Empty Store Shelves Coming to America
The National Inflation Association today issued a warning to all Americans that empty store shelves will likely be coming to America as a result of government price controls during the upcoming hyperinflationary crisis. This morning, NIA released a video preview of what hyperinflation will look like in the U.S. This extremely important must see video is now available on NIA’s video page.
NIA’s six-minute video released today goes into detail about an event that took place just outside of Boston, Massachusetts in May of this year. This story was widely ignored by the nationwide mainstream media, but NIA believes it was one of the most important news events of the first half of 2010. Although this particular crisis in Boston was due to decaying infrastructure, NIA believes a currency crisis will lead to the same type of panic on a nationwide basis.
NIA hopes that this video serves as a wake-up call for Americans to take the necessary steps to prepare for hyperinflation and become educated about the U.S. economy. In Zimbabwe during hyperinflation, Zimbabweans were forced to transact in gold and silver. It’s only a matter of time before the U.S. dollar becomes worthless and the only Americans with wealth will be those who own gold and silver.
Citizens of Boston were able to survive their recent crisis with the help of the National Guard, but the National Guard won’t be there for Americans during hyperinflation. 40.2 million Americans are currently living off of food stamps, but food stamps won’t have any purchasing power during hyperinflation. The United States’ day of reckoning is ahead. We cannot go on living with record budget deficits and accelerating national debt growth forever.
Just yesterday it was announced that for the first time ever, a major credit ratings agency has given China a higher credit rating than the U.S. While most credit ratings agencies including Moody’s, Standard & Poor’s and Fitch Ratings still rate U.S. debt as AAA, NIA believes the real credit rating of the U.S. should be junk. The only way one could possibly justify a U.S. credit rating of AAA is by taking into account the Federal Reserve’s ability to monetize our debt through inflation. However, printing money to pay off debt is a lot worse than defaulting on it. Inflation is very deceptive, it destroys the value of savings while transferring wealth from the poor and middle class to the rich.
The U.S. has a budget deficit just from Social Security, Medicare and Medicaid alone. NIA urges President Obama to implement dramatic cuts to these entitlement programs immediately, while simultaneously reducing the size of government across the board. Time is growing short for Obama to rein in government spending. The longer Obama waits to reverse course, the harder it will be for the U.S. to recover from the calamity that is about to unfold.
Please forward this message to everybody you know. It is essential to the well-being of all your family members and friends that they watch our new video entitled “Empty Store Shelves Coming to America” by going to: http://inflation.us/videos.html
Please continue to spread the word about NIA by telling your friends and family to subscribe for free, by clicking here.
DEFICITS!!!!!!!!!!AAAAAGGGHHH!!!! Run for your life!!!!!!!!!!!!
It’s never too late to jump on the hysteria bandwagon, this latest fear mongering is brought to you by the GOP, proving once again how easy it is to propagandize the American public.
Slap yourself and sober up chumps;
Deficits of Mass Destruction
Christopher Hayes
July 15, 2010 | This article appeared in the August 2/9, 2010 edition of The Nation.
First, the facts. Nearly the entire deficit for this year and those projected into the near and medium terms are the result of three things: the ongoing wars in Afghanistan and Iraq, the Bush tax cuts and the recession. The solution to our fiscal situation is: end the wars, allow the tax cuts to expire and restore robust growth. Our long-term structural deficits will require us to control healthcare inflation the way countries with single-payer systems do.
But right now we face a joblessness crisis that threatens to pitch us into a long, ugly period of low growth, the kind of lost decade that will cause tremendous misery, degrade the nation’s human capital, undermine an entire cohort of young workers for years and blow a hole in the government’s bank sheet. The best chance we have to stave off this scenario is more government spending to nurse the economy back to health. The economy may be alive, but that doesn’t mean it’s healthy. There’s a reason you keep taking antibiotics even after you start to feel better.
And yet: the drumbeat of deficit hysterics thumping in self-righteous panic grows louder by the day. Judging by its schedule and online video, this year’s Aspen Ideas Festival was an open-air orgy of anti-deficit moaning. The festival is a good window into elite preoccupations, and that its opening forum featured ominous warnings of future bankruptcy from Niall Ferguson, Mort Zuckerman and David Gergen does not bode well. Nor does the fact that there was a panel called “America’s Looming Fiscal Emergency: How to Balance the Books.” This attitude isn’t confined to pundits. The heads of Obama’s fiscal commission have called projected deficits a “cancer.”
