Fed Chairman Ben Bernanke warned on Monday that there is a "real and growing" threat that skyrocketing U.S. debt will cause a catastrophic economic implosion if swift, bold action is not immediately taken to stop the fiscal insanity in Washington.
According to Bernanke, the moment is rapidly approaching at which something will have to give, one way or another. Our exploding deficits will have to be accounted for at some point.
Bernanke: "The only real question is whether these adjustments will take place through a careful and deliberative process... or whether [they] will be a rapid and painful response to a looming or actual fiscal crisis."
In other words, thanks to Democrats tripling and quadrupling the national debt in just two short years to illegally take over and destroy every industry they could get their hands on, we are now on a nearly irreversible collision course with national bankruptcy and utter financial ruin.
And the only solution is to do what the Tea Party movement has been advocating all along--make drastic, sweeping cuts in the size and scope of government--starting with the programs the Federal Government had no authority to create under the Constitution in the first place (like ObamaCare).
Bernanke also suggests simplifying our monstrosity of a tax code, which will also never happen as long as Democrats are still allowed anywhere near positions of power (because the tax code is how they illegally exert nearly all of their control).
As I have pointed out here, here, here, here and here, Bernanke is far from alone in noticing how rapidly we are following Greece down the toilet of fiscal suicide.
Enjoy this article? Receive email alerts when new articles are published by clicking on "Subscribe" above
Comments
Both the Republican Party and the Democrat Party have lied to U.S. The truth about the Federal Reserve is easy to research and simple to understand. We must never again allow private banks to create or control Our money! Why should we pay interest on OUR money? "We the People" must not listen to their lying doublespeak anymore. The research is everywhere now and not hard to grasp.
"It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning." --Henry Ford, founder of the Ford Motor Company.
Complete Accountability to "We the People" who hold the True Power prevents Fraud, Abuse and Corruption. Good government must ALWAYS be kept In Check.
The End of the Fed is a Real Stimulus Plan that Keeps on Giving!
The Federal Reserve Act was passed in 1913, shortly after the 16th amendment was ratified. The 16th amendment allowed our country to collect the taxes required to pay the annual dividends to the Fed's shareholders, who bought their original 300 shares for only $100 per share. By law, the United States can easily abolish the Fed by buying back these shares at a cost of "only" $450 million and replace the current national debt with non-interest bearing currency as it becomes due.
The Interest "We the People" pay on our National Debt is now over 700 Billion Dollars a Year.
Over $700,000,000,000.00 a Year Interest on Our Money Created AS DEBT – Out Of Thin Air!
It's OUR money. Why are we paying this interest?
"Few men have virtue to withstand the highest bidder." ?George Washington
"We the People" have paid Interest on Our Own Money for almost a hundred years to The Fed to create the wealth they have used to corrupt Our own government. Our government has now become a big fat Monster! This Monster has been stealing from U.S. for a hundred years now. It's time to drastically trim the fat.
"My reading of history convinces me that most bad government results from too much government." —Thomas Jefferson
"The essence of Government is power; and power, lodged as it must be in human hands, will ever be liable to abuse." —James Madison
"The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity." ?Abraham Lincoln
The Fed Is and has always been Our Country's worst nightmare and the "root" cause of Our massive government Corruption!
Since 1913 these freeloaders of Society who have profited undeservingly from Our labors, have only repaid U.S. by corrupting Our government. They want complete Power and Control over U.S. and Our children.
"We the People" are the True Power and government is merely a tool to serve U.S.
"We the People" can no longer tolerate lies, deceit and corruption from any of our "public servant" employees.
They work for U.S. ? Period!
Corruption in all political parties has been the norm since 1913. Extreme and harsh penalties for the violations of the Trust of "We the People" must now become the norm along with complete accountability to U.S.
"We the People" were deceived and allowed “the few" without any oversight to control Our money and the quantity.
