anti gravity device.
All the planets are connected and affect each other, I sense if one is gone the whole universe is affected including us, It is a marvelous creation of god that no one who knows can miss, and only to praise god for what he created and perfected.
Now I understand why my neighbor wears a tiny foil.hat.
I also wonder if they are using nano-technology in cash. I need to buy a microscope and look. I bet they know where all the $50 and $100 are located.
I doubt anyone here recognizes your face because none seem to take the bible seriously but I know that voice it’s the voice of my beloved. I have heard your many references to the “finger of God” from the casting out of Satan (But if I with the finger of God cast out devils, no doubt the kingdom of God is come upon you. Luke 11:19-21), to the promise of God that he would write the law on the tablet of your heart “with His finger” just like he wrote on Moses tablets, and even this one too – holding up the “one” finger to the cameras. That would be that same finger the number one, that is consistent with every previous post, even though I’m sure everyone thought you meant “giving them the bird” because they have unregenerate minds and think like the whole world thinks. But there are two more instances of the finger of God writing that are significant. When the angel wrestled with the schemer Jacob, to end the wrestling match before sunrise he touched Jacob with his finger then left him alone and Jacob never walked the same afterwards, and then the handwriting on the wall was by the finger of God, it meant “you have been weighed in the balances (the scales of God’s Justice) and found wanting”. The leader had been using the vessels created for worshiping God to carry on his own business agenda, and was unwilling to change even though what he did was vile in Gods sight.
Back then no one, even those claiming to be seers could interpret the writing on the wall, but Daniel who was the Lords most beloved prophet, he listened to God always and pleased God greatly, and he understood what God was saying. I used to wonder how Jesus would manifest himself to his own without others even seeing him, but now I understand. While christians celebrate the worlds pagan version of “christmas” his followers celebrate the presence of Immanuel which means “God with us”.
You’re wrong on this one. EVERY cell phone ping towers to find which one to hand off to. This is the data they are getting. Smart phones are even worse as they provide a wealth of other data.
From Paul Craig Roberts website:
“It is a good bet that the Ukrainian protests are a CIA organized event, using the Washington and EU funded NGOs and manipulating the hatred of Ukrainian nationalists for Russia. The protests are directed against Russia. If Ukraine can be realigned and brought into the fold of Washington’s Empire, Russia is further diminished as a world power. ”
No need to bet PCG! But can you guess where the NEXT One will be?
Like others here, I am past looking to government for solutions to the problems they create.
I like this guy’s economic view but this bill won’t solve anything. If Congress doesn’t know we’re bankrupt than that’s fault of the uneducated small numbers of people who actually vote. The solution to our economic problem is quite simple:
1. Nationalize the Fed Reserve by either placing it’s authority under Congress or a newly created elected office of government.
2. Increase the required reserve amount and make sure that the dollar is completely backed by gold, silver or whatever else works.
3. The Fed Reserve must become the most transparent agency in the U.S.
As long as those 3 things are done, everything else really doesn’t matter because we will be on our way to economic stability.
While I appreciate your remarks, and acknowledge the rationale of them, they fall short of the truth. The truth is that as long as man rules over man, man will corrupt any “system” which man comes up with. Man does what man perceives is in his own best interests. Anyone who doesn’t is labeled “insane”.
Jesus spoke about how the world does business. Those who hold power “lord it over” those who are under them. That’s just like churchianity too, because the leaders of the church-world are just like men of the world, because they too are “of the world”. They too “lord it over” their own followers. But of us who follow the Lord, (unlike them who just take His Name [Christ; as in Christian] in vain) it is not so. The greatest in the kingdom of God is the servant of all who are under his authority; just the opposite of the carnal rulers of this world, whether in business, government or the church-world of “Sunday morning Christians”.
The world into which we are all born, this physical and natural world which is continually passing away, shall continue to pass away, even as each of are appointed once to die. But the New heaven and earth (which is created by Christ IN the followers of Christ) shall never pass away because the Word of God who creates it (just as He created the original heavens and earth, speaking them into being) is eternal.
And so Christ says that Heaven and earth shall pass away, while God’s Word (Jesus) remains constant, and He is the very means by which His followers are translated into the New Heavens and Earth, which is in Him.
