Bankrupt? Who’s Bankrupt?

bankruptA few years ago, with tongue securely in cheek, I wrote about the Fed buying treasury bonds.  I tried using the absurd to make a point.  I explained this would be like issuing your own credit card, buying everything you want, paying for the credit card with your checking account, and filling the checking account with cash advances from the credit card.  I was just kidding.  I never thought this would actually happen.  It has.  Similarly, years ago when I wrote about the nationalization of GM and the financial system, I was again trying to use absurdity to make a point.  My problem is that it’s getting hard to be absurd in America today.

When I read the headlines, all I do is mutter to myself, “You just can’t make this stuff up” because when I did no one took me seriously.

Today, with the Fed buying treasury bonds, America has in effect declared bankruptcy.  We might not think so because the mainstream media hasn’t mentioned it, but our creditors have noticedChina wants higher interest rates and collateral. Dancing down the yellow-brick road to Insolvency City, our leaders announce a new trillion dollar something or other every day.  A trillion here, a trillion there and eventually trillion doesn’t sound so shockingly big any more.

What comes after a trillion?  It’s a quadrillion with 15 zeros then a quintillion with 18 zeros.  What’s the difference between these bewildering figures?  A trillion is a million millions.  There are a million seconds in 11 days.  A billion seconds is around 32 years. And a trillion seconds in approximately 32,000 years.  To the average person it doesn’t matter whether it’s a million, a billion or a trillion they’re all too big to wrap our heads around.

What’s next? Nationalize the New York Times and the rest of the liberal media because people won’t support them any longer.  How about the thousands of Acorn workers who suddenly disappeared when it became obvious what a corrupt Democrat front-organization it really was magically reappeared as ACORN by other names still receiving government money.  How about Comprehensive Immigration Reform, which Congress repeatedly refused to pass becoming law by presidential fiat, with voting for illegal aliens in an election coming to you soon. Then we have Obamacare nationalizing 17 % of the GDP, which may soon squeeze the private healthcare insurance industry out of the market.  As people who don’t work at Wal-Mart demonstrate to unionize Wal-Mart.  The federal government listens to and records everything everyone says without a warrant, and the person who tells us about it is a traitor.

Could any of this happen in America the land of the free and the home of the brave?  Don’t be absurd!

Woodrow Wilcox


The current economic woes may not be popular with Americans, but George Soros the Bankroll of the Left loves it.  He says, “the financial crisis has been stimulating.” Then after mentioning the 11.6 billion he made during the 2008 crash adds, “It is, in a way, the culminating point of my life’s work.”  Capitalism may be dying all around us but at least the socialists are making money.  And how did this prime mover of the socialist agenda in America make all this money?  Did he build factories?  Create jobs?  No, he runs a hedge fund and makes money appear out of thin air through manipulation of currencies, monetized derivatives, credit swaps and other types of voodoo economics.

Obama’s much ballyhooed recovery may look great from the White House even though it looks quite a bit like the Great Recession from our houses.  The mood of the American people is cratering through this Great Recession into everyone’s personal Great Depression.


We may be feeling down, but at least we’ve got the Progressives that Soros supports looking out for us.

For example, after the crash, there was second-generation Senator Dodd who inherited his seat from his father.  He’s the guy who fought so hard to stop all those greedy AIG executives from getting their excessive bonuses after he forgot he inserted the amendment into the pork-laden stimulus boondoggle to make sure the AIG executives got their bonuses when the company went on welfare.  I’m sure it was a coincidence he received his largest donations from AIG and his wife served as a director of an AIG company.  Nobody told Senator Dodd where his money came from, who his wife worked for or, what amendments he offered, so his outrage and bluster were obviously much more than theatrics.

Here’s a guy who gets sweetheart deals on mortgages for multiple houses and has the nerve to tell a national news conference he didn’t know getting a VIP rate was a special deal.  This paragon of fiduciary integrity also voted for a Treasury Secretary who blames his tax deficiencies on not understanding turbo-tax.  Giving oversight of the IRS to a man who didn’t know he couldn’t deduct the fee for his children to go to summer camp as a business expense because Turbo-Tax didn’t tell him?  Maybe the Senate should have held a hearing and investigated Turbo Tax?  Maybe they could have ponied up some donations to make all the hub-bub go away.

Having people like these look after our finances is sort of like having the fox guard the hen house.  Of course even after they have eaten all the hens, these chickens will still come home to roost.

Looks like Chicago has finally made it to the Big Leagues, Big Al would be so proud.  I wonder if this administration knows how to appoint someone who pays their taxes.  Remember how poor Limousine Tom Daschle was forced to withdraw his nomination just for being a tax cheat?  Now it turns out that’s no longer a disqualifier, since if it was, who would we find to run the federal government and decide how much we should pay in taxes?

Speaking of Chicago, one of the people who led Freddie Mac over the cliff was Rahm Emmanuel.  He was on the Board of Directors for 14 months.  And all he got was $320,000 which is barely $22,800 per month so how much due diligence could anyone expect?  Yet another humble public servant from Chicago, while out serving hash to the poor unfortunates, some unpatriotic news hound noticed Michelle’s sneakers cost $540.  Thus the theater of the absurd has become main stream.

Bankrupt? Who’s bankrupt? Don’t be absurd!

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Dr. Owens teaches History, Political Science, and Religion.  He is the Historian of the Future @ © 2013 Robert R. Owens [email protected]  Follow Dr. Robert Owens on Facebook or Twitter @ Drrobertowens / Edited by Dr. Rosalie Owens
Dr. Robert R. Owens

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