"Controlling of the quantity of national money is THE most important political question humans can ponder. Freedom cannot long survive when bankers are in control of the quantity of a nation's money. Their debt money system is THE cause of most of the bad things in this world; war, poverty, hunger, misery." --Bill Still
Obama and all the signers of the recent Financial-Overhaul bill only put more Power and Control into the Hands of the Federal Reserve and want U.S. to perceive it as good for U.S.
They are LIARS!
They sold U.S. out to their masters who really could care less what type of government is in place.
It's always about Power and Control!
Power and Control in America belongs 100% to "We the People." ? Period!
The End of the Fed is Our first step.
It was realized that the "BANKSTERS" would have to become PARTNERS with the POLITITIANS and that the STRUCTURE of the CARTEL would have to be a CENTRAL BANK
The Federal Reserve Bank is Set Up as a Privately Owned Banking Cartel Controlled by a Small Elitist Group of Powerful International Bankers.
This Same Cartel Owns Other Central Banking Systems Worldwide Including the IMF (International Monetary Fund) and World Bank.
Thomas
Apparantly you missed Macro Economics 101. Debt is not created "Out of thin Air". Debt represents capital, which is defined as the ability to make someone do something. Capital in our society is in the form of currency, or U.S. dollars.
The debt the US has accumulated is a result of borrowing capital we have already spent. For example, we pay the Chinese $100 to make us a brand new refrigerator. They take the $100 and send it right back to us. In return, we give the Chinese a "promise to pay" in the form of a treasury note.
Now once the U.S. governement receives that note, it decides to do with it whatever it pleases. Entitlement benefits, defense spending, whatever.....
Once the U.S. takes that money and spends it (or spends capital), some form of benefit is received.
For the cycle to continue, the benefit from the U.S. government spending that $100 must be in the form of something usefull to generate at least $100 to send back to China! If no benefit is received, or we just spend it on an entitlement, we still owe the $100.
We are now at the point where no one is going to give us our US dollars back. The debt is what we owe in addition to the $100 we borrowed. The cycle is not sustainable. At some point, the U.S. will need to sell something useful to pay their debts. Debts that are almost all a result of spreading wealth.
Eventually, the debt will be unbearable and will not be able to be paid by just tax dollars. Therefore, the "FED" will need to print money to pay it. That will cause inflation, de-value the currency, and everyone will get less benefit from the dollars they have.
All of these systems are creative ways to distribute weath. We all have become to comfortable, forgot our history, and will shortly pay the price. This will indeed be a lesson for all of us that NOTHING IS FREE.
The Corruption ...... MUST DIE
https://sites.google.com/site/thegreattexasbankjob/Home?pli=1
Thank You Robert for keeping me educated on the issues! NorthWest Indiana Patriots motto is: "We won't stop until "THEY" stop!! All of them!! Both parties!!
This is meant for Thomas...
Are yu aware of how our banking system works? You know about fractional reserve banking, right?
You know that our money is regarded as "fiat" money because it is not actually backed up by anything real... China got pissed a while back because we had sent them gold bricks that weren't really gold.
You are absolutely convinced that Obama is destroying our economy... I wonder if you're aware that the Recession started in 2007, one that modern economists regard as the worst crisis of capitalism in over, what, 80 years?
Have you looked at the budget projections for 2009, you know, the projections made BEFORE Obama took office?
I'm sure you mean well, and have legitimate concern, but you are just a stooge, a puppet for large business interests that are afraid of losing their hold on lucrative markets... I mean, we had offer 50 million people without health care insurance. What does that tell you?
Do you think you could get away with starting a towing business in your city, charging customers monthly for "guaranteed" towing service, but you would "cherry pick" only customers with brand new cars?
Is that not what most health care insurance providers were doing, as they operated without any laws whatsoever preventing them from monopolizing large regions?
Tell me, WHO fought for and against allowing customers to purchase insurance across state lines? Something that would crush their monopolies...
You are a toady for large businesses, their CEOs, and their stock holders, etc... it's just sad that you can't see the reality of it, and you are convinced that your "cause" lies in "restoring Freedom"... when people say that it is an expression that is trickled down from Wall Street and corporations because... they WANT their Freedom to go wild with our economy, destroy labor unions, deregulate, and soak up the river of profits.
