From Republic to Tyranny

[Mr_Jefferson_24]

By Andrew Bosworth, Ph.D.
Online Journal Contributing Writer

http://onlinejournal.com/artman/publish/article_487.shtml

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The American economy is underwritten by $8 trillion of debt and depends upon $2 billion infusions of foreign capital, much of it Chinese, every day. As former Federal Reserve Chief Paul Volker noted, "It can't go on for ever."

In Empire of Debt, co-authors Bill Bonner and Addison Wiggin describe how we are reaching the state, three decades after going off the gold standard, of "Imperia Absurdum."

"America's impoverishment is even more ridiculous. She is sustained by foreign wealth, but without real money. It is merely paper money without the paper -- electronic registration units of paper money. It is a mirage -- a chimeric representation of something that doesn't exist anywhere. For every additional dollar the US Treasury calls into being, there is no extra dollar of savings, no extra dollar of profit, not even the paper dollar itself. At least the gold taken from Latin America is still around today and is still useable. The dollars created by the Treasury are likely to disappear altogether." -- Bill Bonner and Addison Wiggin, Empire of Debt

So while the official economy is based on debt (but looks good on paper), the real economy includes a poverty rate that continues to increase, jumping to 37 million people. And the number of Americans with no health insurance recently jumped to more than 45 million people.

"What we are seeing," says Paul Craig Roberts, is the "rapid transformation of America into a Third World economy." Investor Warren Buffett, who now calls the United States "Squanderville," says that we are becoming a "nation of sharecroppers."
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[dubya_dubya_III]

1. Unless people wake up

This global religious-fascist squabble over Jerusalem will be the undoing of us all.

[patdem]

2. OMFG! Things are actually WORSE than I thought!!!!

This should be read by EVERYONE! If you only read the bullet points it will make you SICK to your stomach! K&R