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U.S. facing $120 trillion on plastic

Posted By -NO AUTHOR- On 10/21/2010 @ 8:50 pm In Front Page | Comments Disabled



Warning that the U.S. dollar today is backed only by “promises” from the same politicians who created today’s economic disaster, longtime monetary expert Craig R. Smith documents in a new book that the nation already faces some $120,000,000,000,000 ($120 trillion) in debt, deficit and unfunded liabilities.

And unless something drastic and dramatic happens, America soon could follow the pattern established in Germany’s Weimar Republic shortly after World War I when it created 1,000,000,000,000,000,000,000 (1 sextillion) Marks, destroying its own economy with hyperinflation, crashing its currency, wrecking social values of thrift and work and paving Hitler’s rise to power.

The analysis comes in “Crashing the Dollar: How to Survive a Global Currency Collapse,” by Smith, who is founder and chairman of Swiss America Trading Corp., and co-author Lowell Ponte, a contributing editor at Newsmax magazine.

The book says that, while the problems have been developing for some time, “President Barack Obama and liberal Democratic policies are pushing the United States toward inflation or even hyperinflation, and … this could destroy the U.S. dollar and other major currencies.”

“President Obama’s bizarre response to America’s ongoing economic crisis appears to be madness – unless some hidden method, motive or agenda lurks behind it,” Smith says.

The $120 trillion?

“Impossible to pay off with either tax increases or spending cuts,” the book explains, which will leave politicians simply printing paper dollars to monetize the debt.

“Forty-one cents of every dollar the federal government spends is borrowed; up to 43 percent of America’s Gross Domestic Product is now local, state and federal government spending; unemployment and underemployment are stuck close to 20 percent; inflation-adjusted wages have not increased in 30 years … and the International Monetary Fund announced in summer 2010 that the United States is effectively bankrupt,” he says.

“Let’s be brave enough to tell the truth here,” says the book. “America’s economy has been skyjacked. The Big Government crazies at the controls are not flying us to Cuba, turning us into just another impoverished socialist state.

“It appears that they aim to crash the economy and the dollar, thus bringing down the global capitalist system,” it warns.

“They aim to bring about a ‘fundamental transformation’ of the world in ways that will destroy everything America’s Founders made, every individual freedom our Declaration of Independence and Constitution enshrined, every opportunity your children were supposed to have in a free society.

“We need to reverse the flight plan programming for a Weimar-style crash that power-addicted politicians have tried to lock into America’s autopilot,” writes Smith.

“We need to start returning America to the moral and sound-money course set two centuries ago by our country’s Founders,” says Smith.

“Let’s roll.”

Smith has expressed some blunt opinions about the economy and the government that appears to want to take full control.

“Government is run by people who can screw up a one-piece puzzle,” Smith says. And he points out that 3 in 5 American households include at least one person getting some sort of government benefit or payment.

“We have seen President Obama dump literally trillions of dollars of stimulus into the economy, only to produce an anemic growth rate in 2010′s Second Quarter of 1.7 percent. This has done nothing to improve overall employment,” Smith says. “Mr. Obama could have produced more growth, of course, by using Fed Chair Ben Bernanke’s helicopter to throw these same mountains of money into the air above random neighborhoods around the country. This, at least, would have given $4 trillion directly to the people, not special interests, to spend.”

The book includes chapters on inflation, the politics of debt, how the government has manipulated the home mortgage market, Washington’s deliberate inflation to create the “illusion of prosperity,” the coming crash of the U.S. dollar, President Obama’s radical ideology, and other topics.



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