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Governments Cannot Contain the Crisis Until Fundamental Changes Are Made

By: Steve Johnson

5/20/2010 - 30 Comments

The markets crashed 3+ percent today, as investors sold everything but Treasuries.

The global debt crisis cannot be contains by central banks because there is not enough savings anywhere in the world to cover the debt ridden nations of the world. 

And saving are the only source of real wealth.

The only solution seems to be the liquidation of assets – the deflationary process of purging the markets of the over-leveraged debts of the world.   The global experience with social welfare is coming to an end.

Injecting more paper money into the market, as Europe did last week, does not solve the fundamental problem with welfare economics.  There needs to a drastic change in social and economic structure.

The second part of the solution is to face the recession, dismantle welfare economics and turn to fiscal conservatism.  

The solution is forcing politicians around the world to acknowledge that welfare economics are a sham a paper tiger a phony system of instability. 

It’s very simple; if you want to eat - you need to work, period.  No more handouts, bailouts or social programs that steal money from one group of people and give it to another group of people. 

The politicians that peddled this lie for decades on end are responsible for the looming global disaster.  And the public needs to wake up and realize they have been sold a bag of rocks in exchange for their life’s savings.

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What Has Government Done to Our Money?

Rothbard gives us an exceptionally clear, detailed description of what money is and how it has come to be manipulated by governments and central bankers into almost worthless inflationary fiat paper currency. He then explains how gold became the most respected and trustworthy currency of choice and the prospect of either hyperinflation or the greatest depression the world has ever seen may be arriving in the very near future.

Gold: The Once and Future Money

Governments and central bankers around the world today unanimously agree on the desirability of stable money, ever more so after some monetary disaster has reduced yet another economy to smoking ruins. Lewis shows how gold provides the stability needed to foster greater prosperity and productivity throughout the world. He offers an insightful look at money in all its forms, from the seventh century B.C. to the present day, explaining in straightforward layman’s terms the effects of inflation, deflation, and floating currencies along with their effect on prices, wages, taxes, and debt.

The Case Against the Fed

This book, written by Murray Rothbard, an economist and historian of fairly well known repute, is a scathing attack on not only the Federal Reserve, but the interests that created this institution. Rothbard explains how the Federal Reserve is the true source in the destruction of wealth, which has led to the destruction of the middle class and continues to sift money into the hands of the wealthiest.

Empire of Debt

Many Americans have resisted the notion that their country is an imperial power. The idea seems to contradict the values of the Republic and its Founding Fathers. But in Empire of Debt, prominent financial analysts Bill Bonner and Addison Wiggin argue passionately that not only is the United States an empire, but it is also one whose end is coming soon.