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02/09/10
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June 12,
2006 Why? You probably know about the approximately $8 trillion U.S. Government Debt - - euphemistically called the "National Debt." Although it increases so quickly that even the treasury can't really know, they claim you can see "The Debt To the Penny" here. But do you know about those U.S. Government "unfunded liabilities" -- obligations for which no funds are planned or available? These are "social insurance" payments, mostly money promised to older folks in the form of Social "Security" and Medicare. In fact, according to ultimate insider [1] Peter Fisher, you might ... Think of the federal government as a gigantic [social] insurance company with a sideline business in national defense and homeland security. This particular insurance company, it turns out, has made personal promises to its policyholders that have a current value of $20 trillion or so in excess of the revenues it expects to receive. An insurance company with cash accounting is not really an insurance company at all," he added, "it's an accident waiting to happen. -Peter Fisher, U.S. under secretary of the Treasury for domestic finance, Russell On Gold, $20 trillion in the hole... Gold anyone?, Richard Russell, Dow Theory Letters, 22 November, 2002 Unfortunately when Mr. Fischer made that statement about four years ago, he was just "eyeballing" the situation. So, how bad is it now? Well, depending on the estimates, those "unfunded liabilities" now amount to somewhere between $44 trillion and $72 trillion. And counting. This does not bode well for either the government or the country - - - or for retirees. According to U.S.Comptroller of the Currency David Walker, these unfunded liabilities, together with the record trade deficits, record federal budget deficits, lack of savings, etc. amount to a 'fiscal hurricane' that will generate a "debt tsunami" which will overtake and swamp the U.S. Government and citizens alike. In other words Uncle Sam is telling the world, "I know I'm gonna have to come up with at least $44 trillion - - - but I don't know how." And in the mean time, we have all those congressional Einsteins arguing over how hard they're going to make it for undocumented folks to become tax-paying U.S. citizens??? It shouldn't take a rocket scientist to figure it out. They should make it as easy as possible for these folks to sign-on to the Titanic. For Gump's sake, print up a simple citizenship form -- perhaps one line only: "Name: _______." Allow anyone to sign-up on the spot -- or even just make their 'X'. Instantly issue them a Social "Security" number, a driver's license, and get them a job. PRONTO -- before they wise-up!!! P.S. Just kidding.
Notes:[1] Before he held the position above (in charge of selling U.S. Government debt -- Treasury Bills (T-Bills), stuff like that), he and the rest of "The Working Group on Financial Markets" A.K.A. "the Plunge Protection Team" ran the secretive Exchange Stabilization Fund (ESF) -- which was set up in 1934, soon after F.D. Roosevelt treasonously criminalized the private ownership of gold in 1933. His job at ESF was to attempt to keep exchange rates stable in the absence of the gold standard. When Fisher describes the U.S. Government as "an accident waiting to happen," even EF Hutton listens. return
L. Reichard White lives several houses up from the site of the old Black Horse Tavern, a birth place of the Whiskey Rebellion -- which explains a lot. He supported his writing habit for over 30 years by beating casinos at their own games. Visit his website at NEXIALIST NEWS See a key chapter from his latest project, "The Hi-jacking of Civilization" -- which has almost nothing at all to do with 9-11. |
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