Chris,
Forget about Macro Economics 101
“We the People” have a simple choice and should never let simplicity of Truth become complex.
Should we continue to allow the Federal Reserve
to take total advantage of U.S.,
OR
should we learn from Lincoln and
tell The Federal Reserve to go “Kick Rocks!” ?
“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.” –John Kenneth Galbraith (1908- )former professor of economics at Harvard, writing in ‘Money: Whence it came, where it went’ (1975).
“The purpose of this financial crisis is to take down the U.S. dollar as the stable datum of planetary finance and, in the midst of the resulting confusion, put in its place a Global Monetary Authority [GMA - run directly by international bankers freed of any government control] -a planetary financial control organization” –Bruce Wiseman (2009)
“I wish it were possible to obtain a single amendment to our Constitution, taking from the federal government the power of borrowing.” –Thomas Jefferson
“If we value the Founding Father’s dream of freedom — an escape from serfdom by political self-determination –we have to conclude that creating our money is too important a function to be put into private hands. History has shown time and time again that that leads to nothing but plutocracy – rule by the rich – and ultimately slavery.” –Bill Still
“Congress can revoke central bank’s charter ‘at any time’” –Ron Paul
“If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations.” –Andrew Jackson
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. –Thomas Jefferson (in the debate over the Re-charter of the Bank Bill – 1809)
“The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.” –Abraham Lincoln
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.” –James Madison
“Peace, commerce and honest friendship with all nations; entangling alliances with none.” –Thomas Jefferson
“The people are the only legitimate fountain of power, and it is from them that the constitutional charter, under which the several branches of government hold their power, is derived.” –James Madison
http://www.tomdavidd.com/blog/
picckle,
Obama, The Bush Gang and most Presidents beforehand that allowed and pushed a Globalist Agenda have put “We the People” in the position we are now in.
Our Great U.S.A. was sold out in 1913 when the International Bankers started the
- Privately Owned - Federal Reserve.
“Against the insidious wiles of foreign influence, (I conjure you to believe me fellow citizens) the jealousy of a free people ought to be constantly awake; since history and experience prove that foreign influence is one of the most baneful foes of Republican Government.” – George Washington
“Every government degenerates when trusted to the rulers of the people alone. The people themselves are its only safe depositories.” –Thomas Jefferson
“We the People” have been taken advantage of by our “public servant” employees.
We can no longer tolerate their lack of Integrity and Honor.
Obama must be arrested as a terrorist against "We the People” and Our Beloved Constitution for charges including Treason, Espionage, Sedition and Fraud.
Barack Hussein Obama’s father was in fact a British Citizen. This gave Obama dual citizenship at birth. A “natural born Citizen” has always been considered to be one who was born on American soil to two American-citizen parents. Obama does NOT satisfy that requirement. Obama has studied Constitutional law and knew exactly what he was doing.
Article 2 Section 1 Clause 5 of the Constitution of the United States says:
“No Person except a natural born citizen, or a citizen of the United States, at the time of the Adoption of this Constitution, shall be eligible to the Office of President;”
“The only definition of “natural born citizen” that matters is the one held by the Founding Fathers! To assume the Founding Fathers would have allowed a British citizen at birth to become Commander In Chief of the US armed forces is to disgrace the blood of the patriots who earned this nation’s Freedoms and Liberties by their very lives.” –Leo C. Donofrio
Our Freedoms, Our beloved Constitution, Our National Sovereignty, “We the People” and the fact that we are a Constitutional Republic is why the United States of America is and will continue to be the Greatest Nation in the World!
