Western Rifle Shooters Association

Do not give in to Evil, but proceed ever more boldly against it

Wednesday, August 11, 2010

The US Is Bankrupt And We Don't Even Know It

Please read this Bloomberg article; key graf:

...Based on the CBO’s data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt. This gargantuan discrepancy between our “official” debt and our actual net indebtedness isn’t surprising. It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future...

Once you have recovered your composure, read Denninger's take for more explanation and greater understanding.

Anyone see the skittles-crapping unicorns yet?

We're gonna need a flock of them.


Anonymous Defender said...

Heading in the article: Double Our Taxes
This is the tipping point they've been waiting for. Back in the early '90s, Clinton administration officials licked their lips as they spoke of 80-percent tax rates.
Raiding Social Security to pay for government employee salaries and benefits, the War on Drugs and Privacy, senseless environmental projects -- and subsidizing our politicial enemies -- is coming home to roost.

August 11, 2010 at 8:15 PM  
Blogger J. Croft said...

Let it fall down. Let it burn.

The enemy will do their damndest to make that bill payable by force-force of law or force of arms. It is mathematically impossible to pay 202 trillion, it is most certainly economically impossible even discounting the Kondratiev Winter we're going to be in for a few decades.

Repudiate all debt. Remove yourselves from the enemy's control grids, get like minded folks together into groups become self-sufficient or team up with others. Preferably in a small rural town with secure water sources you can defend that you can stage a political takeover ala Athens TN 1946.

Sorting this out will take a long time. Nothing less than victory is acceptable.

August 12, 2010 at 12:30 AM  
Anonymous Dan III said...

I'm tryin' to convince the wife to forget looking for a different job, forget paying the mortgage and spend everything we can on food and medicine to take care of the kids.
The mortgage co. won't be there when this comes crashing down.
I think anybody who's paying attention can agree that it will, but can anybody guess as to when?

August 12, 2010 at 2:57 AM  
Blogger J. Croft said...

Dan III, if someone could accurately predict when Humpty Dumpty Debt will fall off that brick wall they'd be hella rich.

August 12, 2010 at 8:52 PM  
Anonymous Defender said...

I feel somewhat vindicated. The media corporation I used to work for before they laid off hundreds of us to improve stockholder dividends used to have stock worth $50 per share. Lately it has been scrabbling madly to reach $11, and today is slip-slidin' away below $9.50. At one point, a share of stock was worth less than the Sunday edition of the paper they publish.
I tried to tell them about the Fed and the globalist bankers, both so they'd educate their customers to what was coming, and for their own information. They snickered. I bet they still are. All the way to Chapter 11.

August 14, 2010 at 6:55 PM  
Anonymous Defender said...

The Federal Housing Administration is subsidizing $850,000 condos in Manhattan.

August 15, 2010 at 2:23 AM  

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