US, world headed for 25 year depression: Jim Rickards

US, world headed for 25 year depression: Jim Rickards

“When I use the phrase 25 year depression, it sounds extreme but it’s not. We had a 30 year depression in the United States from about 1870 to 1900…The Great Depression lasted from about 1929 to 1940. The U.S. is in a depression today.” Well, it's been in the works for

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Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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Content By: The Coming Depression Editorial Staff (dates cited below)
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obama bucks

“The legislation would put the government on track for a national debt of $14.3 trillion—equal to about $45,000 for every American—and provide a vivid reminder of the United States’ dire fiscal straits. New estimates released by the Congressional Budget Office on Tuesday show that the U.S. this year could run a deficit matching last year’s record $1.4 trillion shortfall. “

WASHINGTON (AP) – The Democratic-controlled Senate has muscled through a plan to allow the government to go a whopping $1.9 trillion deeper in debt.

The party-line 60-40 vote was successful only because Republican Sen.-elect Scott Brown has yet to be seated. Sixty votes were required to approve the increase. The measure would lift the debt ceiling to $14.3 trillion. That’s about $45,000 for every American.


What safer investment than investment in Government? It must be very tempting for high level private investment. At that level they are more interested in security than venture. If specific governments see a way to raise money that way, they please those investors but, as the proverb says, the government becomes the slave to the lendor. That interest causes inflation. That inflation may not be immediately apparent as a rise in cost of living, but it is apparent in the enormous economic clout that the lendors receive over time and the disparity between rich and poor.

With that clout they may destroy the nation if they are not careful. Sometimes the more depressed need a tranquilizer in the form of a bailout or they could take the nation down with them. Government at all levels must be freed from debt so the government may truly govern. Pulling the debt back to small, local banks, and away from a centralized bank (like the Federal Reserve or Bank of Canada) is an excellent idea.

Any party that makes that their platform and could advance their reasoning for it, would be a serious threat to the others except they all adopt that platform. Otherwise we may have to rely on the common sense of the rich which isn’t always for the worst, if they have any sense. They may have more than us because they they enslave us with debt and no one complains.

According to the Austrian School of Economics, central banking is responsible for the cause of the boom bust economic cycle because central banks set interest rates too low and cause inflation. According to the Austrian Business Cycle Theory, the business cycle unfolds in the following way. Low interest rates tend to stimulate borrowing from the banking system. This expansion of credit causes an expansion of the supply of money, through the money creation process in a fractional reserve banking system. Source: Wikipedia, 2010.

It might be better for now because our politicians and public lack the sense to even see or understand the truth, and this applies to our media outlets as well. There is always the danger of fascism no matter who holds our debt or even if we have none. That may be the more serious threat. Debt you can pay back, but when they own you for life, that is slavery.


Story continued

Democrats had to scramble to approve the plan, which means they won’t have to vote on another increase until after the midterm elections this fall. To win the votes of moderate Democrats, President Barack Obama promised to appoint a special task force to come up with a plan to reduce the deficit. The House must still vote on the measure before it’s sent to Obama for his signature. You can read the rest of this story at AP news.

Related posts:

  1. Geithner admits USA bankrupt to US Senate“Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively...
  2. Next Wednesday a New National Sales Tax Will Be AnnouncedBy Jeff Harding of ZeroHedge In order to pay for the national health care plan, the Democrats were already planning to impose a tax surcharge of between 1.0% and 1.5%...
  3. US Treasuries not valued amid 500% debt GDP: Gross, Buffett“Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said Treasuries “have little value” because of the growing U.S. debt burden. The comment echoes Warren...
  4. Shock: USA guaranteed debt default says Greenspan & Guidotti“So how does America rank on the Greenspan-Guidotti scale? It’s a guaranteed default.” — Two well-known economists – Alan Greenspan and Pablo Guidotti – published the secret formula in a...
  5. US Federal payroll to increase by 2.15 million employees“”I’m shocked that the ‘tea party’ hasn’t focused on it yet, and the Obama administration only has a thin sliver of time to deal more directly with it, I believe,”...
  6. Canada adds $135 million/day national debt while taxpayer flips hockey pucks“When the former Liberal government proposed professional hockey subsidies back in 2000, then President of the National Citizen’s Coalition Stephen Harper had this to say: “Canadians are being forced to...

This entry was posted on Thursday, January 28th, 2010 at 9:07 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Comments

  1. July 4, 2010 @ 9:05 am


    I find this page to be extremley difficult to look at, much less read. You need to revamp in a big way!

    Posted by Steve
  2. July 5, 2010 @ 7:56 am


    It shows fine for me! What browser were you using?

    Posted by Jason

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