By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee
The news media in this country are in a stupor. Either out of ignorance, or complete leftist bias and fraud to protect their socialist hero Barack Obama, the mainstream media has turned a blind eye toward the enormous disaster facing our economy. The greatest Ponzi scheme in world history is coming to an end, leaving America on the precipice of economic Armageddon. Here are the facts the mainstream media does not want you to see- hiding in plain site just like Osama bin Laden was.
Bill Gross is the world’s biggest bond trader. He runs the PIMCO bond fund with over $250 billion under management. He recently disclosed through financial filings that PIMCO has sold every single U.S. bond in its portfolio. Local, state, federal bonds- all sold off. Gross knows bonds are about to default in record numbers. And most importantly, he knows that the last resort of the Federal Reserve buying our own government’s bonds at auction is a certain sign of Armageddon. When no one is left to buy your own debt but you, you have reached the end of a Ponzi Scheme.
Then there is legendary Wall Street investor Stanley Druckenmiller. He, too, is calling the Fed’s bond purchases a fraud and a Ponzi scheme. Druckenmiller says, “There is a phony buyer of $19 billion per week of Treasury Bonds.” The phony buyer he refers to is the U.S. government. Druckenmiller knows that when a country resorts to buying its own debt, we are seeing the last days of the Roman Empire.
Another Wall Street legend, Jim Rogers, spoke out at a business conference last week. He said he plans to short sell (bet against) U.S. bonds with both hands. Rogers added, “If any of you have bonds, I would urge you to go home and sell them. If any of you are bond portfolio managers, I would get another job…if I were you, I would think about becoming a farmer.”
Finally, we have the opinion of municipal bond expert Meredith Whitney, named by Fortune magazine as “one of the 50 most powerful women in business,” and by Time magazine as “one of the 100 most influential people.” She sees America in financial ruin with 50 to 100 cities defaulting on their debt in the next year.
What do these financial legends know that the rest of us do not?
First of all, reality is catching up to America. The Ponzi scheme of printing fake money to pay real bills is coming to an end. The jig is up- there is no way to sustain America’s massive welfare state anymore. When the Stimulus runs out, states will face disaster. The federal government currently pays for 30% of the states’ bills. Without that welfare from the feds, the game is over for the states.
But that is just the start. The states pay 40% of the bills of their cities. As soon as that welfare ends, look for mounting numbers of municipalities to declare bankruptcy and default on their debts. The vicious cycle is only getting started.
On the federal level, the trustees of both Social Security and Medicare admitted just this past week that their massive Ponzi schemes are running on empty. Both funds are running out of money far sooner than projected. Social Security will now run a permanent deficit. It is also important to remember there is no money in the “lock box.” All that is in the lock box is worthless paper IOU’s. It has all been spent. The Ponzi scheme is unraveling.
The list goes on. The country’s annual deficit approaches $2 trillion. The national debt approaches a staggering $15 trillion. The debt plus unfunded liabilities approaches an unimaginable $100 trillion. The debt-to-GDP ratio approaches the 90% number- a figure that few countries have ever recovered from. One of every seven Americans is on food stamps. We are fighting three expensive wars with no purpose, and no end in sight.
Every economic recovery in modern history has been led by a residential real estate boom. Yet today, the real estate crash is accelerating. The current real estate implosion is now worse than the Great Depression.
But I have saved the worst for last. The two scourges of any economy are unemployment and inflation. That is why those two statistics make up the entire “Misery Index.” The only expert I trust to give the true figures is John Williams of ShadowStats.com. He calculates those numbers the way our own government did until 1990, when they decided to rig the system to prevent panic and unrest. Based on pre-1990 calculations, today’s CPI inflation is now over 10% and unemployment is 15%. This 25% Misery Index is, by far, the highest in modern history.
Even more foreboding, 10% inflation is a leading indicator of hyperinflation on the way. Any rise in inflation would force dramatic raises in interest rates, which would eat up the entire budget. Game over for America.
History always repeats. This vicious cycle of misery will force massive layoffs of government employees, and massive cuts in entitlements and social services. This will result in Greece-like levels of protests, government employee union strikes, unrest, and riots.
The ancient Chinese proverb says, "May you live in interesting times." We are all watching history. This is the unraveling of a Ponzi scheme.
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site: www.ROOTforAmerica.com
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( 3 / 497 )By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee
Like the rest of America I cheered at the news of the killing of Osama bin Laden. I was thrilled. It made my night…and the next day too. One of the great vile, evil, villains of modern history had been eliminated. If you weren’t celebrating, there is a chip missing from your DNA.
