Gordon Bishop On The Issues
"In the next 12 months, a single event will likely change our way of life in this country...forever. Will you be ready?"
So who says?
Porter Stansberry (wwwstansberryresearch.com
Will this be the End of America as We Know It?
New Jersey Governor Christ Christie (Republican): "The day of reckoning has arrived. and it's gonna arrive everywhere. Timing will vary a little bit, depending upon which state you're in, but it's comin'."
CBS' 60 Minutes news program: "This would lead to a huge decline in the standard of living for U.S. citizens like nothing we've seen in nearly a century. Jim Rogers, multimillionaire hedge fund manager, best selling author, and world traveler.
"Next to housing, this is the single most important issue in the United States, and certainly the largest threat to the U.S. economy." Meredith Whitney, Investman Analyst, winner of CNBC's 2008 "Power Player of the Year" Award.
Porter Stansberry writes in his 93-page pamphlet"
"But just remember: No one believed me three years ago when I said the world's largest mortgage bankers Fannie Mae and Freddie Mac would soon go bankrupt.
"And no one believed me when I said GM would soon be bankrupt as well...or that the same would happen to General Grown Properties (the biggest owner of mall property in America).
"But again, that's exactly what happened.
"And that brings us to today...
"The same financial problems I've been tracking from bank to bank, from company to company for the last five years have now found their way into the U.S. Treasury.
"The savings of millions will be wiped out. This disaster will change your business and your work. It will dramatically affect your financial accounts, investments and retirement.
"It will change everything about your normal way of life: "Where you vacation...where you send your kids or grandkids to school...how and where you shop..the way you protect your family and home.
"I know that debts don't just disappear. I know that bailouts have big consequences. And, unlike most of the pundits on TV, I know a lot about finance and accounting.
"Will you be prepared when everything we take for granted changes overnight?
"I can tell you with near 100 percent certainty that most Americans will not know what to do when commodity prices: things like milk bread and gasoline--soar. They won't know what to do when banks close...and their redit cards stop working. Or when they're not allowed to buy gold or foreign currencies. Or hen food stamps fail...
"I believe that we as Americans are about to see a major, major collapse in our national monetary system, and our normal way of life.
"Basically, for many years now, our government has been borrowing so much money (very often using shot-term loans), that very soon, we will no longer be able to afford even the interest on these loans.
"You may think things are THAT BAD in the U.S. economy, but consider this simple fact from the National Inflation Association:
Even if all U.S. Citizens were taxed 100% of their income...it would still not be enough to balance the Federal budget ! We'd still have to borrow money just to maintain the status quo.
When Fannie Mae and Freddie Mac collapsed in the summer of 2008, the U.S. government responded by simply guaranteeing all of their outstanding debt.
Since then, these companies have recorded hundreds of billions of losses -- all of which were passed along to the government.
These losses and trillions in other private obligations are now the responsibility of the U.S. government.
Numbers provided by the Congressional Budget Office (CBO), a debt default by the U.S. government would be inevitable.
Our country's unique ability to simply print more money will lead to a soaring inflation never experienced by our country.
We are in way over our heads!
The once famous American Dollar will be worthless!
All I can say, as I usually do, GOD BLESS AMERICA!!!
(Gordon Bishop is a 'Who's Who in the World' national award-winning author, historian, journalist, syndicated columnist and New Jersey's First "Journalist-of-the-Year/1986, New Jersey Press Association, founded in 1845.)