The hysteria has reached such a pitch that Republican senators (joined by Nebraska Democrat Ben Nelson) have filibustered an extension of unemployment benefits because it was not offset by spending cuts. Keep in mind, the cost of the extension for people unlucky enough to be caught in the jaws of the worst recession in thirty years is $35 billion. The bill would increase the debt by less than 0.3 percent.
This all seems eerily familiar. The conversation—if it can be called that—about deficits recalls the national conversation about war in the run-up to the invasion of Iraq. From one day to the next, what was once accepted by the establishment as tolerable—Saddam Hussein—became intolerable, a crisis of such pressing urgency that “serious people” were required to present their ideas about how to deal with it. Once the burden of proof shifted from those who favored war to those who opposed it, the argument was lost.
We are poised on the same tipping point with regard to the debt. Amid official unemployment of 9.5 percent and a global contraction, we shouldn’t even be talking about deficits in the short run. Yet these days, entrance into the club of the “serious” requires not a plan for reducing unemployment but a plan to do battle with the invisible and as yet unmaterialized international bond traders preparing an attack on the dollar.
Perhaps the most egregious aspect of the selling of the Iraq War was its false pretext. It never really was about weapons of mass destruction, as Paul Wolfowitz admitted. WMDs were just “what everyone could agree on.” So it is with deficits. Conservatives and their neoliberal allies don’t really care about deficits; they care about austerity—about gutting the welfare state and redistributing wealth upward. That’s the objective. Deficits are just what they can all agree on, the WMDs of this manufactured crisis. Senator John Kyl of Arizona, speaking on Fox, has come out and admitted as much. All new spending increases must be offset, he said, but “you should never have to offset the cost of a deliberate decision to reduce tax rates on Americans.” So there you have it.
Remember that the Iraq War might have been prevented had more Congressional Democrats stood up to oppose it. Instead, many of those who privately knew the entire enterprise was a colossal disaster in the making buckled to right-wing pressure and pundit hawks and voted for it. That mistake is being repeated. Despite White House economists’ full realization of the need for stimulus in the face of astronomically high unemployment, the New York Times has reported that the political minds inside the White House, David Axelrod and Rahm Emanuel, have decided that the public has no appetite for increased spending. “It’s my job to report what the public mood is,” Axelrod explained. He then showed up on ABC’s This Week to wave the white flag, saying that the president would continue to press to extend unemployment benefits; conspicuously omitted was any mention of aid to state governments, which had originally been included in the president’s June letter to Congress asking for a new stimulus package.
There is hope, however: the public is nowhere near as obsessed with the deficit as are those in Washington. According to a USA Today/Gallup poll, 60 percent of Americans support “additional government spending to create jobs and stimulate the economy,” with 38 percent opposed. A Hart Research Associates poll published in June showed that two-thirds of Americans favor continuing unemployment benefits. There is also very little public appetite for “entitlement reform,” a k a cutting Social Security.
The lesson of the Iraq War is that over the long haul, good politics and good policy can’t be separated. If the White House is tempted to support bad policy in the short term because it seems less risky politically, it should give John Kerry a call and ask him how that worked out for him with Iraq.
She’s alive! Where’ve you been anonster?
Vern,
I decided to stop commenting on the OJ over privacy issues, perhaps you could clear up the OJ’s position on this subject.
Will the OJ allow anonymous commentators their privacy or will they be subjected to endless comments from you and Sean aimed at revealing their identities?
If you do not want anonymous comments, please say so, there is no need for childish and gossipy behavior, either respect anonymous commentators privacy or don’t allow anonymous comments.
Which is it going to be?
anonster,
I agree that the privacy of our commenters should be sacrosanct. I have asked both Vern and Sean to please respect that. I hope they will follow this policy – it is of the utmost importance to our blog community and to our integrity.
Yeah anonster, if I did that I’m sorry. I remember there was the time that Quinn agreed to tell you what she does for a living if you did the same first, and then you told her, and she didn’t keep her end of the bargain. Was this during that kerfuffle?
Anyway I’ll be careful not to compromise your privacy. And you won’t be hearing as much from Quinn lately… at least quite so much.
Vern,
Actually it began when you “outed” me as a woman, up until that time I had been very careful to always use gender neutral language, i.e. spouse instead of husband, etc..
I always felt that the great thing about anonymity was that your ideas and arguments stood on their own, without preconceived notions about who you were. For instance, I knew the grating one was an idiot based on his writings and your disclosure of his cuban immigrant status didn’t inform me more, it only diminished his privacy.