But don’t fall for the trap. Don’t be distracted and forget the truth about government. As Ronald Reagan once said, "Government is not a solution to our problem, government is the problem." Government fails miserably at virtually everything it does, year after year, day after day, hour after hour. Government is brutal. Government violates our rights. Government steals your money and property. Government steals your liberty. Government tries its best to control your thinking, and your life. Government wastes billions every day, trillions over time -- OF YOUR MONEY.
But most of all, government loves to use sleight of hand to distract you. They manage to do one thing right, and then they try to use it to make us forget all their incompetence and the misery they’ve inflicted on us. Sorry, but occasionally even a blind squirrel finds an acorn. Should one successful accomplishment make the citizens forget the multitude of failures, theft, and rights violations of government? This commentary is just a reminder to my fellow Americans to not let them fool you or distract you -- Government at its best is a necessary evil, and that hasn’t changed.
Often even when government succeeds, it manages to fail miserably. Exhibit A is the killing of Osama bin Laden. Great job. Hoo-rah! God Bless Navy Seal Team 6. They have my eternal thanks for keeping my four children safe at night. They executed a successful plan by executing Osama. But don’t let that good point distract you from the failures of government. It took the U.S. government 10 years, 2 gigantic wars, and over one trillion dollars to find one 6’4” Muslim terrorist with kidney problems, whose face was known by every human being in the world, hiding in plain sight in the middle of a country supposedly run by our allies. Congratulations, you just won the award for “Disaster of the Decade.”
Yes, the final episode of this soap opera gets an A+ for showing Osama what “New York Attitude” is all about. Obama now sleeps with the fishes. The final episode of “Who Shot Osama” may have gotten record ratings and applause, but the long-running TV series should have been cancelled a decade ago. This entire episode proves government is an incompetent, inefficient, dismal flop. If Uncle Sam was a CEO, the shareholders would have fired him nine years and a few hundred billion dollars ago over this embarrassment. Then they’d have sued him for fraud and incompetence, and demanded all his salary back for ruining and bankrupting a perfectly good company.
You know what this whole episode really proves? Privatize as much of the government as possible, so it stops wasting our taxpayer money. If we had outsourced the job of finding and killing Osama to Ross Perot, Donald Trump, Bill Gates, or Richard Branson, allowed them to them put together their own private team of bounty hunters, and offered them $250,000,000 as a reward, they would have gotten the job done in a week or two. And the U.S. taxpayers would have saved hundreds of billions.
Osama would have been sleeping with the fishes back in 1998 after the embassy bombings, or in 2000 after the U.S.S. Cole bombing. 9/11 would never have happened in the first place. Instead we wasted ten years, trillions of dollars, and thousands of lives of American soldiers, on two costly wars and one decade-long incompetent search for Osama…all after the fact of 9/11. Government is slow, lumbering and incompetent -- always reacting late, always one step behind.
And how about the CIA? They are taking a victory lap after Osama’s death. Why? Our brilliant government listened to an incompetent CIA tell us that Iraq had WND’s and Osama had kidney disease. It turns out there were no WMD’s and Osama had no kidney disease. Actually, he had three young wives and a prescription for the Muslim version of Viagra. Great job, CIA. If the CIA was a contestant on Celebrity Apprentice, Donald Trump would say, “You’re fired.”
As one of America’s leading Libertarians and limited government advocates, I sincerely hope we’ve all learned a lesson. A simple one. Next time, hire Perot, Trump, Gates or Branson to get the job done. It’s time for government to get small, and get out of the way. God bless capitalism, entrepreneurship, and the private sector. Hoo-rah!
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site: www.ROOTforAmerica.com
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( 3 / 540 )I want to congratulate the Navy Seal Team that tracked down and killed Osama bin Laden. I feel blessed for their courage.
Congratulations are due for all American military and intelligence on their RELENTLESS decade long battle to bring Osama to justice.
Tonight there is no politics, or partisan divide. This was a victory for America and all Americans.
God Bless America and our brave fighting men and women. This is their victory.
I am so proud to know these brave men and women are protecting our country and my children as we go to sleep tonight.
