Latest economic figures show Obama lied; jobless claims skyrocket
By now the economy should be humming like a well-oiled machine if the rhetoric of Barack Obama, Joe Biden, and the Democrat-controlled Congress were to be believed.
At the beginning of the summer Obama, Biden, and the minions of the Marxist marvels took to the highways and bi-ways of America to tout 'the summer of recovery.'
Obama lied. Biden lied. Congress lied.
(Photo by Alex Wong/Getty Images). Federal Reserve Chairman Ben Bernanke.
Today the big news is that the economy is in the midst of the first stages of collapse.
Here is the proof--
1. The Federal Reserve has begun implementing a procedure that Chairman Bernanke promised it would not do--monetize the debt. In fact, Bernanke promised repeatedly that the Fed would not engage in monetization. We can safely add the name of Chairman Bernanke to the list of those who have told the American people blatant lies about the economy.
Why is the monetization of the debt so important to you, the average citizen? The process of monetization involves the Federal Reserve buying off America's mind-boggling debt by printing more money, which leads ultimately to hyper-inflation. That means the day is coming when not only will you not be able to afford to drive to the grocery store for bread, but if you are lucky enough to get there you won't be able to afford the bread, either.
The implementation of this process is clear proof that the Federal Reserve is alarmed by America's debt load, which most astute economists describe as 'unsustainable.' But the 'cure' the Feds are implementing to address it is just as deadly as the disease.
2. Several alarming bits of news hit the headlines first thing this morning that only add to the alarm. In one month alone in July the Obama Administration increased the burgeoning budget deficit by 165 BILLION dollars. The second quarter report on the Gross Domestic Product will be revised downward to just 1% from an already-sluggish 2.4. And Americans are increasingly pessimistic that the current economic policies are adequately addressing the issues.
3. The new jobless figures just released today show that unemployment claims reached their highest level in 6 months, indicating that the so-called 'recovery' never got off the ground. Last week the number of new unemployment claims reached a whopping 484,000. More lies by the Obama Administration and Congress, who have a vested interest in creating a false perception that 'America is on the road to recovery.'
4. New figures released today indicate that home foreclosures are up 6% over last year. Last year was supposed to be 'the bottom,' according to Obama and Administration officials. The fact that 2009 was, in fact, nowhere near 'the bottom' is ample proof that the Obama/Democrat policies are not working and are making matters much worse.
All of this points to an impending economic collapse, and the federal government has known all along it was coming. This is precisely why U.S. Congressman Anthony Weiner, D-New York, embarked on a public campaign to discourage citizens from buying gold as a hedge against the banking industry collapse, and even went as far as to include in the new so-called 'finance reform bill' passed by Congressional Democrats a provision that tracks the sale and storage of gold coins.
The government wants to know who buys gold and where they store it.
Why?
During the last economic collapse of the 1930s the government decided to steal gold from the citizens. FDR implemented a law forcing citizens to give up their gold to the government, which the government turned around and sold back to citizens for nearly double what it was worth at the time it was confiscated.
There would be absolutely no reason whatsoever for the federal government to be concerned about the sale and storage of gold...UNLESS it had every reason to believe another massive collapse is on the way.
DIGGING DEEPER:
Depression at the Door? by Greg W. Howard
What the Fed's Move Means to Main Street by Birmingham Personal Finance Examiner
To D.C.--Waking Up Yet? by Karl Denninger
An election for President and Commander in Chief of the Military must strive to be above reproach. Our public institutions must give the public confidence that a presidential candidate has complied with the election process that is prescribed by our Constitution and laws. It is only after a presidential candidate satisfies the rules of such a process that he/she can expect members of the public, regardless of their party affiliations, to give him/her the respect that the Office of President so much deserves.
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