Debt Crisis
Debt Crisis. Randall Niles examines the latest figures on the National Debt and the Global Economic System."Do not accustom yourself to consider debt only as an inconvenience; you will find it a calamity." (Samuel Johnson, 18th century English author)Sorry, but here's the tough truth...We're all lemmings sprinting toward the cliff. Although a few of us have squealed in protest from time to time, the destiny of the herd is certain...We're all going off the cliff!The collective momentum is irreversible.It is no longer a matter of IF, but WHEN...The U.S. National Debt Clock just clicked past $13 trillion, on its way to $20 trillion, with no end in sight. If we account for unfunded liabilities such as Medicare, Social Security, etc., the total figure now surpasses $120 trillion! If we study the debt crisis facing many other nations, we quickly realize that it's a global house of cards. We're all playing with funny money.I'm not a prophet. I'm a pragmatist.If I run my household into the ground, living on credit way beyond my means, I will ultimately go bankrupt. My mortgage lender and credit card companies will force me to hit REBOOT on my family's life.If I run my small business into the ground, living on credit way beyond my company's reasonable projections, my small business will be forced into bankruptcy. My creditors, vendors, and suppliers will force me to hit REBOOT on my small business.With our families and businesses, we are held accountable by reasonable market forces. Ultimately, we must pay the piper. We might deny the reality of the numbers for a season, but they always catch-up with us."Solvency is maintained by means of a national debt, on the principle, 'If you will not lend me the money, how can I pay you?'" (Ralph Waldo Emerson)For some odd reason, we've all bought the lie that federal, state, and local governments are immune from the financial realities of a global market economy. With a national debt that just shot past 13 trillion dollars, the numbers don't mean anything anymore. In fact, the numbers have made us NUMB!Contrary to what we'll be told, this is not a failure of capitalism. The Free Market is the greatest economic system on earth, where people are rewarded for ingenuity, innovation, and hard work when competing in a fair, open, and efficient marketplace. Capitalism has always ebbed and flowed in economic cycles of recession and expansion. This is natural and expected in true, market-driven economics. However, after nine significant cycles since the Great Depression, we "monkeyed" with the system. The simple truth is that we didn't let the Free Market go through its natural correction. It seems we couldn't handle the "downs" anymore, so we created the fiction of continual, artificial "ups."We all want to delay the pain. Therefore, we borrow more "numbers" or print more "numbers". The politicians, financial executives, union leaders -- whoever — are just trying to keep the party rolling, stay comfortable, maintain power, and numb the pain where necessary.When it comes to our families and small businesses, we try similar reality-numbing techniques, but the system is set-up so that REAL reality hits us a bit earlier. It seems that "We the people" run out of gimmicks and games before the politicians, big businesses, et al.However, the games and gimmicks will soon run out for all of us -- That's the nature of economics. Yes, the world is facing a REBOOT. While the gamesmanship can continue and our "luck" can hold for awhile, at some point, economic reality will force us to hit Control-Alt-Delete on the entire economic system.
Channel: Education
Uploaded: November 30, 1999 at 12:00 am
Author: reflect7
Length: 04:08
Rating: 4.5
Views: 797
Video Comments
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thesergeeo (November 30, 1999 at 12:00 am)
BOEHNER SCUM
EarthaKit2 (November 30, 1999 at 12:00 am)
contt'd'builders-Earth HOses) brick makers, thatching roofs (UK), sewer pipes (clay like ancient Rome), glass blowing, smiths of all types, nursing, digging wagter wells, paper making, weaving, 4-H Clubs, tracking, Watch men /guards, etc.And the horses can return.In the last Great Depression of '39, the Fed propaganda (tv/school texts) presented horrors, but in truth, in real life, the vast majority of the populace lived well, as I listed above. They took care of their families.
EarthaKit2 (November 30, 1999 at 12:00 am)
You're a scaremonger.I say, let the Feds fail. Let the fiat currency FALL. We, THE People lived for thousands of years w / o paper money.There are a thousand ways we can help ourselves. Local currencies. Local Councils. Barter. Goods and Services. And there are millions of trades and hand workings, we can do AND learn. The hobbiests did it as fund,k now we can do it to live and even flourish: repair jobs, carpentry, pottery, home schooling, dualas, builders....cont;'d
EarthaKit2 (November 30, 1999 at 12:00 am)
So, I see that you are FOR more borrowing.IThere are two Social strata in the U.S. & the world, the Controllers & then there are the "peasants."I don't know why you're for more borrowing, but iIn case you haven't noticed, YOU are a "peasant"/ THE People. You're one of the latter, same as everybody else. (Of course, the exception is a gov.l shill, pushing for the Raise. Are you that?The Controllers are the ones that BORROWED the money, NOT we, THE People. We DON"T owe a red cent!
nottinmatterz2day (November 30, 1999 at 12:00 am)
good vid
drumsmetalheavy (November 30, 1999 at 12:00 am)
If you are to add the unfunded liabilites Social Security, Medicare & Medicaid our national Debt is than likley triple the 13 trillion dollar amount. This is unsustainable and eventually the interest payments on the debt will eventually exceed to well over half of GDP in the near future.
Leiflton (November 30, 1999 at 12:00 am)
first get rid of the federal reserve. the government BORROWS money from a PRIVATE BANK(fed), and then has to pay INTEREST. the government is supposed to PRINT the money as the constitution says, and then the debt could be better managed.and the Bible is pretty much against all forms of ursury anyway. "Thou shalt not give him thy money upon usury" hence we would not have this problem. God is against the money changers, for He sees how it turns people into indentured servants or worse.
killerbandit (November 30, 1999 at 12:00 am)
Keep dreaming about your utopian free market because it is NEVER going to happen, if this democratically elected government isn't setting the rules then there will be some other form of government to take its place.We have had pure free markets during feudalism. Right now the ones with the gold are again trying to set the rules and if we didn't have some semblance of a government in tact things would be MUCH worse.
KevZen2000 (November 30, 1999 at 12:00 am)
Statism does not work, and governments, like religion, are based on nonsense. A government essential robs the people, and the free market, to create unsustainable programs, and they over promise, enable to bribe people, so a few can gain control. Religion does the same, its promises you a cure to something that does not exist (original sin), the cure "Jesus," and a promise to something that can not be proven heaven, or has no evidence. Its time to free the world of these fantasies.
imikewillrockyou (November 30, 1999 at 12:00 am)
Randall, our government has been doing the classic 2x2x2x2x2..... with the debt and we need to double again to keep the game going. They just won't be able to do it this time, the numbers are too big. We'll never grow our way out of this it's a massive government run ponzi. Keep the faith and prepare for the worst imo. |
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