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http://video.foxnews.com/v/4012082/the-one-thing-210
Paul Ferrell from Marketwatch just came out with the 20 global debt time bombs that could go off and change the world. I have another list of who holds our debt — that's at least 35 ways everything comes undone. Now, I'm not saying this is what's going to happen. But I am asking you to listen to the stats, play the odds in your head and decide: Should I do anything to change my life. Save more money? Not buy the big screen? Should I continue to listen to those in Washington who say we are past the storm?
Here's Ferrell's list:
1. Federal Budget Deficit Bomb: It started with Bush: The wars, TARP, spending. Obama is only accelerating spending. His budget for 2010 is $14.3 trillion. It was $7.8 trillion in 2005. The CBO predicts future deficits around 4 percent through 2020. America's debt at 84 percent of GDP will soon pass that "toxic" 90 percent trigger point
2. U.S. Foreign Trade Bomb: $400 billion in trade deficits are added each year and foreigners now own $2.5 trillion of America, with China holding over $1.3 trillion in Treasury debt. And they're not our biggest bank.
3. Weakening U.S. Dollar as Foreign Reserve Currency Bomb: If the dollar is replaced as main foreign reserves — and it's falling — "the main index measuring dollar strength has gone from 120 at the Clinton-to-Bush handoff to below 80 today."
4. Cheap Money Bomb — Credit Ratings Down, Rates Up: As debt climbs and the bank ratings fall, interest rates will skyrocket.
5. Global Real Estate Bomb: Dubai is falling apart because of over-speculation. People stopped buying real estate. They've got massive empty towers. Even the tallest building sits empty. Commercial real estate bubble is now $1.7 trillion. People are still behind on mortgages at all-time highs; did we really hit bottom on real estate yet?
6. Peak Oil and the Population Bomb: United Nations estimates world population exploding 50 percent — now, it's the United Nations and I'm not paying attention to them anymore.
7. Social Security Bomb: They've been telling us for a while that by 2035 it will go haywire. But for the first time in history Social Security is in the red. Check your calendar: Is it 2035 yet? Let's see, will politicians cut benefits? Nope, they're weasels. Will they raise taxes we can't afford to pay? What do you think?
8. Medicare Nuclear Bomb: It's going broke faster than Social Security. The Republican progressive prescription drug benefit added an unfunded $8.1 trillion. In five years, estimates rose from about $35 trillion to over $60 trillion now. And they are talking about expanding it in the new health care bill? Along with covering 30 million new people?
9. Health Care Insurance Bomb: "The burden has increasingly shifted to employees. Costs are rising faster than inflation."
10. State and Local Government Budget Bombs: "Deficits of $110 billion in 2010; $178 billion in 2011, on top of more that $450 billion in under-funded state and municipal employee pension funds."
11. Under-funded Corporate Pensions Bomb: Guess who picks up the tab for the $409 billion deficit in under-funded pensions that default? Taxpayers.
12. Consumer Debt Bomb: "Americans are still living beyond their means. Even with a downturn, consumer debt rose from about $2.3 to $2.5 trillion." Hmm, spending more, earning less....
13. Personal Savings Bomb: "Before the 2008 meltdown savings rate dropped from about 10 percent in the early 1980s to below zero." Now it's creeping up: 70 percent of our economy is based on spending.
14. War and Military Defense Deficits: "Costs of Iraq and Afghanistan wars — $200+ billion annually, $3 trillion minimum... long-term costs for veteran medical care, equipment renewal, recruitment."
15. Homeland Insecurity Bomb: "Security at airports, seaports, borders, vulnerable chemical plants all increase budgets."
16. Fed/Treasury Bailout Bombs: Government shifts burden of failing businesses from those businesses to the American taxpayer.
17. Insatiable Washington Lobbyists Bombs: You've seen what "no lobbyists" in an administration looks like. It ends up being 30-plus. Andy Stern, the unions, Goldman — voters and even Congress is becoming irrelevant.
18. Shadow Banking Derivatives Bomb: "Wall Street wants no regulation of this $670 trillion, high-risk, out-of-control casino that's highly leveraged versus the $50 trillion total GDP of all nations. We forget that derivatives almost destroyed global economies in 2008-09, finally will by 2012."
19. Dysfunctional Two-Party Political Bomb: Parties continue to choose politics over the good of the country. Progressives continue to infect both parties and thwart the Constitution.
20. The Coming Populous Rebellion Bombs: The media will say those are the Tea Parties. Let me show you what it really is. Van Jones: A 9/11 Truther, radical communist who set up organizations to defend cop killers. He was in the White House and now is going out on a speaking tour with a senator from New York. The influence is already here.
Let me show you what it looks like — the finished product — I told you last summer, to read this book: "The Coming Insurrection" by Invisible Committee.
