Peter Schiff Warns of Economic Collapse, Civil Unrest and Martial Law

From Inforwars.com

American investment broker, businessman, author and financial commentator Peter Schiff warns us that we are in worse shape now economically than we were just before the 2008 financial crisis, which we still have yet to recover from.

“I think the U.S. has been in a depression or a recession for the entirety of the Obama presidency,” Schiff said. “I think there’s going to be a depression, but I don’t think it’s going to be global.”

“When the dollar collapses and when the rest of the world stops wasting their resources, propping up our economy, buying our debt, selling us products that we can’t pay for, I think you’re going to have a global economic boom outside of the United States.”

“I just hope that one day we’re smart enough to jump in on it by adopting free market principles.”

“I hope we can reclaim our former glory,” he continued. “But to do that’s we’re going to have to reclaim the values that we have abandoned and those are the ones that our Founding Fathers wrote into our Constitution, not the ones that we’re following now.”

3 Misconceptions That Need to Die

From The Motley Fool

By Morgan House

At a conference in Philadelphia earlier this month, a Wharton professor noted that one of the country's biggest economic problems is a tsunami of misinformation. You can't have a rational debate when facts are so easily supplanted by overreaching statements, broad generalizations, and misconceptions. And if you can't have a rational debate, how does anything important get done? As author William Feather once advised, "Beware of the person who can't be bothered by details." There seems to be no shortage of those people lately.

Here are three misconceptions that need to be put to rest.

Misconception: Most of what Americans spend their money on is made in China.

We The Stupid

From American Thinker

By Ann Barnhardt

I stand here in abject stupefaction.  The so-called "right" or "Tea Party" in this republic is being so thoroughly rolled and defeated that I am struggling to come up with an adequate violent submission metaphor that does not involve prison rape . . . and they honesty think that they're "winning."  Really?  You call this winning?

• - Obama gets over $2 Trillion to spend before the 2012 election
• - There are no real spending cuts
• - There is a massive tax increase effective January 1, 2013

Obama is going to be handed something in excess of $2 Trillion -- and he has made it perfectly clear that he will spend every penny of it before the November 2012 election.  That's why he kept saying, " . . . so we don't have to do this again", meaning raise the debt ceiling again.  The debt ceiling would only need to be raised if all of the money had been spent.  Therefore, he has stated very clearly that he will spend every penny of any debt ceiling increase.  He is going to burn through $2 Trillion-plus in the next sixteen months.  This was the Obama regime's plan from day one.  Geithner appeared before Congress in early May and told them this in no uncertain terms.  This outcome has been a known quantity all along.

SC House Delegation Among Those Opposing Boehner's Plan

 We are proud and grateful for South Carolina's Republican House delegation and Senator DeMint for standing strong and fighting for real cuts in federal spending, a reduction in the size of government, and a return to honest money and responsible leadership.  Please thank and encourage these good men in their historic battle:

	Tim Scott	202-225-3176
	Joe Wilson	202-225-2452
	Jeff Duncan	202-225-5301
	Trey Gowdy	202-225-6030
	Mick Mulvaney	202-225-5501

From Taylors-Wade Hampton Patch

Rep. Trey Gowd

With the country less than a week away from potentially defaulting on its debt, South Carolina’s Republican delegation to the U.S. House of Representatives is going against party leadership.

According to multiple media outlets, Trey Gowdy (pictured), Jeff Duncan, Joe Wilson and Tim Scott have opposed House Speaker John Boehner’s plan to raise the debt ceiling and stave off default.

It was thought that the bill would go to a vote on Thursday evening. But when it was not certain that it would pass, the vote was called off. Negotiations are expected to continue throughout the day on Friday.

National Debt Tops $14 Trillion

The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

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Greenspan Says U.S. May Soon Reach Borrowing Limit

From Bloomberg

Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing.

“Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt challenge, Greenspan wrote in an opinion piece posted on the Wall Street Journal’s website. “Long-term rate increases can emerge with unexpected suddenness,” such as the 4 percentage point surge over four months in 1979-80, he said.

Greenspan rebutted “misplaced” concern that reducing the deficit would put the economic recovery in danger, entering a debate among global policy makers about how quickly to exit from stimulus measures adopted during the financial crisis. U.S. Treasury Secretary Timothy F. Geithner said this month that while fiscal tightening is needed over the “medium term,” governments must reinforce the recovery in private demand.

“The United States, and most of the rest of the developed world, is in need of a tectonic shift in fiscal policy,” said Greenspan, 84, who served at the Fed’s helm from 1987 to 2006. “Incremental change will not be adequate.

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Poll: By 2-to-1 Margin, Americans Say U.S. Debt Owed to China Now Greater Threat than Terrorism

From CNS News
By Christopher Neefus

By a two-to-one margin, American adults believe the amount of money the U.S. owes China to cover the U.S. national debt is now a greater threat than radical Islam.

According to a Zogby International poll, 58 percent said the debt was a greater concern, versus just 27 percent who chose terrorism perpetrated by “radical Islamists.”

The polling firm asked respondents: “When you think about the long-term security and well-being of the U.S., which of these do you believe is a more serious threat?”

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OBAMA’S FIRST 100 DAYS

The Biggest Spending Spree in American History

From the Republican Study Committee

As President Barack Obama approaches his 100^th day in office, we have just witnessed the most debt-riddled first 100 days of an administration in American history. Obama has vaulted far past the debt numbers accumulated by his two predecessors in their first 100 days (in fact past their entire first years). In just 100 days, Obama has left future generations 564 billion dollars in new debt. Unfortunately for taxpayers, this is only a preview of what is to come.

As American taxpayers continue to hand over their money to pay for President Obama’s reckless spending agenda, it is appropriate to compare his first 100 days to those of previous administrations. Below, find the debt accumulated in President Obama’s first 100 days compared to those of Presidents Bill Clinton and George W. Bush. Even given the size and scope of President Obama’s reckless spending agenda, the figures below are sure to surprise. (Source: Bureau of Public Debt)

Obama even blows away the competition when comparing his first 100 days to his predecessors’ first full YEAR.

Clinton’s 1st YEAR	Bush’s 1st YEAR	Obama’s 1st 100 DAYS
$312 Billion	$194 Billion	$564 Billion

America’s Moronic Iraqi Policy

From Chronicles
By Paul Craig Roberts

According to all accounts, the United States faces its worst economic crisis since the Great Depression, with $2 trillion in near-term financing needs for bailouts and economic stimulus. This is an enormous sum for any country, especially one that is so heavily indebted that it is close to bankruptcy. If the money can’t be borrowed abroad, it will have to be printed—a policy that carries the implication of hyper-inflation.

In normal life, a borrower who must appeal to creditors makes every effort to bring order to his financial affairs. But not the Bush regime.

The out-of-pocket costs of Bush’s Iraq war are about $600 billion at the present moment, a figure that increases by millions of dollars every hour.

In addition, there are the much larger future costs that have already been incurred, such as long-term care for the wounded and disabled U.S. soldiers, the replacement costs of the used-up equipment, interest payments on the war debt, and the lost economic use of the resources and manpower squandered in war. Experts estimate that the already incurred out-of-pocket and future costs of Bush’s Iraq war to be $3 trillion and rising.

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