Those who say they believe in Jesus but don’t walk after Him, after the manner in which He walked, doing the same works He did, are just giving lip service and taking the Name of the Lord in vain. They know nothing of the kingdom (though they profess much about it; albeit from the outside) or the Power of it, or the Glory of God. And so: they fear (are afraid of) death, and because of their fear of death they remain in bondage all their lives.
And that’s the truth.
Sounds like a good start
Greg, I don’t seem to be having much luck with my postings of late…apologies if you already have received it. Usually the site acknowledges by stating “awaiting moderation” but have not received that on last three attempts. Anyways….
As much as it pangs me to say this, I will persist.
If I can borrow from the Academic vernacular…..and apply it to the Prof’s suggested course of action….”It all sounds good in theory”.
In reality its Academia (Kotlikoff) VS Academia (Bernanke/Yellen)….and in the end who will Congress side with……no prizes for guessing ?
The Bill will get a voice no doubt but as to convincing the masses that “They” are doing us all wrong, will be unsuccessful. How do I know this….almost half the population is dependant on the government (unemployed/on food stamps/government employees). You take away the hand that feeds you (government)….it is self destructing.
What is required to get the sleeping sheeple informed is EDUCATION…and massive amounts of it. Dumbed down masses exist to ensure their own captivity and helplessness…AND ..to allow the elitists to continue with their control / power mantra.
Congress has been asleep at the wheel for the better part of 5 years. Moreover they don’t react to threats. What is required to get Congress moving is an “Event”. That event is coming in the form of a USD crash / Bankruptcy. But as usual, by then it will be too late for action…and the masses will rise and overthrow corrupt and inept government & Congress.
As to the matter of the “Gap” ….that can be rectified in one fell swoop. Eliminate the (unfunded) contingent liabilities.. the Government has no obligation to continue to pay the welfare programs. One thing abundantly clear …is that our future will be full of broken promises…..and that will lead to chaos.
This is a sad indictment of the predicament that faces mankind.
Couple of things I do not understand regarding Mr. Kotlikoff’s positions:
#1. He must know ~why~ we have this problem of debt, why doesn’t he talk about it? It is the Federal Reserve system and Fractional Reserve banking. We are a nation based upon $debt – that is how our economy is set up to function. It needs a constant upward trajectory of $debt in order to survive. This also fits nicely with centralized planning, as a government is wont to spend and not save. They both go together like bread & butter. Signatories and NY Times op-ed’s aren’t going anywhere, because the moment we shift away from debt accumulation – especially at this late stage, essentially means the end of the economy as we know it, replete with all of the attendant socio-political ramifications. It’s a non-starter. I credit him with trying, but it seems rather odd that a man of his stature and experience doesn’t recognize – or is purposefully ignorant of, the basis of this economy.
#2. I’ve listened to Mr. Kotlikoff quite a few times in the past on various assorted programs, and bar none – just like this interview, he always arrives at a Government solution… He has many of the right ingredients, but tosses them to waste in his insistence that Government be the one to administer the solution/s. What does this say? It says that like many other academics, analysts, economists and policy-wonks, private solutions are just too pedestrian and unsophisticated enough to address our ‘complex’ problems. The ‘problem’ with that line of thinking is that our problems are not complex. They’ve been cleverly disguised as such, but in reality, a truly Free Market system is quite simple and elegant in its function.
Unfortunately, we live among those that will always ‘know better’ than the average man on how to run a life, a system and a society. Worse, they always seem to know So much better, that they rely on Government coercion as a means to show us all just How much better they know…
Save First, Spend Later. Get Government Out of what it was never designed or prescribed to do – that would include local, state and federal economies.
How pathetic we became in the world’s eyes, if we cannot get our own house in order how do we expect others to respect us:
“China gives no ground to Biden in air zone dispute”
If we honestly want to turn this country around, we’re going to need a REAL House of Representatives, with more than 60% not owing their positions to financial sociopaths. Then we’ll have real power to stop the shakedown of the 99%. We’ve witnessed what happens over time with a majority of sociopaths (Snakes In Suits) in Congress.