“Enough, already! Let’s start talking treason, prison, and death penalties for all malefactors in government who subvert, ignore, skirt and otherwise trash the Constitution of these United States of America. Those who have sworn to uphold the Constitution and have then ignored their oaths of office are guilty of perjury and malfeasance in office.” –Stephen A. Langford (personal 19 June 2009 communication to this author)
http://www.tomdavidd.com/blog/?page_id=29
“Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the government of these United States and the people of the United States out of enough money to pay the Nation’s debt. The depredations and iniquities of the Fed has cost this country enough money to pay the National debt several times over. These twelve private credit monopolies were deceitfully and disloyally foisted upon this country by the bankers who came here from Europe and repaid us our hospitality by undermining our American institutions. Those bankers took money out of this country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along. They instigated the separate peace between Germany and Russia and thus drove a wedge between the Allies in the World War.” –Congressman Louis T. McFadden, Chairman of House Banking Committee 1921 through 1931 (In a speech made before the House in 1934)
http://www.scribd.com/doc/16502353/Congressional-Record-June-10-1932-Lou...
Our government employees have mistakenly developed very twisted views of reality. ”We the People” need to read all of them their rights - so they can all “get their minds right”.
“The people are the only legitimate fountain of power, and it is from them that the constitutional charter, under which the several branches of government hold their power, is derived.” –James Madison
We have been way to lenient and trusting as Americans and look what happens. Our government employees are corrupted, “cocky” and take advantage of U.S.
“The essence of Government is power; and power, lodged as it must be in human hands, will ever be liable to abuse.” —James Madison
We can no-longer let them out of our site. “We the People” do need a “big brother mentality”. Our “big brother” watching over everything our entrusted “public servant” employees are doing. We must expand our “checks and balances” and more accountability must be implemented.
We must raise much higher our standards of Honor, Moral Values, and Integrity in the hiring, vetting and voting posses of all our entrusted government “public servant” employees. They must fully understand the responsibility and loyalty we command and know the privilege of serving and putting first and foremost the needs of “We the People”.
If our standards are unsuitable, they can go elsewhere for work.
“They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety.” —Benjamin Franklin
I value all my Freedoms and Liberties, Our Great Constitution and Our very important National Sovereignty. I am more than happy to take more risks in life to preserve my maximum share of Freedoms and Liberty.
Our government officials need to back way off and respect the space and privacy of “We the People”. Government interferences and government in general have “gotten way too big for their britches.” “We the People must drastically “trim the fat” and shrink what has now become a major liability and burden upon U.S. This will also make it easier to keep Our eyes on them.
“My reading of history convinces me that most bad government results from too much government.” —Thomas Jefferson
“Few men have virtue to withstand the highest bidder.” –George Washington
Oh, if Mr. Bernanke would only have spoken up about a decade ago when he was still on the payroll...
I agree with the last comment completely. Where was Mr. Bernanke with these dire predictions over a decade ago? And to the writer of this piece....illegally taking over industries and destroying them???....are you high??? You need to survey those families in Michigan and Indiana whose families depend on vehicle manufacturing in order to buy food and pay the mortgage, ask them if it weren't for the decision that President Obama made to bail out GM where they would be. I'll tell you, they would be in bread lines that Republicans would have called "charities" for the poor. You conservatives are a trip. Hypocrites and champions of our countries 2% super rich. In ending, stop creating new talking points by quoting "The Founding Fathers", they like your immortal Ronald Reagan had serious personal character flaws like everyone else. Don't make me pull out my history books = ) Gregory Boyce - Progressive Examiner / Independent Examiner New Orleans - Peace....Oh I forgot Republicans don't like that word.....it's bad for the war industries.
Gregory,
So if Democrats, who have single-handedly run Michigan (into the ground) for decades, destroy the state's economy and Republicans don't fix it by trampling the Constitution, then REPUBLICANS would be the ones leaving people in bread lines?
What a steaming load of ignorant drivel. UNIONS are the reason Michigan is bankrupt. Crack open a book sometime.
As for your BS straw man fallacy--support total government tyranny or be a pawn for "the rich"--try again. Nobody's buying this phony class warfare diversion anymore.
And as for your bogus warmongering smear...Democrats have gotten us into nearly every war we've been in for the last hundred years. LOL. Yes, PLEASE, "pull out your history books" and do your homework next time before embarrassing yourself by parrotting erroneous DNC propaganda.
