(Reuters) – U.S. regulators directed five of the country’s biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.
Read article here: http://www.reuters.com/article/2012/08/10/us-banks-recoveryplans-idUSBRE87905N20120810
Related: Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a “death spiral, “as he told CNBC.
And it could result in a depression so severe that he doesn’t “think our civilization could survive it.“
And Duncan is not alone in warning that the U.S. economy may go into a “death spiral.”
Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan’s Council of Economic Advisers, have come to similar conclusions.
Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.
Read article here: http://moneymorning.com/ob/economist-richard-duncan-civilization-may-not-survive-death-spiral/
Learn True Economic Liberty Here: http://thestoryofliberty.intuitwebsites.com/Economic-Liberty-Menu.html?_=1344522169062#.UDGCcZ2PV8N
Father of the Constitution and The Bill of Rights, James Madison is quoted saying:
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.”
John Featherstone
Marshall Foster- World History Institute
Jennifer Featherstone
Looks like there will be two classes: the rich and the poor. Middle class may be a thing of the past. We will be taxed so much, won’t make ends meet.