Bill Sardi asks: “What does Mr. Paul mean when he says this is what happens when ‘a country destroys its money’ and ‘destroys or eliminates the middle class.’ What does that mean in dollars and cents?”
Says Sardi today in his article America’s Wealth Eroding: “It means the American people are aggregately losing the value of their banked money at the rate of $16,881 per second, $970,904 per minute, $58,254,253 per hour, $1.398 billion per day, or $510,304,260,000 per year (that’s $510 billion!). That is the most conservative figure, based upon a 7% rate of inflation. The erosion of American wealth could be as high as $780 billion/year if a higher 10% inflation rate is employed. …
As for the inflation rate, Sardi explains the government inflation coverup:
“The federal government says the rate of inflation is around 3%. However, the real rate of inflation is not the 3% figure government provides (government calculations don’t include the cost of fuel or food, for example). According to ShadowStats economist John Williams (www.shadowstats.com), who reverts back to ways the government calculated the rate of inflation in 1990 and 1980, Americans are losing 7% to 10% of purchasing power of their banked money annually.
“Using the 7% figure, that comes to a $510 billion erosion of saved money per year. Using the 10% inflation rate, Americans are losing $780 billion of their banked money via inflation per year.
“In just 5 years $8.505 trillion in aggregate banked wealth will diminish to as little as $4.250 trillion in purchasing power using the 10% inflation estimate. John Williams shows savers who deposited $100 in banked money in 2006 would need $160 today to buy the same amount of goods and services as 5 years ago.”
Sardi then continues on to What an insult: bankrupt banks offer dividends to stockholders,and What to do? (It’s not pretty).
“Yet rebellion is in the air. Without bread, Americans will be consoled by circuses for only so long…” –Justin Raimondo
Our Last Christmas in the Old America |Justin Raimondo (excerpts)
Antiwar.com December 25, 2011 — As the world celebrates the birthday of the Prince of Peace, the Lord of War looms large over the land. The shrikes and talking heads are screeching for Iranian blood, and there are ominous signs in the stars. The war god’s acolytes flood the airwaveswith “a complex of vaunting and fear,” as an old prophet once put it, and men of peace aredisdained as “weak,” “dangerous,” and “extreme.”
Who will save us from the coming slaughter?
There is no Savior, no man on a white horse or divine sacrificial offering who can stop or appease the gathering demons: they will quaff their chalice of blood, have their pound of flesh, these cannibals of the spirit who demand human sacrifice as the price of propitiation. Blood, honor, “national security,” “world leadership,” the “free world” – these are the words they will invoke, the ritual prayers to the great god Mars that will excuse the thousands killed, tens of thousands maimed – and for what?
This may well be our last Christmas in the old America – an America untouched by serious civil turmoil since the era of Lincoln, unbowed by the business cycle since the days of FDR.We are living out the very last hours of the American Century, and all of Mitt Romney’s appeals to nostalgia and belligerent nationalism cannot reconstruct what has been lost. The peerless engine of American economic supremacy has run out of gas, and is sputtering on the false fuel of fiat money.
In the end, we will find what we already knew: that we cannot print out way out of debt – not without destroying our currency, and ourselves, in the process. In the end, the only way out is war – or Empire’s end.
The invocation of a wartime” emergency” is precisely what our rulers require at this particular moment in our history: for them, war would be a blessing. Are prices hitting the roof – has inflation impoverished us all – is it getting nearly impossible to live? Well then, we can blame our “leaders” or we can blame some Foreign Devil? Which story will the “mainstream” media be peddling – and on whose behalf? To pose the question is to answer it. …
We will learn too late there are no exceptions to the natural laws of morality and economics: that wars of conquest invite “blowback” and that bankrupt empires don’t last long.
It’s your last Christmas in the old, prosperous, untouched America – a benevolent land of plenty, where opportunity was limited only by ambition and the knowledge of tyranny and privation was second-and -third hand. So please, by all means make it a memorable one.
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