Incredible story and brilliantly presented by you. Howver I suspect that the Government already knows its predicament and (as evidenced its preparations over the last few years) I suspect that there will be no sensible spending cuts or tax increases, but instead there will be chaos, “bail ins” and martial law – which is a time to run and hide!
When prof. K asks “Why is not US Govt doing anything about this?”
My answer – NOTHING CAN BE DONE, short of Revolution. That’s it. Sometimes ruling classes get it SO wrong on SO many fronts…. replacing normal market economy with Financial Capitalism (Banksterism?) that is not about producing goods and services but about fraudulent wealth re-distribution. Nothing can be done, short of starting with a blank page. But – people that have amazing power and wealth in the US – maybe 2-3% of population – they will prefer dying instead of acknowledging the reality that is. Trust me – I’m seen it in the USSR, can see it now coming in the US.
Most important lesson – forget about “capitalism”, think about market economy as a business model, and think about society operation and progressing as a whole being, as a goal of existence – “HAPPINESS FOR EVERYBODY, FREE, AND LET NO ONE GO AWAY UNHAPPY” combined with sound accountability of everybody for maintaining things this way. That is the only way for humankind to fulfill its potential. Not debt based economy.
It would be nice if you were to provide some documentation on your predictions
Like a duck swimming across a quite pond, sometimes the greatest force of movement are the things you cannot see that lie just beneath the surface. Is it possible that history is repeating again ?
I have the same chart, heh heh heh, and it takes the current DJIA to @17,000.
This I think is key:
Watch the Banks (Fed) move into Gold purchases (as quietly as is possible) as they pump-n-dump the Dow up to 17,000. How will you know that the Fed is buying Gold then, you may ask? Simple. No one else will be able to get their hands on any physical Gold.
That’s not a prophecy; that’s just the result of my study and experience for many many years, and that’s the way they do things.
I don’t have enough money to buy any Gold coins, maybe a couple silver ones… but if I did have the money, I would be phasing into purchases as Gold goes down and the Dow goes up. Just for insurance. No matter what happens to the market; gold will always have a cyclical value; meaning that someday it WILL be very valuable; if not to me then to my heirs.
Fact is, I may not make it into 2014 anyway. I got surgery come mid month, the odds aren’t good and I don’t want to live paralyzed either. But God has given me a full life, and I have only a few thousand regrets (but I learned through them all) so…
I just hope that those into whom I have invested my life will prosper from it, and have a better life.
Another great interview! I have noticed on the last couple ,you inquired about bail in’s I think a good week-wrap up would be to enlighten people about the bill slipped through at the end of 2012.It seems as no one is aware of it or the language within.Many people watch your site and it would be nice to shine some light on it.Thanks again for all you do.
What is your opinion of WHY they raised the 10 year to 2.9?
China and Japan T-Bill holdings exceed $2T. The USA agriculture farm gate receipts were around $300B total last year, thus China and Japan could buy all food produced in USA 7 times over, if they cashed in.
The USA has about 915 million acres in farming, including good ground and poor ground. That equates to about $2,200 per acre for all farmed ground. Good ground commands about $6,000 an acre on average, thus China and Japan could buy at least 335 million acres, or about 1/3 of all farm-ground in USA, or about 60% of the prime farm-ground (excluding portions of California where rates are much higher). This does not figure in Great Britain’s holdings….
Remember that Germany wants its gold back now, but the US says it will take years to transfer it all. Why? I dunno; but I do know this:
The US State Dept can freeze any international transaction they want – and probably WILL if/when the Chinese or anyone else floods the market with Bonds. They could call it a matter of National Security, which it really would be. Or they could call it an act of war; and freeze it.
Sanctions too are really acts of war, and they punish the most innocent people in that nation being sanctioned. So there are lots of ways to deal with that eventuality.
Also remember we have the slickest, most scheming liar- leaders in the free world in Washington. God only knows what they can come up with to justify anything they want to and will do!
Personally, I believe it’s the paradox of thrift syndrome.
With price inflation of only 1% for the year, the Fed fears deflation.
But it’s a catch 22… Just a little higher and the Bond bubble pops.