It's about to play out in the streets of Greece. It's been played out in France. What's the story? People who are actual communists have been masquerading as Democratic socialists: We're not Marxists, we're just like you. They fell into bed with their politicians — same has here — and they were backed, and according to the book — there was an unspoken understand: Bring the socialist utopia.
http://video.foxnews.com/v/4012082/the-one-thing-210
Paul Ferrell from Marketwatch just came out with the 20 global debt time bombs that could go off and change the world. I have another list of who holds our debt — that's at least 35 ways everything comes undone. Now, I'm not saying this is what's going to happen. But I am asking you to listen to the stats, play the odds in your head and decide: Should I do anything to change my life. Save more money? Not buy the big screen? Should I continue to listen to those in Washington who say we are past the storm?
Here's Ferrell's list:
1. Federal Budget Deficit Bomb: It started with Bush: The wars, TARP, spending. Obama is only accelerating spending. His budget for 2010 is $14.3 trillion. It was $7.8 trillion in 2005. The CBO predicts future deficits around 4 percent through 2020. America's debt at 84 percent of GDP will soon pass that "toxic" 90 percent trigger point
2. U.S. Foreign Trade Bomb: $400 billion in trade deficits are added each year and foreigners now own $2.5 trillion of America, with China holding over $1.3 trillion in Treasury debt. And they're not our biggest bank.
3. Weakening U.S. Dollar as Foreign Reserve Currency Bomb: If the dollar is replaced as main foreign reserves — and it's falling — "the main index measuring dollar strength has gone from 120 at the Clinton-to-Bush handoff to below 80 today."
4. Cheap Money Bomb — Credit Ratings Down, Rates Up: As debt climbs and the bank ratings fall, interest rates will skyrocket.
5. Global Real Estate Bomb: Dubai is falling apart because of over-speculation. People stopped buying real estate. They've got massive empty towers. Even the tallest building sits empty. Commercial real estate bubble is now $1.7 trillion. People are still behind on mortgages at all-time highs; did we really hit bottom on real estate yet?
6. Peak Oil and the Population Bomb: United Nations estimates world population exploding 50 percent — now, it's the United Nations and I'm not paying attention to them anymore.
7. Social Security Bomb: They've been telling us for a while that by 2035 it will go haywire. But for the first time in history Social Security is in the red. Check your calendar: Is it 2035 yet? Let's see, will politicians cut benefits? Nope, they're weasels. Will they raise taxes we can't afford to pay? What do you think?
8. Medicare Nuclear Bomb: It's going broke faster than Social Security. The Republican progressive prescription drug benefit added an unfunded $8.1 trillion. In five years, estimates rose from about $35 trillion to over $60 trillion now. And they are talking about expanding it in the new health care bill? Along with covering 30 million new people?
9. Health Care Insurance Bomb: "The burden has increasingly shifted to employees. Costs are rising faster than inflation."
10. State and Local Government Budget Bombs: "Deficits of $110 billion in 2010; $178 billion in 2011, on top of more that $450 billion in under-funded state and municipal employee pension funds."
11. Under-funded Corporate Pensions Bomb: Guess who picks up the tab for the $409 billion deficit in under-funded pensions that default? Taxpayers.
12. Consumer Debt Bomb: "Americans are still living beyond their means. Even with a downturn, consumer debt rose from about $2.3 to $2.5 trillion." Hmm, spending more, earning less....
13. Personal Savings Bomb: "Before the 2008 meltdown savings rate dropped from about 10 percent in the early 1980s to below zero." Now it's creeping up: 70 percent of our economy is based on spending.
14. War and Military Defense Deficits: "Costs of Iraq and Afghanistan wars — $200+ billion annually, $3 trillion minimum... long-term costs for veteran medical care, equipment renewal, recruitment."
15. Homeland Insecurity Bomb: "Security at airports, seaports, borders, vulnerable chemical plants all increase budgets."
16. Fed/Treasury Bailout Bombs: Government shifts burden of failing businesses from those businesses to the American taxpayer.
17. Insatiable Washington Lobbyists Bombs: You've seen what "no lobbyists" in an administration looks like. It ends up being 30-plus. Andy Stern, the unions, Goldman — voters and even Congress is becoming irrelevant.
18. Shadow Banking Derivatives Bomb: "Wall Street wants no regulation of this $670 trillion, high-risk, out-of-control casino that's highly leveraged versus the $50 trillion total GDP of all nations. We forget that derivatives almost destroyed global economies in 2008-09, finally will by 2012."
19. Dysfunctional Two-Party Political Bomb: Parties continue to choose politics over the good of the country. Progressives continue to infect both parties and thwart the Constitution.
20. The Coming Populous Rebellion Bombs: The media will say those are the Tea Parties. Let me show you what it really is. Van Jones: A 9/11 Truther, radical communist who set up organizations to defend cop killers. He was in the White House and now is going out on a speaking tour with a senator from New York. The influence is already here.
Let me show you what it looks like — the finished product — I told you last summer, to read this book: "The Coming Insurrection" by Invisible Committee.
It's about to play out in the streets of Greece. It's been played out in France. What's the story? People who are actual communists have been masquerading as Democratic socialists: We're not Marxists, we're just like you. They fell into bed with their politicians — same has here — and they were backed, and according to the book — there was an unspoken understand: Bring the socialist utopia.
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