Wednesday, September 16, 2020

👉We are Broke -- The Great American Debt Reckoning is Here

👉We are Broke -- The Great American Debt Reckoning is Here We Are Broke -- The Great American Debt Reckoning is Here A fiscal cliff has been underway. Millions of people are still out of work, their emergency savings wiped out, and insurmountable debts are increasing. Forty-three million on food stamps. 30 million unemployed. Debt is the biggest problem for the US. There is a wave of residential and commercial mortgage defaults coming that will make 2008 look mild. The great American debt reckoning is here. You can't print trillions and only create minimum wage jobs in an economy without becoming a third world country. The Fed can't hike rates without crashing everything. Stocks are sharply higher, record wall street bonuses are in the works, and Amazon stake price will double by the end of the year! The market caught a boost on the bipartisan handout proposal yesterday. More morphine hitting the system and keeping people glued to their computer buying crap had everyone giddy. If $1200.00 stimulator checks are sent out again, the impact will not be as great as the first go-round. It will take more and more to feed the beast. Greatest recovery ever! Say bankers and CEOs. For the other 340 million of us, not so much Kick the can until you reach the fiscal cliff. The bill will come due one day. The end of the road grows closer. We got bamboozled, and the swamp got filled with taxpayer money. Preparing for a mass financial event. The structural flaws in our economy have become metastasized. Corporations and hedge funds are in panic hoarding. Techno-stagnation and non-investment. The US is broke.The US economy is toast. But so is the country generally speaking. I figure we have until November to prepare for some serious misery coming. We all know August's job numbers were a total fraud. First, they included the quarter-million hired temporary census workers . Second, they included a massive revision in how the Bureau of Lying Statistics adjusts numbers on the basis that their standard algorithms for such adjustments were supposedly skewing the numbers to appear worse than the BLS believed were true. That too, changed the numbers by another quarter-million. Hardly the basis for your sugar-coated claim of "impressive hiring gains." What everyone should realize at this point is that we are over the edge no matter what is done. There is a point where there is no going back, and we passed that months ago. Just more and more being exposed now. The US has passed beyond the event horizon of salvageability in its current form. The vast majority of its population has lost the last shreds of connection to value production. Worse than that is the delusional belief that the government possesses infinite resources to meed their every demand or wish. The funny thing about that delusional belief however, is that government does NOT possess anything that generates income, the people do, however, and it's always them who shoulder government liabilities. But seeing as indoctrination has replaced education in the Western societies, especially the US, that knowledge has been unavailable to them for quite some time, especially since some folks delusionally asserted that "deficits don't matter.", a delusional claim similar to believing that for a vehicle, gasoline or energy in whatever form, doesn't matter. One may claim so, as is their sovereign rights, but REALITY also has rights which it too, can exercise. And in the conflict between reality and delusions, reality wins every time! Debt, prudently utilized, has never been a problem, but the question we asked a while back, is still unanswered and the question? When does stimulation end, in favor of production? Or put differently, what are the plans to stimulate value production instead of non-productive consumptions? The answer we received so far is that there are no plans for value production, or the resurrection of honest labor, or organic markets, or honest finance, or reliable money, or the vigorous vitality of future producers. But there are plans for infinite stimulus based on nothing more than the abuse of a privilege, which is now not only exorbitant but weaponized exorbitance too. We ought to be cognizant that the patient we are trying to save is neither interested in knowing the dire situation nor cooperation to recover. In that case, as a doctor with integrity and reputation to safeguard, what'd be your decision, considering the prohibition against trespass against the legitimate rights of others, the patient included? We could tell you what we'd do, but the question is not for us, but yourself and why? There comes the point when reality acknowledgment is the only sane and safe action, meaning what? That you can't help or salvage those unable to acknowledge reality or unwilling to do the needful to recover. And that is what prudence is all about, the courage to admit you can't save the damned, that is. And with that, here's Orlando the Canary Crooner. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. And don't forget to subscribe, And please don't forget to hit the little BELL button to get notifications. The Government is at about 32 Trillion in debt to the Central Banks. The interest alone, paid by the taxpayer on the debt per year, amounts to 1.3 BILLION, Not Million, for each man, woman, child, and illegal alien in the United States. Reduce spending? We are into the abyss, and there is no lifeline. The only solution is to dissolve the Central Bank, The Fed, and cancel the debt on what amounts as Fiat money. Amounts are shown on the books that have no reality to the lender or borrower. The money loaned did not and will not ever exist. That is the scam that central banks have used for two hundred years worldwide and over one hundred years in the United States. Eternal enslavement for every human on earth has been the result of this fraud. There is one hope. The Fed is willing to loan fake money, but not at zero interest! Without the Debt, there is no need for income tax, and there is no need for the IRS if every person keeps what they earn in total, which gives them 20-30% more spending power, the economy booms along with a currency backed by sound money, gold, and silver. Taking the market a step further, If you own an asset and you trade it to buy another asset, you had ownership of what you paid and have new ownership of what you bought. You still may have to pay tax on the transaction if it is an object that requires registration, such as an auto or property, as the system is designed for complete indebtedness. If you are using debt instruments to make your purchase , even though you hold a $50, $1000, or $5000 bill in your hand, you are not using your money. It is fake money to begin with, and represents a debt to the system that created it. When you make the purchase using fake money, you pay a tax on the item, a sales tax usually. That is the interest you owe on the fake debt you used for the transaction. In a fractional reserve banking system, debt can NEVER be reduced. You can't fight math .The dept is far too large to ever be repaid (even if they wanted to). So The Big One will happen, sooner or later. The state can steal everything from everyone currently living in America, and it won't fund the criminal enterprise for a year. The Nixon shock in August of 71 severed the tie between gold and the dollar and ensured the death of the dollar, which is what we're witnessing right now. When Nixon closed the gold window, it allowed politicians to spend trillions we didn't have, and today that $200T in debt will never be repaid, it's impossible. The gold standard will be reinstated. It's inevitable, but we're going to have to go through years of hyperinflation and the worst depression in history before we get to the other side of this man-made disaster. What's going on behind the curtain is panic to keep the consumer-banking wealth model alive now that cheap oil production is falling. The US Dollar Currency collapse has become too large to be hidden. (Masterfully papered over after 2008 for more than a decade, until one year ago. Repo rate explosion revealed the Big Lie last September. King dollar may not survive the winter. It is taken this massive CV-19 lockdown Effort to provide the cover for a 100%+ increase in M1. A veritable firehose of dollars designed to Hide the true problem. We are broke as broke can be. Currency collapse. Are you ready? In Bizarro World, the corrupt politicians who brought and supported the problem, and the rich businesses that drained away all the fed money, are the Heroes who want more and more money while the middle classes are driven into poverty and homelessness. The Government killed the Golden Goose (Middle class), and now they demand money to feed the Authoritarian State that's being set up to control the newly poor over a Decade of DEPRESSION. Let the government suffer like everybody else, and for sure, it'll be a cold day in Hell before folks file tax returns again or pay taxes. There was a reason taxation was illegal: a form of government tyranny. Then the war happened, and it fucked literally everything up. Post-war inventions/policies: Taxation for everyone, regardless of income. The invention of mortgage and credit. Dissolution of anti-banking laws & anti-monopoly laws. Start of the Military Industrial Complex. The invention of the Federal Reserve.Etc. Half of these were supposed to be temporary only for the war. Then the government ballooned and got addicted to the money. The CENTRAL BANKSTERS have 100% control over the system THEY created. If we had no debt, there would be no cash in the system. Too much debt is exactly what is desired. Endless interest payments made by taxpayers to Central Banksters in exchange for nothing. This system is designed by Central Banksters to pay off the heads of state in order that they control the masses and enslave these masses to shoulder this endless debt .And the collateral for all this cash? The masses/taxpayers are the collateral. I can't wait until people just stop paying taxes or using fiat currency en-mass. Until then, another day at the circus. Nothing will change. We will continue on this same course until we sail right over the edge. Until a majority of the people feel the real consequences and pain of "printing money," nothing will change. It literally will take the absolute crash of every currency for this to happen. At which point, it will be too late. At that point, not even gold or bitcoin will save you. If you have food and shelter, that is all that will be desired. You will also need guns and ammo to protect it and to hunt. We will revert back to a barter economy because nobody will trust nor need that scarce paper/rock. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels; I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends!

Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

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