"In other words, thanks to Democrats tripling and quadrupling the national debt in just two short years to illegally take over and destroy every industry they could get their hands on"
The National Debt has increased about 3 trillion to about 14 trillion and in no way has it been 'tripled and duadrupled" by the Democrats .. WHAT is this guy smoking?
As to taking over and destroying 'industries'.. Name just ONE! GM was saved and eventually will be private once more.. I hate LIARS!
He probably meant the yearly deficit instead of the total national debt. Although, the total national debt can be calculated different ways I think by including or not including liabilities and stuff.
I do hope people understand that this is a DC problem not a democrat problem. Plenty of republicans have been apart of the debt problem and the big government problem. Electing republicans isn't necessarily the solution if they are like Bush and are fine with big government.
Genius,
The national debt has only increased $3 trillion (like that's not plenty) FOR NOW...Obama has committed us to decades of exploding deficit spending far beyond that...
blog.heritage.org/2009/08/28/obama%E2%80%99s-tripling-of-the-national-debt-in-pictures/
Some calculations even have his spending increases quadrupling the national debt over the next decade.
As for naming a single industry Democrats have illegally taken over and destroyed...try health care (turn on the news sometime). Instead of doing anything vaguely resembling what was promised, it is REDUCING access, INCREASING costs, EXPLODING the deficit...and you CAN'T keep your existing coverage.
And those are just the IMMEDIATE benefits of "the change we need."
I hate IDIOTS!
The real problem in Washington (and I am not saying the politicians aren't a big part of the problem) are the bureaucrats and federal judges. Bureaucrats really run this country and control what goes on in Washington (whom do you think wrote Obamacare, certainly not Obama). The federal judges are a problem plain and simply because they allow the executive and legislative branches of our government to ignore the constitution.
The article is right on. We need the change like two years ago. America was lied to - badly then - way worse now. The Tea Party is vetting the Repubs now and hopefully the American people will vet our representatives through this election. The nonsense has to stop. We are not Greece - we are the America and the hope of the free (and not so free) world. We need to loose the far left loonie agenda and the anti-Colonial crowd's illogical and unnecessary march off a cliff and get real. Let's lead by fixing ourselves and "hope" the world "changes" to follow. Already seems to be happening in Great Britain. Let's get back to exceptionalism and flee the apologist mentality. We are a nation of the free and the brave and the innovative - let's deal with it.
Fed Chairman Ben Bernanke is a Liar, Cheat and a Thief!
“I am concerned for the security of our great Nation; not so much because of any threat from without, but because of the insidious forces working from within.” –Douglas MacArthur
The Only Real Financial Crisis Of The U.S.A. Is Hiding In The Audit Of The Federal Reserve!
We Are A Sovereign Nation! A Constitutional Republic!
“We the People” need to keep a real close eye on all our government “public servant” employees. Our government was set up to serve U. S. and we no longer want any secrets about OUR money.
Does our government think that “We the People” are now here to serve them?
Are they out of their minds?
“Experience has shown that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny.” –Thomas Jefferson
True worldwide “Social Justice” can only really happen in the complete destruction and death of The Federal Reserve, and then by following its long ugly tentacles around the world to kill this blood-sucking monster and destroy it forever.
The Fed Must End!
http://www.tomdavidd.com/blog/?page_id=30
The Republicans put us in the Toilet.. the Democrats are reaching up to flush. Its time we climbed out of this predicament. The ONLY way it will happen is if there are PAINFUL slashes to ALL Government programs. This TRILLION dollar stimulus was money thrown in the garbage. It did NOTHING, will do NOTHING except put us even further in debt.. and now the Dems are talking about MORE. ENOUGH IS ENOUGH! STOP SPENDING and REEL IN COSTS! Obamacare is the worst of all.. Just wait.. just wait...After this fiasco it'll be 100 years before this Country EVER elects a Democrat again or allows the house or senate to have that kind of power. I like GWB, but I'm angry at him for his out of control spending too.
''The Secret of OZ'' made by Bill Still
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!