While most Western countries have serious debt problems none of them has a fiscal crisis as bad as that of the United States. In spite of that, however, the U.S. corporate-controlled media has been obsessively shining the spotlight on the so-called “PIGS” of Europe rather than on the staggering financial crises facing America. If that weren’t bad enough, it has become impossible to trust the few economic statistics that are “fed” us. Words: 1136
Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com, provides below further reformatted and edited excerpts from Jeff Nielson’s (www.BullionBullsCanada.com) original 7000 word presentation* at an investors’ conference for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) Nielson goes on to say:
The truth of the matter is that the economy of the state of Michigan is larger and in far worse shape than Greece’s economy and, similarly, the economy of California is larger – and in worse shape – than the economy of Spain. In other words, for every Euro economy which is supposedly in some sort of “crisis”, there is a U.S. state with a larger economy, and bigger debt problems.
We are Being Fed Misinformation
It has become impossible to trust U.S. economic statistics, whether we are talking about jobs reports, estimates of GDP, or the numbers the government uses for its “official” national debt and “official” deficits. As an example, during the eight years of the Bush regime, “official” deficits totaled $2.3 trillion, while the “actual” increase in debt was $4.5 trillion – nearly double the “official” totals.
In the first year of the Obama presidency, the “official” deficit was reported as ‘only’ $1.4 trillion but the “actual” increase in debt was close to $2 trillion. Put another way, the gap between the “official” deficit of the the U.S. last year and the “real” deficit was roughly equal to the entire national debt of Canada and in absolute terms, it was an even bigger lie than those of the eight years of the Bush government.
There is a Conspiracy of Silence About the Truth
Given the above mentioned dramatic discrepancies between the “official” and “actual” numbers they beg the following questions:
1. Why aren’t U.S. politicians (of both parties) alerting their constituents to the continued reporting by the government (and the media) of totally fictional numbers for the debt problems of the U.S.?
2. Why is the U.S. media failing to expose such ‘in-your-face’ discrepancies as occured throughout the Bush Administration and continue with the Obama government?
3. How can the mainstream media not notice a $500 billion discrepancy in one year’s budget at a time when the U.S. government is generating the most-massive deficits in the history of humanity?
The fact is that you will never see any U.S. politician, or member of the mainstream media questioning the legitimacy of the “official” U.S. deficit. Some may argue that the deficits are “too large” – but no one ever questions the legitimacy of the calculation itself.
The “official” U.S. deficit is only the tip of the iceberg, however. When it comes to the insolvency of the U.S., the real story occurs with respect to its “unfunded liabilities” and its total debt – the real total. To put things in perspective, as of today, U.S. unfunded liabilities of $70 Trillion are greater than global GDP. Put another way, in order for the U.S. to ever meet those obligations, the entire world would have to devote their economies to pay for their liabilities. In that light it is obvious that the U.S. government can never meet their obligations.
Your Politicians Have Stolen $4.2Trillion from You
While both U.S. political parties talk about the need to deal with this massive problem – now – the actions of both parties totally contradict those words. The reality is that over the last twenty years, Republicans and Democrats alike, have ‘borrowed’ over $4 trillion from government “trust funds” ……. (Go here to continue reading article. No registration is required. It is a direct link.)
– The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
– Permission to reprint in whole or in part is gladly granted, provided full credit is given.