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Forum Post: Old But Worth A Rehash: Comptroller General of the United States who Quit

Posted 12 years ago on Oct. 25, 2011, 4:52 p.m. EST by economicallydiscardedcitizen (761)
This content is user submitted and not an official statement

After finding one of Gary North, PhD's books at a thrift store in 2007 I searched online to see if by chance he had a website or was still alive since the book I found was from the 1970's titled
How You Can Profit From the Coming Price Controls (ISBN: 0930462017 / 0-930462-01-

This is how I knew the economy was going to fare very badly for the next 10 years: http://www.garynorth.com/public/department79.cfm

Watch the Federal Debt Rise, Moment by Moment. This Is the On-Budget Debt. The Off-Budget Debt Is Vastly Worse. Gary North

The Gross National Debt

This is the on-budget debt, meaning the debt statistic the government prefers to report. It is deliberately misleading. The real debt is over seven times larger.

For a detailed series of all deficits -- public and private -- click here.

The unfunded liability of the U.S. government for Social Security and Medicare is over $70 trillion. See Table 1.

Watch the video of David Walker, then the Comptroller General of the United States, which aired on CBS's "Sixty Minutes" on January 16, 2008. Exactly one month later, he announced his resignation. He now heads up a newly organized foundation designed to sound a warning on America's looming bankruptcy.



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[-] 1 points by tstorey (17) from Newport, RI 12 years ago

Much of this is resolved with one phrase..."money is just another commodity...like..say electricity". If we believe the lie..."money is scarce...there isn't enough to pay for everything...money is valuable..." Then we need to worry about all the giant international collapses that are looming on the horizon. They print the amount necessary then have the banks loan it out. The federal government just borrows what they need the fed prints it out of thin air and voila! 70 trillion is just a key stroke at the federal reserve. Just a journal entry at the treasury department. Just a day or two of Tbill sales on wall street. Money isn't valuable. It's just the juice that runs through the system. You can't run out of the stuff. That's why they put the system in in the first place...so they could buy everybody....and they have. The schools and the media have us convinced that isn't enough money in the world. That this will all "come due."

Keep in mind that the whole cartoon we live in is a "rig job." That's why Standard oil of New Jersey can supply the German army with oil in world war 2, plead guilty to it in federal court and pay a FINE. Because it is a rig job and 99% of the "pending catastrophes are designed to scare us into believing in the rig job.

The gross national debt is created out of digital thin air to SCARE us. It means nothing. In 28 different federal agencies we employ 250,000 "intelligence agents"...any idea why we need FIVE football stadiums worth of intelligence agents just to get through the day?

Their job, it would seem, is to keep the systems in place that convince us that this reality isn't a rig job.

Walker interview is designed to scare us.

Couple years ago the secretary of defense dd the same interview and said the Pentagon had lost track of THREE TRILLION in untracked funds. Same jive. Means nothing. Scared the spit out of everybody..."where did it go?...Oh my God what are going to do now?" It was on ABC news...please ignore what they say on the news.

[-] 0 points by economicallydiscardedcitizen (761) 12 years ago

'Had more thoughts on the matter concerning the 'rig job.' See my earlier reply that because I posted it in the box supplied was intended for you. Interestingly for individual households averaging 4 individuals an 'avearage' annual household income hovers around $50K or so depending on which city and state is resided in. For businesses, anything up to something like $250K is considered below affluence. 'Wealth' seems to start at $250K per year wherein all manner of tax benefits are available to the business owner and, last time I checked, most members of Congress are millionaires and most of those in political office are earning in the higher 6 figure + income brackets. Perhaps what we really need are major changes such as ending the FED as many agree and pushing for TERM LIMITS. I don't know if making positions of elected office UN-SALARIED/ie:VOLUNTARY would make any difference unless laws in place concerning financial kickbacks/support are more firmly placed to prevent the current levels of corruption.