I accept your apology and I look forward to adding to the OJ discussion in the future.
ahh the commi has come out . this is what happens when you elect a total zero as president . this is the hope n chance brought to you by a snake oil dealer and the dems .. oh well 4 more months to go .
anoster reminds me of kevin bacon in animal house ALL IS WELL . NOTHING IS WRONG . WE ARE OK ,
was that a media matters or daily looks poll .i would like to see how that question was asked . ITS A FACT AMERICANS WANT LESS SPENDING NOT MORE LIKE YOUR PIECE .. spoken like a true far left dem . tx spend , tx spend , more spending .
hmmm… Our first poster seems to think that we are impervious to the same disaster that hit Argentina. The fact is, hyperinflation is the unfailing result of a fiat monetary system. History has proven this time and again. Good post Art!
Debbie Tharp,
What is your point? Argentina defaulted on it’s debt to international investors, but Argentina relied on increased government spending to reestablish its economy. Here’s an excerpt from an article on the Huffington Post;
“By boosting government spending to stimulate the economy, Argentina increased its GDP by more than 50 percent since 2003, and now plans to emerge from default by resolving the last of its bad debts.
President Cristina Fernandez says Argentina’s experience shows that austerity measures are exactly the wrong medicine in a debt crisis, which is why Europe’s rescue plan is “condemned to failure.”
“You don’t need to be an economist to know that if you reduce the flow of economic activity, you reduce even more the capacity to pay the debt,” Fernandez said in a national address this week. “It’s clear that you won’t be able to pay what you’re being lent.”
In other words, now is the WRONG time to SUDDENLY be worried about deficits, where were conservatives when Bush was waging two wars while cutting taxes, a first in US history and a recipe for economic disaster.
Deficits are important, but when the private sector isn’t spending it’s up to the government to stimulate the economy, we have to grow ourselves out of debt and that can only happen if the economy is growing.
I found this on the Daily Beast this morning, I recommend you read it;
Fourteen million out of work! Sixteen notable economists and historians have joined in a consensus statement for The Daily Beast demanding urgent action on unemployment and the faltering recovery. Joseph Stiglitz, Alan Blinder, Robert Reich, Richard Parker, Derek Shearer, Laura Tyson, Sir Harold Evans, and other thought leaders have produced a manifesto calling for more government stimulus and tax credits to put America back to work.
GET AMERICA BACK TO WORK
Fourteen million unemployed represents a gigantic waste of human capital, an irrecoverable loss of wealth and spending power, and an affront to the ideals of America. Some 6.8 million have been out of work for 27 weeks or more. Members of Congress went home to celebrate July 4 having failed to extend unemployment benefits.
We recognize the necessity of a program to cut the mid- and long-term federal deficit but the imperative requirement now, and the surest course to balance the budget over time, is to restore a full measure of economic activity. As in the 1930s, the economy is suffering a sharp decline in aggregate demand and loss of business confidence. Long experience shows that monetary policy may not be enough, particularly in deep slumps, as Keynes noted.
The urgent need is for government to replace the lost purchasing power of the unemployed and their families and to employ other tax-cut and spending programs to boost demand. Making deficit reduction the first target, without addressing the chronic underlying deficiency of demand, is exactly the error of the 1930s. It will prolong the great recession, harm the social cohesion of the country, and continue inflicting unnecessary hardship on millions of Americans.
One more thing… emergencies like this show the ultimate weakness in our food supply. Let’s get back to community oriented garden projects. Remember the Victory gardens of last century? Why do you have useless grass in your yard when you could be planting an edible garden and making use of edible landscaping? Every American could benefit from a healthier lifestyle including more fresh fruits and veggies. We should encourage this as a society.
Debbie, you must really be old to remember that — I read about it in history books, but to actually be able to remember it. Amazing.
“Empty Store Shelves Coming to America”……… this is a good news for the leftists like Vern Nelson.
The leftism is a mental disorder similar to Munchausen by proxy syndrome (MBPS) one of the most harmful forms of child abuse.
Same as in MBPS, the leftist deliberately makes another person poor during which process the leftist feels satisfied by gaining the attention and sympathy aside of the satisfaction in being able to deceive public that they consider to be more important and powerful than themselves.
I know, I lived 22 years in the country with empty shelves!…… it is livable, It is like being on the diet 24/7 with no cars no pollution no progress just walking and bicycling keeping together 2-4 families in one bedroom apartment, hearing daily on the leftist radio that everything is just fine and that capitalists will make them suffer.
It will happen because you do not vote!