Title: The Wall Street Journal had a Great Article, You should Read It.
Author: Andrew M Molchan
Date: Tue November 27th, 2012
Nov 27th 2012. Today's Wall Street Journal had a Landmark Article.
The Canary in the Coal Mine (Me), had a smile on his face today. My predictions are usually so far out into the future most people cannot begin to understand them. Some of my predictions, like the 9/11 attack were 25 years into the future when first made.
However, soon or later, usually MUCH later, history and current opinion catch up to the Canary.
The Wall Street Journal is the leading edge publication for current opinion among the thinking class. The WSJ had a articles close to what the Canary has been talking about for decades.
The article on page A17 (Nov 27, 12) "Why $16 Trillion Only Hints at the True U.S. Debt." By, Mr. Chris Cox (former chairman of the House Policy Committee), and Mr. Bill Archer (former chairman of the House Ways & Means committee).
The Canary is a nobody because it's a perpetual outsider, but Cox and Archer are a somebody. Sooner or later the Canary's early warning unpopular viewpoints are seen by the main stream.
Messrs Cox and Archer say what the Canary has been saying for over four decades. The Government's official figures and numbers are Crap (they use a nicer word). Especially since Clinton, the Government's accounting has been Madoff and Enron CRAP accounting. US Federal Government numbers are an on-going exercise in FRAUD and ass kissing fantasyland.
As the Canary has pointed out for over 20 years, it was the USSR's fraudulent accounting that was a major contributor to the USSR's collapse. Just like it IS ALREADY a major contributor to America's coming economic collapse. America is like the old USSR, a victim of its own Lies, and a victim of its own propaganda.
Messrs Cox and Archer say that by using HONEST ACCOUNTING, America's True Debt is $86 Trillion Dollars. For many years the Canary has said it's over $50 Trillion Dollars. Either number is totally un-payable. America's US T-Bonds are long term ass wipe. It's not if they will default, it ONLY When they will default.
The World's Total Gross Product is about $45 Trillion Dollars. Messrs Cox and Archer are saying that at $86 Trillion Dollars America's total Debt is equal to DOUBLE the World's total Gross Product.
I totally agree. I've been running the numbers for years and using honest accounting America's total Debt has for years come out Above $50 Trillion.
Messrs Cox and Archer say that the REAL GROWTH in American Debt using honest accounting is eight ($8) Trillion dollars a year. I would agree. Those are the same general numbers I get.
Messrs Cox & Archer said what the Canary has been saying for years, If the Government Confiscated 100% of the gross income of all Americans making over $66,000 a year or more, PLUS Confiscate 100% of ALL of America's Corporation taxable income, it would NOT be enough to fund the current $8 Trillion dollars a year in the GROWTH of American Debt.
As Mr. Cox and Mr. Archer explain in their WSJ article; America is ON THE ROAD to someday soon needing MORE BORROWED MONEY per year than there is available financing in the Whole World.
Without BIG Changes, and NOW, America will be financially DEAD.
This gets back to the Canary's Very Unpopular idea that the so-called "Fiscal Cliff" NEEDS to happen. America MUST start to cut expenses, and it must raise Revenue, and NOW.
American is like the Fat, weak, slob who says, "I'll start my diet first thing next year." Sure! If America does not start cutting expenses now - then when? When you're a Debt Addict like America THERE IS NO GOOD TIME TO START. The best Time to Start is NOW.
Mr. Obama's Communist Con Game about "taxing the rich" to solve the problem is total Bullshit. Mr. Obama IS an economics moron and maybe he believes his own lies, but it's NOT going to work. The top 1% of tax payers already account for 40% of ALL Income Tax Revenue. That's about $400 Billion dollars a year. If you raise their income tax by 10% more per year that's $40 Billion a year to cover an $8 Trillion dollar per year shortfall. Does anyone Get It?
It would NOT even be $40 Billion because the "Laffer Curve" is Real. In my opinion, Dr. Laffer is the best living economist in the world. The top income rates are ALREADY on the down side of the Laffer Curve. That means a 10% increase in income tax on the top 1% of tax payers WILL NOT even bring in an extra $40 Billion.
Hell, the faggots at the FED will f**k away $40 Billion during their afternoon tea time.
Here's what the Canary has to say, "American is like the Deer that has a .308 Winchester bullet go through its heart, but then runs over the hill. America is the USSR in 1985. A country that's Already financially DEAD but not yet knowing it.