Repudiate the 'National' Debt
Murray Rothbard on saving money and freedom.
http://list.lewrockwell.com/t/1153941/20930787/62648/0/
Warren Buffett, Government Propagandist
And shill for the power elite. Article by Karen De Coster.
http://list.lewrockwell.com/t/1153941/20930787/62649/0/
He Predicted This Economic Crisis
Frank Shostak podcast on what lies ahead, thanks to the Fed.
http://list.lewrockwell.com/t/1153941/20930787/62650/0/
Moronic Oligarchs
From the left, Chris Hedges on the idiots who rule us.
http://list.lewrockwell.com/t/1153941/20930787/62657/0/
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From: Downsizer Dispatch
Sent: Thursday, October 23, 2008 11:00 AM
Subject: Will the government repudiate its debt?
D o w n s i z e r - D i s p a t c h
--------------------------------------------------------------------------------
Downsize DC President Jim Babka will be doing radio interviews tonight and
tomorrow. For more information, see the P.S. section.
Quote of the Day:
"There are 10^11 stars in the galaxy. That used to be a huge number. But it's
only a hundred billion. It's less than the national deficit! We used to call
them astronomical numbers. Now we should call them economical numbers."
~Richard Feynman, physicist, Nobel laureate (1918-1988)
. . . or better yet, government numbers!
Subject: Will the government repudiate its debt?
The government caused the housing bubble. Even the editorial page of the
Washington Post agrees.
But when the bubble burst, something strange happened. People fled for safety
to . . .
The arms of the government.
Investors took out hundreds of billions of dollars from the stock market and
re-invested it in government securities. This flight to Treasuries was so
pronounced that the yield became negative, when adjusted for inflation!
People are actually paying the government to borrow their money, because of a
government-caused problem!
Of all the absurdities of the current mess this is perhaps the most symbolic.
We've said it before, we'll say it again: This is how government works. It
causes disasters and then benefits from those disasters. Governments thrive on
failure, and invest in it heavily. Government is the Failure Sector of our
economy.
Here's how bad it is . . .
CNBC reported yesterday that if an investor bought the entire Dow Jones index
at current prices the dividends alone would return more than 5%. And yet,
people continue to leave the stock market and invest in government securities
that return less than the rate of inflation.
The TV talking heads call this a flight to safety. We call it a flight to
failure.
This mass insanity is based on a fundamental error, the idea that governments
don't go bankrupt. Supposedly, because the government has the power to
confiscate as much money as it wants, it will never default on its debts.
Therefore, people assume that government debt instruments are the safest
investment of all.
Nothing could be further from the truth, because there's a limit to how much
governments can tax and borrow.
Governments throughout history have defaulted on their obligations. They have
often either refused to pay or have paid with devalued money by inflating the
currency.
If the federal debt becomes too large to service then our government will do
the same thing. It will default on its debts. It will either inflate the money
supply, or refuse to keep all of its promises. For example, there is an
increased likelihood that the government will default on its Medicare and
Social Security promises. The politicians can start by increasing the
retirement age and/or trimming the benefit.
This is becoming more and more likely with every passing day. The federal
government already has future unfunded liabilities totalling somewhere between
40 and 60 trillion dollars. And our politicians just added another trillion
dollars of debt in the space of just a few days. But they aren't done yet . . .
Now they want to pass another so-called stimulus package, at the cost of adding
another $300 billion to the national debt.
Is this what you want? If not, then please speak-up and tell Congress to oppose
this boondoggle. So far, 543 DC Downsizers have sent messages to Congress
opposing "Stimulus Package II." But this still leaves 23,648 subscribers to
this newsletter who have remained silent.
If you remain silent then Congress will assume they have public support -- YOUR
support -- to continue piling up more and more debt. Please withdraw your
consent. Send Congress a message telling them you oppose "Stimulus Package II."
You can send your message using our free Educate the Powerful System.
If you've already sent a message on the stimulus package, keep up the pressure.
Send another message using our "Unfunded Liabilities" campaign. Tell Congress
they're piling up debt too fast. Tell them they need to find places to cut
spending. You can send that message with our easy-to-use Educate the Powerful
System.
Second, forward this message to others. Proclaim your lack of consent far and
wide.
Third, sign up for a Digg account and Digg this message on our DownsizeDC.org
blog, so more people will see it.
Finally, make a contribution to help us grow. You can contribute on our secure
web form.
Thank you for being a part of the growing Downsize DC Army, which has added
more than 400 new members over the last month.
Jim Babka
President
DownsizeDC.org, Inc.
P.S. Jim Babka is scheduled to be interviewed (live appearances are always
subject to last minute change) . . .
Tonight (Thursday) 7:00 PM Eastern (4:00 PM Pacific), on Livin Free with JP,
and you can listen online. Details on our blog.
Tomorrow (Friday) 3:00 PM Eastern (Noon, Pacific), on Straight Talk with Jerry
Hughes, and you can listen online. Details on our blog.
D o w n s i z e r - D i s p a t c h
is the official email list of DownsizeDC.org, Inc. & Downsize DC Foundation
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