Or the 4 major banks POP!
What a PICKLE!
In 2008 they gathered the best brains out there and came up with plans they used the best one or two and now we are seeing plan 12, 13…. god knows, and that is the left over!
Great interview with the professor who is empowering all of us
to reach out to our congress people and make the changes we
And another huge looming priblem that is finally being discovered by the population is TTIP. It appears to be a trade agreement whereby corporations on both sides of the Atlantic will have such far reaching control that governments for/of/by the people will be non existent. A journalist in Great Britain has been sounding the alarm on that side of the pond. But I haven’t heard much over here.
Yes Felicia. This is a BIG worry. It seems that the Investor state dispute settlement terms will also feature in the Trans Pacific Partnership arrangements.
Why would any government opt for such terms, when it means that their own laws can be challenged by foreign corporations??? Is it that the leaders of these Governments will walk into corporate jobs with multi million dollar salaries, once they leave office? Our recently elected conservative Prime Minister here in Australia has declared that “Australia is open for business”. Obviously meaning unfettered capitalism by multi-national corporations. For example, in the state of Tasmania, where I live, GM crops are banned. Under the proposed isds provisions of the TPP, Monsanto could sue the Tasmanian Government for compensation for its refusal to allow GM seed! This is unreal.
Marg, you could say the corporations are now, in like Flynn!
On the surface this official discussion of the true financial situation may seem like a good idea. Could this be a Higalean Dialectic (sp?)in progress? If so, the central planners have created the problem. They now explain it to the population. Next, since this is now explained to society , whatever they do to loot with a bail in, nationalize retirement and pension accounts, can be justified because everybody now knows the situation is untenable. If they officially pass such a decree. That’s the signal to run for the hills.
This guy is a government apologist. He believes the state is there to protect us and sees value in them taking our rights in order to save us. He actually says that it is hard to determine how many attacks have been prevented by the current regime and that Obama is a civil rights attorney (which may to true but come on!).
I am surprised to see someone of his ilk on this program.
I understand his bill and what he wants to accomplish but no legislation is going to change the ways of this government. No one needs to be told what deep $4!7 we are in and it will not change the fact that there is really no graceful way out for the US govt.
You know who I don’t see on this list of “elite” economists?
Answer: Not one recognizable name from the Austrian School.
This ought to be a good indicator of the usefulness of this bill!
Tell me, Dr Kotlikoff, for how many years will your predictions about inflation and the collapse of the dollar have to be wrong before you’ll admit that you don’t know what you’re talking about?
Do you really need a ‘Bill’ to tell people we are in super trouble? But, maybe we do. It is called intervention. Much like the 10 steps for alcoholics in AA. We need to intervene this madness called spending. Money from trees. All I can say is I hope these messages are auto to iPhones. If not, people won’ t see it….
Eat, drink, and be merry. For tomorrow we will die. How many folks can fathom a number 50 billion let alone 50 trillion? We need intervening in math….
Thanks Greg; this is good to know. Professionals banding together to speak out together is a great thing. I don’t know if the Bill will go anywhere, or succeed in moving any politicians, but I do know this: When people cry out together for righteousness and against unrighteousness; God Listens.
The “will” of the people is very formidable, WHEN the people speak out. On very few occasions do the people make known their will by using their voice to effect change. 911 professional engineers/architects did. As noted; so did scientists concerning the A-Bomb. So here is another.
We need an symphony; Maestro.
Casper – out.
Yeah, super facts
I heard your long radio interview yesterday w/gld ”Greg unleashed”. Ha you should post it here
fop USA WD
Am surprised that all those “smart” economist on this bill and no one diagnoses the problem!
How will you be able to treat the disease if you are reaching the wrong diagnosis?
Let me diagnose it right for those smarty suites and put the cure on your site.
The feds (private bank) issuing our currency with interest!!!!!!
Abolish the feds and the treasury dept. to issue our currency!
We will prosper in 5 years.
Educate people about the disease and the cure and then you have enough back that is strong enough to support a bill that will [email protected]#k up those bastards that are only parasites sucking our money and blood to build settlements in Israel!
Otherwise …… we are doomed!