Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Anonymous Predicts Global collapse coming soon

% of readers think this story is Fact. Add your two cents.


{source}
object width=”560″ height=”315″>param name=”movie” value=”http://www.youtube.com/v/ehsk-gg9aqg?hl=en_US&version=3&rel=0″>/param>param name=”allowFullScreen” value=”true”>/param>param name=”allowscriptaccess” value=”always”>/param>embed src=”http://www.youtube.com/v/ehsk-gg9aqg?hl=en_US&version=3&rel=0″ type=”application/x-shockwave-flash” width=”560″ height=”315″ allowscriptaccess=”always” allowfullscreen=”true”>/embed>/object>According to the talking heads of mainstream press the economy is slowly recovering and the financial crisis is all but behind us. But we need a reality check. It’s time to stop being naive and start being more discerning. Instead of more false hope, we need the truth as bitter as it might sound… and the truth is, from our local municipalities, to our states to our federal government, we are broke…

 

 

How did we get in so much debt?

To outline all the events that lead us to this mess would take a separate article. But here’s a quick summary.

In 1913, Congress passed the “Federal Reserve Act” relinquishing the power to create and control money to the Federal Reserve Corporation, a private company owned and controlled by bankers. Over time, more and more legislation was passed to expand the Federal Reserve’s functions. The FED (short for Federal Reserve) was granted two extremely critical powers: the ability to purchase U.S. treasury securities and capability to manipulate the interest rates. Interest rate manipulation and quantitative easing (pumping money into the economy) by the FED, are the two driving forces behind the boom/bust cycles and economic bubbles.

The FED was supposed to be the guardian of U.S. currency. In reality, it turned out to be a debt and bubble machine, ran for profit by greedy bankers.

Our founding fathers understood the danger of putting the power to control the currency of a nation in the hands of a few individuals in the form of a monopolistic central bank and were vehemently opposed to such a system.

 

In 1944, as World War II was drawing closer to its end, representatives of 44 allied nations met in Brenton Woods, New Hampshire, where the dollar (backed by gold at $35 per ounce) was accepted as the world reserve currency.

America was granted unprecedented benefits as the issuer of the dollar. However, the gold standard restricted the Federal Reserve from printing money unless it had the gold to backup new currency. Even though this ensured the stability of the dollar and a strong economy, such restrictions would not be tolerated by the Fed for very long.

In 1971, under president Nixon, U.S. moved away from a gold-backed monetary system to a fiat paper debt-based monetary system, which allowed the FED to print dollars out of thin air.

This opened the door for unrestricted spending and borrowing. Once we moved away from a “gold standard” to a “debt-currency system” it was only a matter of time before America transformed from the world’s biggest creditor to the world’s biggest debtor.

If you look at the national debt chart by scrolling up, you can see a direct parallel between the explosion of debt and U.S. switching to fiat currency in 1971. Once the Fed could create dollars out of nothing, it took only a few years for the government debt to gain an exponential climb rate.

Now, on the surface, the Federal Reserve’s ability to print money with no restrictions might sound great since you can just create new currency on demand… but it carries with it two very grave consequences that we’re paying for now.

The first consequence is inflation. Each time the FED issues new dollars, it increases the money supply, which in turn diminishes the value of the rest of the dollars already in circulation. Basically, that means the more dollars are printed, the less they are worth. As the inflation rises, so do the prices and cost of living. Inflation also encourages spending and debt, and discourages saving and capital formation. In the long run, currency inflation wipes out the wealth of the middle class and wrecks the economy. By the way, the dollar has lost 95% of its value since the Federal Reserve took over in 1913.

The second consequence is that we (the people) go into debt every time new money is created. When the government needs extra money, beyond what it collects in taxes, it issues U.S. treasury bonds, which are interest-bearing IOUs guaranteed by the government. These bonds are exchanged with the Federal Reserve for currency. This process is called “monetizing the debt”, hence “debt-currency” system. The Federal Reserve collects the interest and the tax payers collect the debt. The bankers prosper and people get enslaved.

Besides debasing the dollar and binding America into debt, the Fed manipulates the interest rates, overriding market self regulation. These manipulations create bubbles resulting in devastating consequences for the economy and the average American.

 

President Andrew Jackson refused to renew the charter (a grant of monopoly) of the Second Bank of the United States. In 1836 Jackson said to the bankers trying to persuade him to renew their charter (so they could continue their harmful monopoly)

“You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning.”

-– Andrew Jackson, 7th President of the United States



Source:


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.