Under Washington’s Watch, America Insolvent

Washington Capitol, DC

Image by Francisco Diez via Flickr

Characterized over the past decade as expansionary, increasingly centralized and oppressive, manipulative, and fraught with propaganda, Washington is becoming a safe haven for our rich elite to spend their way into absolute control over the American public.  This is deficit spending (Keynesian economics) and the welfare state, and Treasury Secretary Timothy Geithner was forced to acknowledge its shortcomings in a January 6th letter to Congress requesting the debt ceiling be raised, lest America default on its obligations.

With spending out of control, the dollar will collapse and Americans will see hyperinflation similar to that in post-WWI Germany where mothers pushed wheelbarrows full of currency to the bakery for a single loaf of bread.  Financial insolvency is a real threat, yet, Americans are inundated with false data and promises of a better future given a larger government.  Do not fall into the trap.  Stop sitting idly by.  Inform yourself, but avoid mainstream media outlets.  You can start by taking a look at Quinn’s argument below.

German marks became so worthless some used them as wallpaper.

Pump It Up

Do you remember when the politicians of both parties were making dire predictions of Great Depressions, economic collapse and 10% unemployment if we didn’t pass their ”save an investment banker” rescue package and the $800 billion “jobs creation” stimulus package? They assured the American people that these expenditures were temporary and were only being made to save the country. Before the crisis, Federal spending was $2.7 trillion. The talking heads at the Fed and in the White House assure us they saved the world. GDP is growing and Obama told me we’ve added over 1 million jobs in the last year. Sounds like the emergency is over.

As you can calculate yourself, Federal government spending surged by 124% between 1999 and today. Have you noticed a doubling in service level, competence, educational scores, new energy solutions, or safety and security? What did we get for an extra $2.1 trillion of spending?  What we got was exhausting wars of choice, less freedom, less liberties, less safety, more rules, more regulations, more bureaucrats, more corruption, a financial collapse, and a government that has put us on a path to fiscal ruin. We’ve almost tripled spending on Defense. Are we safer? We’ve more than doubled spending on healthcare. Are we healthier? We’ve more than doubled spending on welfare. Are the poor less impoverished? We’ve more than doubled spending on education. Are our children smarter? The Federal government is out of control….

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The following shows that our annualized inflation rate is actually 10.6%, which contrasts CPI data, a common economic indicator used by the Fed to gauge inflationary pressures.  The connection to Quinn’s argument is that deficit spending results in massive inflation, which devalues the dollar and acts as a hidden tax – usually referred to as an inflation tax. Take a look!

MIT “Billion Price Project” Confirms US Prices Surging (In Case There Was Any Confusion)

Submitted by Tyler Durden on 02/11/2011 14:05 -0500

Just in case there was still any lingering doubt that prices in the US are surging far above whatever the CPI may indicate, we present the MIT Billion Price Project. Unlike the CPI which is a gross misrepresentation of what is really happening on the ground in price terms, MIT actually compiles real time price data about a universe of products. From the methodology section: “our data are collected every day from online retailers using a software that scans the underlying code in public webpages and stores the relevant price information in a database. The resulting dataset contains daily prices on the full array of products sold by these retailers. Our data include information on product descriptions, package sizes, brands, special characteristics (e.g. “organic”), and whether the item is on sale or price control.” The attached chart confirms what anyone (but not Ben Bernanke) who actually buys goods and services in the US knows all too well.

Annualized Inflation: 10.6%



    About Jeremiah Dow
    I have a B.S. in Politics, Philosophy, and Economics with a minor in Economics. I finished school in 2010 and am currently working on independent research in various areas including political and economic philosophy, government, and history. I am also currently looking for work in research, particularly the social sciences dealing with public policy work. I aspire to a top-level graduate institution, but would first prefer some professional research experience. Some of my primary influences are Ayn Rand, Noam Chomsky, and Howard Zinn among others.

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