In life, how many times have we seen that two similar men face a set of similar circumstances only to witness two entirely different outcomes? One man meets the challenges, grows stronger and more successful as a result. The other man ignores the crisis at first, hoping that it will go away. When the denials breakdown, the second man feels overwhelmed and succumbs to the problem and his life is subsequently ripped apart.
Nations are like people, they have a character, a personality and a persona. They either have resilience and can bounce back from adversity, or they do not. They either have courage or they cower in the corner because they are weak and timid in the face of danger. And like with the two men, when countries face the same challenges, one country may thrive and the other country takes a dive.
This article is the story of a tale of two countries. One has stared into the belly of the beast and has survived. The other country is in the process of being devoured by the same beast but is totally unaware of the ultimate and fatal fate that awaits most of its anesthetized citizens who are drunk and distracted on TV, video games, drugs, consumerism, etc.
Who Am I?
This country was on the brink of economic Armageddon and the government, on behalf of the banksters who had hijacked the government, attempted to steal everything they could before they purposely were going to collapse the system. Goldman Sachs and Wall Street were the central players behind the threat. Yet, the brave and intelligent people of this country found a way to not be taken down by the most corrupt and evil forces on the planet, namely the Wall Street bankers. This country has taken corrective measures, in the face of overwhelming adversity and prosperity is returning to this its citizens. In other words, these may be the only people on the face of the earth who have successfully stared down the globalists and are defeating them. This country has tremendous national character and resolve. Who am I?
If you think it is the United States, put your hands down, your answer is incorrect. The answer is Iceland.
The 2008 World’s Economic Meltdown Began In Iceland
America is ready to enter into the economic disaster zone. Iceland has already been there and their journey was inspired and controlled by Goldman Sachs and fellow Wall Street banksters. Iceland’s journey down the path to economic Armageddon actually began in the late 1990s and early 2000s, when Iceland’s Prime Minister David Oddsson, began to do the bidding of Wall Street bankers and instituted a set of Reagan-style policies and privatization. According to author, Roger Boyes, as he documents the world’s descent into economic tyranny in his best-selling book, Meltdown Iceland, the fix was in and Wall Street began to financially obliterate Iceland after plundering its hard assets.
Under the globalists from Wall Street, the banking sector grew rapidly, propelled by borrowed money. Icelanders could access credit easily in just the same manner as pre-2008 crash America. Iceland had its own devastating housing bubble as housing prices escalated exponentially and consumption skyrocketed. In order to attract international currency investments, Iceland raised its interest rates to 15% and the same devastating consequences which befell America was visited upon Iceland. In 2003-2004, prices on the Iceland stock market increased 900% before crashing.America, are you nervous yet?
Iceland’s bubble was no different than any other economic bubble. By 2006, what I call the heroin effect kicked in and the average Icelander was 300% wealthier than in 2003, but hopelessly in debt. Iceland was experiencing a 1929 pre-crash America as well as the symptoms of our impending crash in 2013. The citizens were seduced by easy money and acted as if they were addicted heroin. Meanwhile, the government, banking and corporate debt grew out of control until the time to pay up finally arrived.
By 2008 Iceland’s banks collapsed, it was time for Icelanders to pay for their extravagant ways and 50,000 of its people’s savings were wiped out. Keep in mind that Iceland only has a population of 300,000. If those same numbers were to be visited upon America, we would be looking 50 million Americans having their savings wiped out. Let me ask the same question that I always ask at this point. Do you now understand why DHS has purchased 2.2 billion rounds of ammunition to go with 2700 armored personnel carriers?
The problem for Icelanders became far worse as by 2009, 25% of homeowners went into mortgage default. Please allow me to ask another rhetorical question, do you now see why the Federal Reserve is buying $40 billion dollars in mortgage backed securities each and every month beginning in September of 2012?
People of America, can you spell f-e-u-d-a-l-i-s-m?
Iceland Has More Than Just Snow Balls
From where I sit, the people of Iceland have more courage in their little finger than America has in its entire being? Iceland’s financial failure forced its government to resign or be removed, and it also caused citizens to re-evaluate the merits of their reckless spending, borrowing and consumption. Just how did Iceland do it?
Iceland’s President Olafur Ragnar Grimmson was interviewed earlier this year at the World Economic Forum in Davos on why Iceland has enjoyed such a strong recovery after it’s complete financial collapse in 2008, while the rest of the West is still mired in debt, poverty and hopelessness to go with empty promises of an economic recovery.
When asked whether Iceland’s policy of letting the banks fail would have worked in the rest of Europe, Grimsson stated:
“… Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail-out banks is a theory that you allow bankers enjoy for their own profit their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run. …“
The entire three minute interview of President Grimmson is listed below:
Imagine that, let the banks fail! Let the criminal bankers take the same risk as any other business venture. Can we imagine Obama ever speaking this way in public?
And nearly five years later, where is Iceland at today? They have jailed the criminal bankers within their country. If they could get their hands on Goldman Sachs officials they would. They impeached and convicted corrupt politicians who were in league with Wall Street, many of which are serving prison sentences. Iceland is on its way to a full economic recovery while still saying no to the corrupt Goldman Sachs influences in Europe. Iceland is saying no to the Bank of International Settlements. Iceland is a beacon of hope for the rest of the G20 nations including the United States.
Do you remember this former Secretary of Treasury and former Goldman Sachs head, a total criminal, Hank Paulson, who threatened Congress with martial law if Congress did not hand over the nation’s money, both present and future, to Wall Street?
