Discover the best of the web!
Learn more about Digg by taking the tour.
Americans Given a Shovel, Digging Deeper Into Debt
nytimes.com — Practices of The Fed/IRS, that produced record profits for many banks, have led millions of Americans to financial ruin, under a mountain of personal debt, while sharing in Public Taxpayer Debt at $9 Trillion, and rapidly climbing, thanks to Fed collusion with the Bush Administration Us Treasury Dept.
AlwaysAwake- 62 diggs
- digg it
- AlwaysAwake, on 07/20/2008, -1/+5Not realizing that we Americans have been manipulated by The Masters of Greed,(See 4 part BBC documentary series "The Century Of The Self" Google or YouTube Videos), into self-destruction by our own greed for "more" in "the pursuit of happiness", most of us are now ruined, wallowing in, and paralyzed by fear in quiet desperation, guilt, shame, remorse, and self-reproach. While all of this assessment is quite true, thanks to our diverted attention, The Masters of Greed have been busy saddling us with insurmountable personal and public debt designed to permanently enslave us, our children, and theirs beyond, to the arch-criminal, Mega-Rich Rothschild Family Dynasty, and their sociopath, super-rich, mostly European Royal Family Mega-Banking/Corporate Investors, calling themselves The One World Company. They are the true owners of the private banking cartel monopoly, unconstitutionally hiding within the US Government since 1913, The Federal Reserve System/ Internal Revenue Service. Since 1913, as Gold and Silver backed US Treasury certificate US Dollar currency disappeared, The Fed, truly unaccountable to the US Government, has assumed exclusive control over US monetary policy, issuing worthless, fiat, "money as debt", "out of thin air" Federal Reserve Note (Check your pocket) US Dollar "money", as interest bearing loans to The US Treasury, called The Public Taxpayer Debt. By inflating the "money" supply, The Fed perpetually increases the principal of the loans, increasing Public Taxpayer Debt as well; now at $9 Trillion, and rapidly escalating. As the principal we owe on these "loans" of worthless currency never decreases, the interest is collected by their foreign corporation money laundering, and collection agency, The Internal Revenue Service. The IRS has NEVER been authorized by any Act of Congress or Presidential Executive Order. It is NOT a part of The US Treasury Dept., and, as a foreign corporation, may not legally be represented by The US Justice Dept. Going on right under our own noses, while we have been busy struggling for "more", many of our Public "Dis -Servant" Authorities are well aware, and involved, and cannot be trusted. It has gone so far now, that only a massive grass roots movement of confrontation by total, non-violent civil disobedience to all Authorities, can bring down this corrupt system leading us into extermination or enslavement.
- anaesthetica, on 07/20/2008, -0/+6Adam Smith's theory underlying economic growth looked something like this: Savings -> Investment -> Growth. Essentially, it required parsimony and savings of wage earners to finance the investment into capital goods that would allow companies to expand production and thereby expand employment. Expanding employment would lead to a tighter labor market and thereby raise wage levels again. For Adam Smith, the "wealth of the nation" was not high corporate profit levels but high wage levels.
Look at where we are today: our savings rate is *negative*. That's right, taken as an aggregate Americans spend more than they make. This is not Adam Smith's capitalism -- no savings means that investment has to come from elsewhere. Investment now comes from abroad--Japan, China, and Europe send billions of dollars a day into the United States, investing in the U.S. economy, while the people in the U.S. spend beyond their means instead of saving. The U.S. worker has been cut out of the equation, except at the point of consumption, in which we are the world's consumers of last resort.
Running one's life on constant debt levels is just as if not more untenable than running an entire country on constant debt levels. This is not capitalism anymore. - atish505, on 07/20/2008, -0/+4DEBT=Disaster and Disaster=Debt in Life. The GE Capitals, Countrywides, Citigroups of the world have been helping Americans dig their debt trap for years. Now it is a crisis of global proportions.
Spend less, save more, invest wisely - does not seem to fit in the interest of the country where a lame duck, idiotic leader of the country sends tax payer - checks so they can spend the money and boost the economy.
The American Economy is now run by consumer spending (70% of the economy) and not on savings, investments, exports, or external trade.
People spending less will be an even greater disaster for the economy even though that is exactly what is needed to fix this system.
What a sad pity and what a sad position to be in. - hannibb74, on 07/21/2008, -1/+2Why we always put the blame on the other side. This lady overextended herself. Nobody put a gun on her head and force her to get the credit cards and buy a home she could not afford. People should take responsibility for their acts and stop blaming the other side.
When we borrow money we should take a hard look and see if we can afford it. Why was she even buying jewelry if she couldn't afford it. - AlwaysAwake, on 07/21/2008, -0/+1Update: Thanks to moves by The Fed no longer requiring approval by the White House, or The US Treasury Dept., the US Taxpayer Public Debt will soon top $21 Trillion. Once the attack upon Iran beginning in 3 weeks or so, drives oil prices through the roof, crashes the worthless fiat "money as debt", "out of thin air" Federal Reserve Note US Dollar, and the US Economy, working class Americans will all be broke, but stll liable, and permanently enslaved by that debt, and the interest to be paid as well.
Browsing Digg on your phone just got easier with our enhancements to the 
© Digg Inc. 2008 —
Content posted by