Thanks Barack… Bank of England Says US Shares Same Fiscal Problems as Greece
Posted by Jim Hoft on Thursday, May 13, 2010, 7:41 PM
The Bank of England today announced that the US shares the same fiscal problems as bankrupt Greece.
Obama’s trillion dollar Stimulus failed.
Barack Obama and the Pelosi Democrats tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history. They’re off to another roaring start this year.
Nice work Pelosi, Reid and Obama.
The Telegraph reported:
Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank.
What with all the excitement yesterday over our new Government, I never had time to remark on the Inflation Report press conference. Most of our attention was on what King said about the Government’s fiscal plans (a ringing endorsement). But, as Jeremy Warner has written in today’s paper, it was as if King had suddenly been unleashed. Bear in mind King is usually one of the most guarded policymakers in both British and central banking circles. Not yesterday…
America, and many other large economies including the UK, share some of the same problems as Greece with its public finances:
Every country around the world is in a similar position, even the United States; the world’s largest economy has a very large fiscal deficit. And one of the concerns in financial markets is clearly – how will this enormous stock of public debt be reduced over the next few years? And it’s very important that governments, both here and elsewhere, get to grips with this problem, have a clear approach and a very clear and credible approach to reducing the size of those deficits over, in our case, the lifetime of this parliament, in order to convince markets that they should be willing to continue to finance the very large sums of money that will be needed to be raised from financial markets over the next few years, at reasonable interest rates.
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Published May 24, 2012 at 8:46 pm - 87 Comments
Taqiyyotomist commented:
OT
Jim, you gotta read this:
http://directorblue.blogspot.com/2010/05/elena-kagans-thesis-in-90-seconds.html
To quote Doug Ross, and you will agree when you read what Kagan writes:
“She is a radical. She is a socialist. And she must be blocked at all costs.”
Kevin commented:
Do you think Obama will say it was unprecedented and unexpected when he is forcibly removed from office? Just wondering.
Karl commented:
Talking banks … Check this out
Lloyd Blankfein Saves Chicago Community Bank That Just Happens To Have Ties To Obama And Bill Clinton
http://www.businessinsider.com/goldman-sachs-rescuing-shorebank-2010-5
Militant Conservative commented:
Control what is in your sphere of influence. Money,guns,ammo,food and energy. We are looking at a global collapse and reset. This is intentional and wanted by the left. Right now our only defense is to dig in and hunker down. this is going to be really bad. If I’m wrong, got a little extra chow and range ammo. If I’m right……..
I’m not giving up on America and a peaceful solution, I just have no faith in my elected officials. powder is dry.
Patriotic commented:
My feelings on where we are at. I apologize for the length.
Progressives/Liberals/Democrats love to live within the protected borders of the United States, which they are trying to change, and they love to benefit from whatever freedoms and foundations that the founding fathers gave us. These people hate openness, freedom, and competition. They hate that some citizens might become more successful than other citizens. They hate that America has more opportunity than other countries. Progressives and democrats want to control every aspect of your lives. These people love affirmative action, because it forces companies to hire employees based NOT on who is the best at the job, but instead forces companies to hire based on whether a certain quota (number) of people have been hired based on their race and gender. Social justice guarantees equal outcomes, without having to work or compete for it. Equal justice is the opposite. Equal justice is what our founding fathers wanted. Equal justice is the guarantee of equal chances to pursue, or compete for success.
What’s odd, is that you don’t see these same progressive people in the United States willing to move to the types of countries, that they are trying to turn the United States into…like Russia and China, and Saudi Arabia. They would rather destroy everything that has made the United States of America great, for their sick and twisted, idealistic version of how they think the world should be. They believe in Socialism, where everyone is forced into being the same by the State…where there is no competition and no one is allowed to be an individual with property rights.
Progressives have infiltrated EVERY aspect of our society to the tipping point.
These people don’t know the first thing about how to lead…they just know how to stand on the shoulders of giants and destroy what they could never build.
We have to remove progressives and liberals from every institution they have embedded themselves into over the last several decades by shining the light of truth on them, and getting more involved in positions of leadership.
Where are our great leaders?
So many Americans are not engaged in this fight because they take living in the United States of America for granted. They think it is too difficult to learn the complexities of our political system, our economical system, and our history. I just wanna live my life and have fun…nothing is going to happen to the USA…our leaders won’t let us fail kind-of-attitude.
The progressives in power are counting on Americans to be too stupid to understand the complexities of our political system, and how to take on the system. Just go home and watch sitcoms, and everything will be just fine.
The progressives are counting on Americans to be too stupid to understand the complexities of how our Federal Reserve banking system works. They don’t want us to understand how banks and the Fed create money out of thin air, to finance endless social programs…and then “borrow” more from China just to buy more time, before this crazy house of cards comes crashing down. This borrow/spending/create money addiction creates uncontrollable inflation, which devalues the dollar, and exponentially grows interest on debt, that will be impossible for our grandchildren to ever repay.
Cap and Trade is the culmination of the progressive’s desire to destroy the American dream. They want to force Americans to give up everything that is great about America, and give it away to the rest of the world, in order to force equal outcomes for World citizens.
Sound like some crazy conspiracy theory? It might have 10 years ago…but not now. All you have to see are the facts from our recent past. The progressives, liberals, and democrats, that would have you believe everything is just fine, are the ones who are crazy. They are the tin-foil hat wearers’, who are paranoid of free citizens.