Damage Control Analysis
Both countries, faced economic ruin. However, but only country has prevailed. Going on five years after the Wall Street bailouts, where is America at today? Well, we are nowhere near where Iceland is at today. Let’s look at a few numbers
Under the Obama administration, the national debt has doubled as it races by the $17 trillion mark. It would now take a whopping $150,000+ per taxpayer to cover the debt. In a moment the $17 trillion dollar debt will seem like a bargain for what lies ahead.
Under Obama, taxpayers are covering $2 billion dollars per day in jobless benefits and other forms of welfare and that number is escalating dramatically. The Big Three in health care coverage, Medicare, Medicaid and Obamacare, are adding $1 trillion dollars per year to the deficit. Social Security is adding $1 trillion dollars per year to the deficit.
It should become clear why Obamacare has a set of eugenics based treatment exclusions which will significantly lower the Social Security deficit due to the planned kill of the elderly in this country.
The elective wars of occupation are costing the country $700 billion per year. And the debt interest is presently at $1 billion dollars per day. Federal pensions are on the verge of breaking the system. The Civil Service Retirement System has once again accounted for the majority of that unfunded liability. The Civil Service Retirement System debt grew from $634 billion dollars in fiscal year,2010 to over $741 billion dollars in fiscal year 2011, according to the Office of Personnel Management’s Civil Service Retirement and Disability Fund.
Not to worry, Treasury Secretary Jack Lew is robbing Peter to pay Paul as he is raiding Federal retirement programs to cover the failure of not increasing the debt ceiling. Lew announced that the government was taking the unprecedented action of avoiding governmental default through this summer by including tapping into and suspending investments into the Civil Service Retirement and Disability Fund and halting the daily reinvestment of the government securities (G) fund, the most stable offering in the Thrift Savings Plan‘s portfolio. This is all being done as we continue to fund the bailouts. How much of the bailout money has Goldman Sachs paid back?
Treasury Secretary Jack Lew is one of the criminal rat pack that have destroyed this country and now Obama has put him in charge of the Treasury Department. As I previously reported, while Lew was employed at Citigroup, he oversaw 113 tax evading accounts in Cayman Island banks. Based upon Lew’s resume, his proclivity for losing money, (i.e. the hedge funds for Citigroup where he lost almost $600 million dollars), one can only assume that is why Obama has appointed Lew to finish the job which will leave you and I with nothing. In Iceland, they imprisoned their bums. In the corrupt, criminal empire of America, these gangsters get promoted.
Now For the Really Big Numbers
It is a fact that our government’s Social Security liability will soon be as big as the national debt. The present unfunded liability of Social Security is presently $8.6 trillion, but that is deceptive because the shortfall quickly balloons to $20.5 trillion. The unfunded prescription Medicare liability for seniors is $24.8 trillion dollars. Zero Hedge places the Medicare debt at $99 trillion dollars. The unfunded drug liability for seniors is $24.1 trillion dollars.
It is very easy to understand why Lew is going after federal retirements. The Federal Employees Retirement System is reporting a $20.1 billion unfunded liability.
Even more telling is our gross debt to GDP figures. The ratio is a staggering 143%. If you thought that $17 trillion dollars in debt was horrific in 2013, wait until 2015 when the amount is predicted to approach 25 trillion in total US national debt. And the numbers get even more frightening. The total US Unfunded Liabilities are estimated at $144 trillion, roughly $1.2 million per taxpayer.
To summarize, the average net assets for an average U.S. citizen are $300,000. The net liability of the U.S. government, shared among its citizens, amounts to almost four times that amount or about $1.2 million per person. And the government’s debt is growing at $1 million every 45 seconds. To cover its annual deficit, it is printing $1 trillion a year of currency that is not backed by any asset except the Petrodollar and that practice is being threatened by China, Russia and India buying Iranian oil in gold. Coupled with that, former World Bank insider, Karen Hudes, speaks to the fact that the World Bank is jeopardizing the American economy by repeated violations of the law. I will be covering these events and be sharing with the reading public on how the World Bank is threatening to bring down the American economy like a house of cards in the next article in this series.I am also interviewing Ms. Hudes on my talk show on June 2nd and will further explore these events in detail.
Is It Too Late?
The key to getting the right answer is to ask the right questions. It is not so much a case of it being too late. It is more a case of character, discipline and knowledge. As I have said before, Iceland knows how the world of economics works, Americans know how American Idol works. In other words, I see nothing in our country, at the present moment, which is suggestive of the fact that we have the collective knowledge to understand what is happening to us, so we can accept the sacrifices which would be needed to make a corrective course change as they did in Iceland. I see nothing in our country which is suggestive of the fact that we have the discipline that Icelanders demonstrated in order to pay the price to overcome the banksters and the economic woes that would follow their demise. After all, we have $200 trillion dollars in credit card debt. So much for American discipline. And as far as character goes, American TV, in prime time, is an abomination in the eyes of God with regard to hedonistic sexual practices implied or demonstrated on TV. America, through its media has embraced every form of perversion known to man. I see nothing in our collective character which suggests that we can duplicate the Icelanders.
When the economic poop hits the proverbial fan, Americans, out of options, out of food, out of any life-sustaining resources, will take to the streets and be met by whom? They will be met by (come’on say it with me now) “DHS and their 2.2 billion rounds of ammunition and 2700 armored personnel carriers.”
We could do what Iceland did, but we will not. However, there a few things that one can do to have a softer landing after the globalists complete the job of stealing your stocks, your 401K’s, your pensions and your bank accounts. This will be the topic of next article in this series.