Friday, August 30, 2013
Debt crisis and Stansberry's "End of Obama": Just do the math!
As I noted on my “retirement” blog, the debt ceiling “debate” is “back” again. (I could say, “they’re back”, like bathroom drain flies.) Ezra Klein, Zachary Goldfarb and others at the Washington Post have offered some detailed speculations on what may happen this time, for example here. For example, here is Klein’s “I’m scared of the debt ceiling; you should be, too” Aug. 28, link.
There is an organization called “Fix the Debt” with an introductory blog posting (tweeted today) here.
The concerns specifically over Social Security may have softened, because lawyers now say that Social Security could line up as a priority bond holder, and courts will probably back them up in the inevitable litigation.
There’s a group called Stansberry Research that has been preaching that the debt crisis will destroy our world as we know it, and eventually even lead to martial law. Toshiba's news feed on my Windows 8 Satellite Laptop keeps flashing it, so I finally looked. (That's not Twitter or email; it's an Internet Explorer news window that Toshiba opens by default.) There’s a presentation called “The End of Barack Obama”. It’s annoying in that it is one of these video speeches that keeps leading you on with imminent revelations. The speaker draws you in with what sounds like mathematical logic, but doesn't give you a conclusion without taking a lot of time to hear the "proof". If it could put all this onto a PDF so I could read it quickly and see the “recommendations”, fine. Put it on Amazon as a book, fine. I’ll order it. But don’t take my time with this kind of presentation!
There is some good stuff. Stansberry says that he predicted the demise of Fannie Mae and Freddie Mac, and that the government is hiding up to $30 trillion more that it actually owes, that that the Federal Reserve’s pushing down interest rates, while printing money like Weimar, is a ruse.
He does have a 90-minute YouTube lecture that I’ll “schedule” myself to see and discuss later, link. It’s called “The End of America”.
I must say, extremists on both sides want to make me feel like a fool. The extreme right wants me to learn to defend women and children in a primitive survivalist post-apocalypse “Mad Max” environment, and the far left wants me to take my turn being a peasant or a $1 per hour slave worker in the Far East (or maybe as a fast food worker in the US, or maybe a pathetic telemarketer or door-to-door salesman, turned away by gate communities that fear revolutionary home invasions). They’re talking war. But so they were when I was growing up.
Update, Sept. 1: I've reviewed his video on my "Films on challenges to freedom blog". The hooker is that the rest of the world will refuse to accept the dollar as a reserve currency because the US keeps printing money to cover up its debts (like the Weimar Republic?)