This is not some paranoid fantasy that you could dream up, by watching every conspiracy documentary that Alex Jones has produced on infowars and prison-planet. Americans know this is no master-planned conspiracy theory, by the Tri-lateral commission or the Bilderberg group, hiding in the Bohemian Grove, but yet this is a reality being done by the progressives and democrats in our governments, in such a way that they can no longer hide it anymore. It is reality. President Obama and Bill Clinton think they can fool the American people, by blaming our situation on government regulation of hedge funds and derivatives.
It is nothing short of evil for these progressives in power to force socialism on the world by an economically controlled world government, and then to get rich themselves while they control the rest of us.
If this generation of conservatives does not spend their lifetimes correcting these problems, and rooting progressives in power out of every aspect of our society…we are done.
For those of you that wonder why past Republican Presidents have sucked up to world economic governing bodies, and world banking, the answer is simple: They have been too afraid to tell the American people the truth about how money works, and how hard it is to get the United States pulled out of this self-destructive system, that we have had since President Woodrow Wilson. Various conspiracy theories have been floated around by different groups for years about “The New World Order”, to try to make sense out of what doesn’t seem right, but it is time for Americans to put aside ridiculing each other over our ideas, and come together about what we know is right before our very eyes.
Here’s how conservatives are going to lead us out of this mess:
-Vote out all Democrats, Liberals, and Progressives, and vote for only true conservative Republicans or true conservative independents, in future elections. Do not vote for 3rd party candidates, if that would cause a Progressive/democrat to win in a spoiler.
-Al low prayer to God back in our public institutions. Respect all religions, but teach students that the USA was founded on Judeo Christianity, and that our nation has a right to keep that tradition, like every other country has a right to keep their traditions. Rebuild the traditional American family unit.
-Remove progressive majorities from schools and universities, and correct revisionist history teach the truth about our founding fathers.
-Term limits for Congress.
-Serious control of our borders. Build a strong national defense. Fight wars reluctantly, but fight to win.
-End identifying race, except for crime, and security.
-End affirmative action. End speech codes at Universities. End race specific universities, and race specific broadcasting channels, and race specific clubs in school or work.
-Back to Constitutional limited government. Steadily repeal every progressive law possible.
-Severely limit our contact with world governing bodies like the UN and world economic commissions.
-Stop creating money out of thin air. Our current system of letting banks and the Fed create money out of thin air for credit, is not working anymore. Citizens and States need to have more control over how much money is produced, what its value is based on, and the fractional reserve rules and rates that regulate it.
-Reform our court systems to end laws that favor one sex and race over the other. Reform laws in order to give law abiding parents equal rights to raising their children.
Right now, start creating new power plants, of every viable type, for a comprehensive energy supply, for our future.
Protect our environment and forests in responsible ways, like replanting trees, conservation, recycling, and without destroying sensible jobs.
Cut the budgets in half, pass a flat tax of 15 percent, and lower business taxes to near zero.
This list could be much larger, and these restorations are already starting to take place in States like Arizona.
Kenny Solomon commented:
Militant Conservative, I’m with ya 110%….. except the money part……. My gut is telling me that it’s all gonna be worthless and I have a feeling gold won’t be worth much either.
Hey, any of y’all readin’ this……. long-term storable food, water, ammo and the means to make the ammo work, plus portable energy (generators, batteries, solar-charging flashlights, etc.). if y’al ain’t a-got ‘em, go out ‘n git ‘em…… yesterday.
Oh yeah, I’m back…… One of the bands I work for popped over to this side of the pond to headline a music festival. it was quite relaxing to be off the grid for three weeks……. armed at all times, but off the interwebby thingamajig, didn’t watch the news, didn’t care…… quite the relaxed now and I plan on staying in this mood too……. even while kicking back online and watching events unfold.
Chippy commented:
When our system of gov’t breaks down the emphasis will be on saving everyone. That will be the giant sad story from our gov’t and the msm. If you disagree with that premise you will be arrested. That’s when our way of life will be censored, watched and controlled. This is why the HC bill and Financial Bill are dangerous. They are control freaks. Vote republican in November. We need to stop the democrat majority. If we don’t, we are screwed! Our freedoms will be over.
patman commented:
Okay, here’s my theory:
Obama and his clowns are just pushing every button they can. The goal is to create the uprising that WILL be nasty enough to call in troops.
If it happens I believe we’re just Venezuela but bigger and more restrictive.
ProLifer commented:
It is all coming down — by design. All we can do is prepare — and you can’t eat gold!
“Are you in the state of grace?”
(God takes care of His own.)
Estragon commented:
Comrade Obama’s stimulus plan worked perfectly: it paid off his union backers, saved many state government jobs so the states could put off their own financial days of reckoning, and set up an impending debt crisis which will pressure Congress to raise taxes.
Our situation is the same sort as Greece’s but not on the same scale – yet.
Even if you think Armageddon is unavoidable, gold isn’t a good buy. If it comes down to survival, no one will want it, but if someone does want it, if they have more guns than you they will just take it.
Greg commented:
Time to start showing the 2010 debt performance. It is running worse than 2009. The Dem controlled congress declined to work on a budget for 2011 in order to continue the last 2 years waste until after Nov elections.
TaSS commented:
Helllooooo?
Is anyone listening?
You know things are bad when the people are yelling for the government to STOP spending. Here’s the thing: Politicans keep spending for political reasons, the deficit will come due and hit our country hard after they are out of office so they will blame it on the next group.
November can’t come soon enough.
Opaobie commented:
Barack Dumba$$ Obama; “in for a penny, in for a pound”.