Wayne
Wayne Allyn Root
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( 3 / 470 )Obama Publically Declares War on Capitalism
By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee
It’s official. Obama has declared war on capitalism. Which is funny, because he never officially declared war on Libya. But our fearless Marxist-in-Chief reserves a special brand of hatred for capitalism, entrepreneurship and rich people. Just days ago, Obama publicly blamed “speculators” for the rising price of gas. Obama publicly announced a war on speculators and speculation, imposing the Justice Department, government lawyers, cabinet heads, and the whole Big Brother kitchen sink on this “evil” bunch of capitalists.
Well I have news for you, Mr. Obama. You better go after many other Americans, too: Home buyers, stock buyers, gold buyers, art buyers, classic car buyers, wholesalers, small business owners and investors. Because everyone that risks money to buy things, and attempts to re-sell later at a profit is a…drumroll please…SPECULATOR.
By going after oil speculators, Obama is setting the stage to go after every businessman and woman in America, seeking to redefine profits as either immoral or criminal, and targeting, demonizing and punishing the people who invest in America, courageously take financial risk, and create most new jobs.
Why is Obama engaging in class warfare? Because A) He has to blame and demonize someone for his failures… B) He has to distract American consumers and voters from a failing economy and $5 per gallon gas… and C) Most investors and speculators are fiscal conservatives, many of whom contribute to Obama's political opposition.
Fess up, Mr. President. You are well aware that most people who invest, or risk money, or own businesses, can't stand you and your gangster government. They have you figured out as a Marxist out to ruin the U.S. economy and redistribute (aka steal) from the productive class to the entitlement class. The naked political truth is that you seek to brand your opposition as evil, and plunder them so they can no longer contribute to your opposition.
Perhaps El Presidente is much too busy looting producers to watch the movie Atlas Shrugged. So, let’s teach our Marxist-in-Chief an economics lesson. Speculation is the under-pinning of our entire economy, the very foundation of capitalism. It’s what has made America the greatest nation in world history. Profit (the end result of speculation) is why Americans are willing to take risks with their hard-earned money. It’s why they invest in business, which creates jobs for Americans.
Without speculation (i.e. financial risk), America’s corporations could not raise capital. Without speculators or investors, we’d have no economy. Without speculation, we’d have no jobs. Speculation sets the fair price for goods, products and services. One investor or speculator offers to buy a product at a certain price, while another offers to sell at a different price. This price-seeking mechanism redirects the economic engine of producers to best fulfill the needs of consumers.
Without speculation there is no free market economy- only a socialist state with industry, prices and wages controlled by the government. You can ask Cuba, Venezuela, North Korea, or the old Soviet Union how well that worked out.
Despite any rhetoric to the contrary, Obama lives in a rarefied, insulated world where he can afford to be ignorant of basic economics. He has collected a safe paycheck his whole life from either government, or some community organization. He has never risked or invested a dime in his life. He has never created a job. He has never made a payroll.
There is a big difference between my hometown of Las Vegas and Washington D.C. In Vegas the drunks gamble with their own money! Unfortunately for all of us, Obama is drunk with his own power, funded by your money, and dispensing it out to entitlement-addicted voters and the politically connected like it’s party time on New Years Eve. Obama is wrecking the U.S. economy for generations to come. Now he is declaring war on the very people who take the financial risks, create the jobs, and pay most of the taxes, for his own political gain.
Here’s one more economics lesson for you, Mr. Obama. You know why the price of gas is going up? Just look at the Marxist in the mirror. It’s your refusal to issue permits for oil drilling that has allowed the speculators to bet the price of oil up. It’s your federal taxes on each gallon of gasoline that are actually higher than the profit for each gallon earned by ExxonMobil. It’s your Federal Reserve printing unlimited sums of fake money, to pay for your irresponsible spending, that makes our dollars lose value, and therefore raises the price of gas. Look in the mirror, Mr. President- you are the problem. Not speculation. Not capitalism. It’s the Marxist in the mirror that is responsible.
It’s time to stop Obama before his gangster government shuts down all forms of enterprise. Before all the money is stolen, extorted, or redistributed from the productive class to the entitlement class in naked vote-buying schemes. Before Obama declares profits a dirty word. Before speculation, investing, or profit-taking becomes a crime in Obama's Marxist States of America. It’s time to recognize that this President is anathema to the freedoms and ideals of our Founding Fathers and send this Wesley Mouch (the villain from Atlas Shrugged- a typical government bureaucrat who cripples the economy) to early retirement.
