The below documentary was released by David Walker, America's top accountant prior to his resignation five years ago. David launched the Fiscal Wake Up Tour to educate all Americans on the dangers of deficit spending, or living beyond our means. The documentary details how Americans inability to save and our current trade imbalances is creating a crisis only second to a terrorist detonating a nuke in America.
Watch the video and feel free to comment here on this blog or visit David Walker's website featured in the video.
Showing posts with label david walker. Show all posts
Showing posts with label david walker. Show all posts
Tuesday, June 22, 2010
Wednesday, March 19, 2008
Jim Rogers Warns Of Fed. Induced Dollar Disaster.
This has been a topic that refuses to go away, every time I check the financial markets, turn on CNBC, listen to Glenn Beck, David Walker (GAO) or Lou Dobbs the message is always alarming. The most upbeat and positive commentators are now beginning to have a hard time with this issue, even after they paint the best economic picture they can to keep our hope alive in America the continual burden of "in your face" problems and bad news is widespread.
Jim Rogers is the latest hard hitter and brilliant economist to step forward and say "enough is enough" let the banks "fail." The Fed in his opinion has not only removed any and all consequences of their banking friends egregious criminal actions but has gone further and sweetened the deal with taxpayer printed money totalling in the hundreds of billions. This not only saved the big banks, but entitled the top brass at those institutions to keep their multi-million dollar bonuses, lucrative personal empires and guaranteed their future employment in the next generation of investing, banking and lending.
Rogers has called for the Federal Reserve to be abolished, and said that Bernanke was not elected by anyone but has taken matters upon himself to spend billions of taxpayer money... your money without your consent. Well how is it your money their taking? After all there is no one at your house or in your bank accounts right? Wrong! You are paying at the gas pump, you are paying through your property taxes, you are paying at the supermarket, and you are paying in your retirement accounts. Essentially they are stealing the value of your money by printing more of it as fast as they possibly can making it worth less under the basic principle of supply and demand.
Watch the video today it is yet another dire warning from a notable market expert and American investor concerned for the only thing left holding the middle class together in America... "The Almighty Dollar."
Jim Rogers is the latest hard hitter and brilliant economist to step forward and say "enough is enough" let the banks "fail." The Fed in his opinion has not only removed any and all consequences of their banking friends egregious criminal actions but has gone further and sweetened the deal with taxpayer printed money totalling in the hundreds of billions. This not only saved the big banks, but entitled the top brass at those institutions to keep their multi-million dollar bonuses, lucrative personal empires and guaranteed their future employment in the next generation of investing, banking and lending.
Rogers has called for the Federal Reserve to be abolished, and said that Bernanke was not elected by anyone but has taken matters upon himself to spend billions of taxpayer money... your money without your consent. Well how is it your money their taking? After all there is no one at your house or in your bank accounts right? Wrong! You are paying at the gas pump, you are paying through your property taxes, you are paying at the supermarket, and you are paying in your retirement accounts. Essentially they are stealing the value of your money by printing more of it as fast as they possibly can making it worth less under the basic principle of supply and demand.
Watch the video today it is yet another dire warning from a notable market expert and American investor concerned for the only thing left holding the middle class together in America... "The Almighty Dollar."
Thursday, March 13, 2008
Dollar Plunging Faster Than Thought Possible
The U.S. Dollar is plunging faster than I imagined. The downward spiral has got even Mexican migrant workers upset as they send their money home only to find out it is worth less and less.Experts are indicating today on the GCN network, or the "Freedom Radio" link on the main page of this site, that anyone with large deposits of dollar based assets need to begin their diversification of their assets into hard assets, such as Gold, Silver, Real Estate, or things of value that the Federal Reserve cannot create out of thin air.
Some time ago I have written that Real Estate is one of the best safeguards a person can have at the moment, anyone with large debt should consider refinancing at lower interest rates and fixing those rates for as long as possible. If you are able to pay your debt my position has been to not worry so much about fixed interest debt in lieu of accelerated inflation. As the dollar becomes worth less it is my bet that debt will become cheaper and more devalued. On the other hand, fixed assets in real estate will eventually grow as construction costs skyrocket. This scenario, in my opinion will come back to benefit everyone who avoids foreclosure. It may take several years for the market to equalize and get the economy back on track but when it does you hopefully will be happy you held on to your home.
One major concern at the moment for me is energy and food inflation, both of which are married. As energy goes up so does food prices, money may not keep up with inflation. As an American Italian one thing I learned is the importance of storing food during hard times. Should the U.S. Dollar drop another 20% it may be a good idea to get a jump on food prices and pack a pantry for yourself and family.
On a final note, I am not a financial advisor, always consult your personal expert when making major financial decisions. My situation may be unique and may not directly apply to you. This is my opinion only.
David Walker Quits GAO 5 Years Early!
Recently I learned that David Walker of the GAO has quit. This is significant since he was and still is the head of the GAO making him America's chief accountant. While Walker has not left under a flare of protest, he did mention that he attained all of his goals except for one.
The goal he has not attained, was one aimed at Congress to limit spending and take its accounting seriously. He was so frustrated with Congress and their avoidance of the spending issue that he took his message to the public. In his own words, and after many speaking engagements Walker has said that Americans are hungry for "two things, the truth and leadership."
One point worth mentioning here is that Walkers economic calculations show a dismal economic future for America some 20 years from now. They do not specifically take into consideration the market malaise of today. With these factors added it is my belief, that grossly irresponsible monetary policy, wars, and a brutal business climate, sadly could hasten Walkers reality 5 to 10 years early. Jobs, Gold and the value of the Dollar all need to be watched in addition to deficit spending if we are to get a true thumbnail picture of what lies ahead.
