American Meltdown: 27 Facts About The National Debt http://mys.tc/2a5
We have been living way above our means for so long that we do not have any idea of what “normal” actually is anymore.
Where is the sweet spot between fiscal responsibility and austerity?
Governments, banks and households struggling with too much debt are dragging down the world’s economy and more needs to be done to make the banking system safer, a global organization of central banks warned Sunday.
… * waiting for other shoe to drop* …
‘For three decades, we have been told that “trickle-down” economics that benefit the wealthy is the key to creating jobs. But that’s baloney. The evidence shows that ordinary people, not the rich, are the real job creators.’
‘When most people think about America’s debt problem, they think of the debt of the federal government. But that is only part of the story. The sad truth is that debt slavery has become a way of life for tens of millions of American families. Over the past several decades, most Americans have willingly allowed themselves to become enslaved to debt. These days, most of us are busy either going into even more debt or paying off the debt that we have accumulated in the past. When your finances are dominated by debt, it makes it really hard to ever get ahead. Incredibly, 43 percent of all American families spend more than they earn each year. Even while median household income continues to decline (now less than $50,000 a year), median household debt continues to go up. According to the Federal Reserve, median household debt in America has risen to $75,600. Many Americans spend decades caught in the trap of debt slavery. Large numbers of them never even escape at all and die in debt. It can be a lot of fun to spend lots of money and go into lots of debt, but it can be absolutely soul crushing to toil and labor for years paying off those debts while making others wealthy in the process. Hopefully this article will inspire many people to try to escape the chains of debt slavery once and for all.’
#1 The Federal Reserve System Is A Privately Owned Banking Cartel. #2 The Federal Reserve System Is A Perpetual Debt Machine. #3 The Federal Reserve Has Destroyed More Than 96% Of The Value Of The U.S. Dollar. #4 The Federal Reserve Can Bail Out Whoever It Wants To With No Accountability. #5 The Federal Reserve Is Paying Banks Not To Lend Money. #6 The Federal Reserve Creates Artificial Economic Bubbles That Are Extremely Damaging. #7 The Federal Reserve System Is Dominated By The Big Wall Street Banks. #8 It Is Not An Accident That We Saw The Personal Income Tax And The Federal Reserve System Both Come Into Existence In 1913. #9 The Current Federal Reserve Chairman, Ben Bernanke, Has A Nightmarish Track Record Of Incompetence. #10 The Federal Reserve Has Become Way Too Powerful.
2) The Bain of Our Middle-Class Existence
3) Surprise! Federal Auditors Find Big Pay for Bailed-Out Bankers
4) Economically Addicted to War
5) Mitt Slithers Through the “Carried Interest” Loophole
6) How the Gringrich/Freddie Tryst Distorts History
“The “trickle-down theory” associated with free enterprise and open markets has failed. We have again entered an era of mass unemployment, poverty, malnutrition and
disease, and wars. The root cause of inequalities lies in the fact that the powerful in society have engineered systems that suck most of the wealth up rather than allow it to trickle down. Capitalism has become a distorted and twisted version of Adam Smith’s original idea.
Technological advances, particularly since the 1970s, have massively and rapidly altered the capitalist system in one crucial respect. As Hobsbawm suggested, computers and robots have created a large surplus of people around the globe. And capitalism, which is about growth, profit and speed of production, is unable and unwilling to deal with the surplus of humans.”
‘They got together at the St. Regis Hotel off Fifth Avenue to eat rack of lamb, drink and haze their newest members, who are made to dress in drag, sing and perform skits while braving the insults, wine-soaked napkins and petit fours — those fancy little frosted cakes — hurled at them by the old guard. In other words, a gilt-edged Animal House, food fight and all.
This year, the butt of many a joke were the protesters of Occupy Wall Street. In one of the sketches, the bond specialist James Lebenthal scolded a demonstrator with a face tattoo, “Go home, wash that off your face and get back to work.” And in another, a member — dressed like a protester — was told, “You’re pathetic, you liberal. You need a bath!”‘
Read more- Bill Moyers: The Party People of Wall Street
1) Student loan defaults. 2) Youth unemployment. 3) Big banks. 4) Small banks. 5) Borrowers. 6) Recent regulator incompetence. 7) MF Global and customer money. 8) Banks hoarding. 9) Obama conveyed that we dodged a bullet getting the banking system under control.