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site: www.ROOTforAmerica.com
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( 3 / 478 )By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee
I have spent the past few years predicting economic Armageddon on TV and radio shows across America. I have predicted the collapse of the dollar, the decline of the economy, the dangers of the debt and the Fed, and the incredible rise of gold and silver. All these predictions have been “on the money” while the liberal media has scoffed, rolled their eyes, and called me a fool. Monday's downgrade of the U.S. economy by Standard & Poor’s should be a wake-up call to everyone, even the media. America is in deep trouble. Economic Armageddon is fast approaching. The media need only look in the mirror to find the fool.
This brings up two important questions. Why is the media blind to the economic disaster befalling America? And, what does this have to do with Donald Trump and the place of Obama’s birth?
The answer to the first question is the national media is populated by Ivy League elites- extremely biased, "Lucky Sperm Club" leftists who drink the socialist-flavored Kool Aid. Few have ever started a business, made a payroll, or created a job. They know nothing about economics, or what is happening to small business owners on Main Street.
The answer to the second question has everything to do with the media's dislike, denigration and lack of understanding about the meteoric rise of Donald Trump’s Presidential prospects. They look down upon businessmen such as Trump. The reality is they are jealous of his success and chutzpah. Obama the community organizer is more their kind of guy. The liberal media elites who idolize Obama are angry when Trump questions where Obama was born. They consider this kind of question a joke. They believe no one could possibly care. They are clueless to the fact that real people, without liberal-elite agendas, are actually concerned about Obama’s background. But Donald Trump has figured that out.
You see “The Donald” is a businessman. He knows what his customer wants…and he is giving it to them. The media elites do not care or understand what their customers want. You think Katie Couric understood her customers? If she did, she would not be looking for a job right now. Donald Trump is interested in being hired, while Katie has just been fired for losing millions of viewers. That is the difference between a smart businessman and a leftist media elitist who thinks she knows it all.
Trump has brilliantly brought up an issue that millions of Americans are pondering. Main Street Americans are rightfully concerned to learn that it is impossible to get a passport in America without a long form birth certificate, yet we’ve allowed a man to become President without the same document. Real Americans are incredulous that it is impossible to land any corporate executive job without a detailed background check, yet we know virtually nothing about our President’s background. Real Americans have open and transparent college records, while we have elected a President who has sealed his college records. Real Americans suspect that where there is smoke, there might be fire.
You can not get a job at Microsoft, or Charles Schwab, or Bank of America without a stringent background check and proof of citizenship. Many reasonably ask why it is easier to get a job in Congress or the White House. Asking Obama to prove his background does not make you extreme, or crazy, or a lunatic. It does not even make you a “birther.” It just means you expect that all candidates for higher office should produce proof of citizenship and detailed records concerning their background. That is just common sense.
Do I personally believe Obama was born in a foreign country? I have no idea. I am not a birther, but I do believe there might be something damaging hidden in his college, if not his birth records. Why do I think that? Because Obama acts suspiciously. Because he hires armies of lawyers to keep his records sealed. I also believe all Americans have a right to ask the question of the man who commands our army and our economy. Ironically, the more Obama refuses to produce the proof, and the more millions of dollars he spends on legal maneuvering to hide that proof, the more concerned Americans become. Obama is the one stoking the fire, not Trump.
Now that it is not nutcases, conspiracy theorists, or extreme right wingers asking, but rather a credible American CEO, celebrity, and billionaire, wouldn’t you think Obama would produce the long form birth certificate, if it exists? If Trump is a charlatan…if Trump is exploiting a slanderous lie…then why exactly is Obama not destroying Trump’s political career by producing the birth certificate? It is so easy and simple- show it and the circus ends instantly. Trump’s gamble would turn into the biggest losing bet in modern political history. So Mr. President, why aren’t you shaming him? Where's the beef?
Funny how the “crazy people” seem more credible every day, while the guy in the White House appears more and more as if he has something to hide. Every day Obama refuses to answer, Trump appears more credible and more Presidential…while Obama comes across more like the charlatan.
The media elites have missed the boat once again. They have refused to cover the biggest story of the year- one their customers want to hear about. They are blinded by their bias and one-sided leftist agenda. Just as they have been blinded to the damage Obama’s socialist agenda has done to the economy. They are in denial. But it is just bad business to ignore the interests of your customers.
And maybe, just maybe, the businessman and self-promoter extraordinaire who understands his customers, is actually a modern day Houdini. If Trump is proven right, he will have pulled the White House out of his hat and made Obama disappear. That could yet prove to be the most amazing magic act of all-time.
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site: www.ROOTforAmerica.com
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