One other point to add is that Walkers debt figures are Federal only, these do not include our state debt mired at 14.7 Billion and local debt in our towns and municipalities. When these figures are added together the picture of America's economic future crosses the line into an insurmountable problem that can only be solved through courageous leadership and drastic reform. It will take a special breed of politician, and a very informed public who must be willing to accept that only hard choices will be available. Some doubt that Americans will make the financial concessions, and consequentially will only elect politicians that have no way of delivering on their public spending promises.
While I am very disappointed by Walkers exodus into a public venture, Walker has said he will fight to get Congress, and our next President, to get serious about Americas financial future. The below video was shot over six months ago and it encapsulates his message most eloquently. Although the video is old the message is still new and the same. Enjoy it, and share it freely.
The goal he has not attained, was one aimed at Congress to limit spending and take its accounting seriously. He was so frustrated with Congress and their avoidance of the spending issue that he took his message to the public. In his own words, and after many speaking engagements Walker has said that Americans are hungry for "two things, the truth and leadership."
One point worth mentioning here is that Walkers economic calculations show a dismal economic future for America some 20 years from now. They do not specifically take into consideration the market malaise of today. With these factors added it is my belief, that grossly irresponsible monetary policy, wars, and a brutal business climate, sadly could hasten Walkers reality 5 to 10 years early. Jobs, Gold and the value of the Dollar all need to be watched in addition to deficit spending if we are to get a true thumbnail picture of what lies ahead.
One other point to add is that Walkers debt figures are Federal only, these do not include our state debt mired at 14.7 Billion and local debt in our towns and municipalities. When these figures are added together the picture of America's economic future crosses the line into an insurmountable problem that can only be solved through courageous leadership and drastic reform. It will take a special breed of politician, and a very informed public who must be willing to accept that only hard choices will be available. Some doubt that Americans will make the financial concessions, and consequentially will only elect politicians that have no way of delivering on their public spending promises.
While I am very disappointed by Walkers exodus into a public venture, Walker has said he will fight to get Congress, and our next President, to get serious about Americas financial future. The below video was shot over six months ago and it encapsulates his message most eloquently. Although the video is old the message is still new and the same. Enjoy it, and share it freely.
Friday, January 11, 2008
Credit Card Debt Soars to One Trillion!
Some time ago I warned that the faltering subprime credit mess would put pressure on consumers to turn to their credit cards for money. The start of 2008 is showing just that, many American's have now "balooned" their credit card debt to a record one trillion dollars.
This is an enormous problem as our entire economy is built on a system of credit. Debt is what makes it possible to own a home, buy a car, build a business and believe it or not retire. But why does a person need credit to retire? The answer is that inflation, low Social Security payments, and stock market madness has led to a revolution in "Reverse Mortgage" retirement. This allows an elderly person to sell their home to the bank before they pass on.
Identity theft has compounded this debt problem, and resulted in a decrease in FICO Scores. The signs of contracting credit is placing a burden on all areas of the American Economy. Banks afraid of more defaults are eliminating subprime lending, creating superfunds to absorb losses and even borrowing from overseas investors.
Today Gold hit $900.00 per ounce, this is an indication that world markets are becoming increasingly pessimistic about the U.S., and possibly the Global Economy. The real challenge will emerge when the new bankruptcy law is imposed against Americans who believe that going broke is an option as if like it was for our parents. This may not be the case anymore, because the level of difficulty in having your debt pardoned, and being granted a fresh start is not what it used to be.
Bailing on your debt has more in common with trying to bail on child support today. Although there is no "official" debtors prison we do have "contempt of court" of which is the same thing. For now America's future economic fate is no longer in Americas hands. We have something called a "Dollar Peg" that is in the hands of foreign nations who are mired with troubled dollars they no longer want.
Many nations are already distancing themselves from the U.S. currency, while Americas leaders continue to ignore all the warning signs even those from Americas chief accountant David Walker who has gone public on the debt and credit fiasco undermining our national sovereignty.
David's message, recently was again on Glenn Beck.
This is an enormous problem as our entire economy is built on a system of credit. Debt is what makes it possible to own a home, buy a car, build a business and believe it or not retire. But why does a person need credit to retire? The answer is that inflation, low Social Security payments, and stock market madness has led to a revolution in "Reverse Mortgage" retirement. This allows an elderly person to sell their home to the bank before they pass on.
Identity theft has compounded this debt problem, and resulted in a decrease in FICO Scores. The signs of contracting credit is placing a burden on all areas of the American Economy. Banks afraid of more defaults are eliminating subprime lending, creating superfunds to absorb losses and even borrowing from overseas investors.
Today Gold hit $900.00 per ounce, this is an indication that world markets are becoming increasingly pessimistic about the U.S., and possibly the Global Economy. The real challenge will emerge when the new bankruptcy law is imposed against Americans who believe that going broke is an option as if like it was for our parents. This may not be the case anymore, because the level of difficulty in having your debt pardoned, and being granted a fresh start is not what it used to be.
Bailing on your debt has more in common with trying to bail on child support today. Although there is no "official" debtors prison we do have "contempt of court" of which is the same thing. For now America's future economic fate is no longer in Americas hands. We have something called a "Dollar Peg" that is in the hands of foreign nations who are mired with troubled dollars they no longer want.
Many nations are already distancing themselves from the U.S. currency, while Americas leaders continue to ignore all the warning signs even those from Americas chief accountant David Walker who has gone public on the debt and credit fiasco undermining our national sovereignty.
David's message, recently was again on Glenn Beck.
Subscribe to:
Posts (Atom)