[-] 0 points by economicallydiscardedcitizen (761) 12 years ago

As a former loan officer and having studied and experienced several economic cycles (my earliest memories were in the 1970's as a child being in gas lines) the 1980's Enron and the S&L Crisis, 1990's through 2008 witnessing the economic collapse/Bear Stearns' BK, Madoff etc... practicing both real estate/some light commercial along with loans I have to agree that the markets are a 'rigged system' and definitely by those with vast resources representing the highest 7 figures on upwards representing billions-us 'crumbs' on the bottom largely haven't a clue that we represent so much 'belly button lint' in terms of our miniscule earning/production power.

Yes, the Fiat money seems unlimited but the changing VALUE and negative and in many cases crippling impact on the functioning of MIDDLE and UPPER-MIDDLE AMERICA (UPPER MIDDLE WHEN I WAS GROWING UP IN THE LATE 70'S TO 80'S IN ALAMO OR DANVILLE, CALIFORNIA WOULD BE THOSE HOUSEHOLDS WITH A WORKING PROFESSIONAL, IN OURS IT WAS MY DAD A CAPTAIN WITH PAN AMERICAN EARNING $110K PER YEAR, IN OTHERS IT WAS AN MD, DENTIST , FINANCIAL PROFESSIONAL OR ARCHITECT ) this devaluation of the dollar, earnings and resultant quality of life for the effort is what is most troubling. When $5 that used to fill half a tank of gas fills only one tenth of that tank and lowest income or minimum wage for a given geograpic area does not allow basic self sufficiency(shelter, food, clothing, personal care, preventive medical/dental/vision, transportation & vehicle insurance for one individual unaided by public or private assistance while they perhaps engage in additional schooling/skills training to move beyond a temporarily low income situation well, then there is a major problem and the 'rig job' of hedge funds, the FED and the great casino that is Wall Street has to be addressed by the now awakening populace.

PS: There's nothing like working in an office of around 200 loan officers over the span of a couple of years through a run up in property values serving happy homeowners and then seeing the slow to accelerating devaluation along with the economic conditions/unemployment en masse. Our geographic service area was throughout the greater San Francisco Bay Area, parts of N. California to as far as Truckee and South to as far as San Diego, Santa Barbara. At all times in my career my goal was the long term quality business relationship with clients who were confident in me and my company and developing many more like them so that my business was based on quality referrals and from that I would be able to create appropriate income goals relative to the costs of living in the San Francisco East Bay Area (average earnings begin at around $60K) when my earnings capacity began to severely erode in the economic collapse along with others we found that the lowest rent ($800 to $1500 for the East Bay Area)apartments for example were consistently rat infested slums. When even those rents began to average out at greater than 1/3 of our income we bailed out to Reno, NV where a Veteran's pension is more than adequate and clean, pest free apartments with utilities, water, garbage, parking and security can be had for just under $500 per month.

True, your argument that it's a 'rig job' is spot on but it has to change, you can't rig the system to effectively give the proverbial 'boot' to the MIDDLE and Upper MIDDLE class who represent small business owners such as Deli Shops or Dry Cleaners all the way to 8 year or more degreed professionals and maybe Occupy Wall Street and Occupy the World is just a small beginning in the face of the Goliath of the current system/s.

Just like Michael Douglas in the movie 'Falling Down' many are seeing through business/career/professional displacement we have become 'no longer economically viable' and like Beale in the 1970's movie 'Network' most of us observing the status quo especially if we have been extremely displaced and unable to skillfully or monetarily play the 'rigged game' (ie:losing our homes/careers/earning power) feel similarly and want to get up and insanely yell "I'm mad as hell and I'm not gonna take it anymore!" Worse, if you are a listener to Police scanner radios you will be more than aware of the sad stories of families, mostly of certain religious groups committing suicide by hanging when one or both husband and wife lose their high 5 to 6 figure paying jobs knowing full well that functional, self supportive income within their specialties is not an option that will present itself within 3 months let alone 5 years or more at the rate unemployment and the current state of the economy continues..

Further disheartening is hearing police say that these stories are 'media block requested.'