Official US Deficit Put At Staggering $202 Trillion Posted by bobbyw24

Posted 09/01/10 Last updated 09/02/10

"Enron Accounting" Has Bankrupted America: U.S. Deficit Really $202 Trillion, Kotlikoff Says

The Congressional Budget Office (CBO) forecasts the U.S. budget deficit will hit $1.3 trillion this year. An astronomical figure, to be sure, but that's lower than was projected in March. It's also less than last year's record $1.41 trillion deficit, which was close to 10% of GDP.

And, that's the good news.

As the deficit grows so does the national debt, which is currently more than $13.3 trillion, according to official figures.

But the situation is actually much, much worse, according to Boston University economics professor Laurence Kotlikoff.

"Forget the official debt," he tells Aaron in this clip. The "real" deficit - including non-budgetary items like unfunded liabilities of Medicare, Medicaid, Social Security and the defense budget - is actually $202 trillion, the professor and author calculates; or 15 times the "official" numbers.

"Congress has engaged in Enron accounting," says Kotlikoff, who recently penned an op-ed for Bloomberg entitled: The U.S. Is Bankrupt and We Don't Even Know It.

Yet, the debt market continues to have an insatiable appetite for U.S. Treasuries; heading into Monday's session, the yield on the 30-year Treasury bond (which moves in opposition to its price) was at its lowest level since April 2009.

http://projectworldawareness.com/2010/08/enron-accounting-has-bankrupted-america-u-s-
deficit-really-202-trillion-kotlikoff-says/

Rand Paul to Hold “Stop Cap and Trade” Press Conference Posted by bobbyw24

Posted 09/01/10

BOWLING GREEN, Ky.--(BUSINESS WIRE)--On Wednesday, September 1st at 2:30pm Central Time, Dr. Rand Paul will be in Robards, Kentucky touring the Big Rivers power plant.

“Endangering these job opportunities with legislation like cap and trade or intrusive EPA regulations would be disastrous for Kentucky families”
Prior to the tour, Paul will hold a press conference to highlight the connection between Kentucky’s coal industry and the low cost energy it generates which helps attract other industry to the state. The press event will be held at gate #1 of the Sebree station located at 9000 Highway 2096.

“Our coal industry not only keeps Kentuckians employed, it also gives Kentucky a competitive advantage that draws and maintains various industries that rely on our low energy rates to stay in the state and employ even more of our citizens,” said Dr. Paul.

“Endangering these job opportunities with legislation like cap and trade or intrusive EPA regulations would be disastrous for Kentucky families,” he continued.

Experts point out that “Cap and Trade” legislation, otherwise known as a National Energy Tax, would be devastating to the nation generally and to Kentucky particularly. Analysis shows that Cap and Trade would place stringent restrictions on energy availability and use and cause widespread loss of coal mining jobs while imposing major new taxes. Even President Obama admits that “electric rates will skyrocket under cap and trade.”

http://www.businesswire.com/news/home/20100831007164/en

Bancor: The Name Of The Global Currency That A Shocking IMF Report Is Proposing Posted by bobbyw24

Posted 08/25/10

Sometimes there are things that are so shocking that you just do not want to report them unless they can be completely and totally documented. Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works. Not anymore. A paper entitled "Reserve Accumulation and International Monetary Stability" by the Strategy, Policy and Review Department of the IMF recommends that the world adopt a global currency called the "Bancor" and that a global central bank be established to administer that currency. The report is dated April 13, 2010 and a full copy can be read here:

http://www.imf.org/external/np/pp/eng/2010/041310.pdf

Unfortunately this is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the "Bancor" be on the horizon? That is now a legitimate question.

So where in the world did the name "Bancor" come from? Well, it turns out that "Bancor" is the name of a hypothetical world currency unit once suggested by John Maynard Keynes. Keynes was a world famous British economist who headed the World Banking Commission that created the IMF during the Breton Woods negotiations.

The Wikipedia entry for "Bancor" puts it this way..

http://theeconomiccollapseblog.com/archives/bancor-the-name-of-the-global-currency-a-
shocking-imf-report-urges-the-world-to-adopt

Wise and Foolish: The Sophomoric Mr. Beck Posted by rhuemer

Posted 08/22/10 Last updated 08/22/10

Sometimes Glenn Beck hits ‘em out of the ballpark, and on other occasions there is, shall we say, no joy in Mudville. On one TV show last week, Mr. Beck reviewed Eisenhower’s exemplary record in civil rights, while revealing to a new generation the Democrats’ historically execrable role in the same. He also showed a clip from Marian Anderson’s 1939 concert at the Lincoln Memorial. But on that same show, he again dissed Woodstock, a thoroughly peaceful event. Why? Woodstock was good ol’, Ayn Randian, selfish individualism--the antithesis of authoritarian government. As a self-proclaimed libertarian, the Beckster ought to recognize that. So what if freedom leads most folks to listen to rock music, take intoxicants, and avoid conflict? It also permits unfettered creativity and innovations by a few people who thereby advance the condition of the entire human race.

Shaking fists only look scary! Posted by william wallace561

Posted 08/17/10

I'm looking to get involved with the local C4L.  Please contact me if there are meetings.  If there aren't any, let's start one!