The fundamental problems with the current American economy have nothing at all do with any sitting president of the last 90 years. The only thing any president can do is stifle or delay the inevitable. There are mechanisms in place that have assured we would reach a breaking point somewhere down the road, and now it's looking to be sooner rather than later.
Economic depressions are cyclic. In every economy in the world, depressions occur approximately every 50 years. We were due for another deprssion - and would have experienced one in the 80's - had it not been for 'Reaganomics,' and yet another under Clinton in the 90's had he not been so suave with shuffling money around from one part of our government to another.
The problem is that had we experienced a depression in the 80's or even the 90's, it would have been MUCH less severe than the one we are about to experience ...
In 1980, our total public debt (including everything) was around 11 trillion. Since then, it has quadrupled to 44 trillion, and is expected to double from 44 trillion to around 90 - 100 trillion just five to ten years from now ...
Why is this happening? Here's a great article that I've copied only part of below, along with some of my own edits for clarity:
http://news.goldseek.com/GoldSeek/1095269452.php
Federal Reserve Act: Believe it or not, the fact is that the Federal Reserve is OWNED by The Bank of England and receives absolutely no oversight by our government save for the one who is appointed chairman of the Fed. However, although the President of the United States appoints the chairman of the Fed, and this appointment is approved by the United States Senate, the decisions of the Fed do not have to be ratified by the President or anyone else in the executive branch of the United States government. Established in 1913, the Federal Reserve System is an independent central bank buried in legislation that maintains total power over the monetary policies of all US banks. A very curious statement is found in the original 1913 law. SEC. 30: The right to amend, alter, or repeal this Act is hereby expressly reserved.
But reserved expressly to whom or what? No definition is provided ...
Sec. 341:: To have succession for a period of twenty years from its organization unless it is sooner dissolved by an Act of Congress, or unless its franchise becomes forfeited by some violation of law.
The Federal Reserve was only given a corporate life of 20 years! Their time was up in 1933 ... Who was President at that time? Franklin. D. Roosevelt, of course. Somehow, the Federal Reserve's termination did not occur. There exists NO reauthorization of the Federal Reserve Act of 1913, other than the tacit approval given by the Sarbanes-Oxley Act of 2002.
OWNERSHIP OF THE FEDERAL RESERVE - Most Americans, if they know anything at all about the Federal Reserve, believe it is an agency of the United States Government. This article charts the true nature of the "National Bank." Chart 1 Source: ** Federal Reserve Directors: A Study of Corporate and Banking Influence ** - -
Published 1976 Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn, Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control. Note that the 12 Federal Reserve Banks are owned and operated by PRIVATE BANKERS whose sole purpose is to accumulate wealth.
In a nutshell, the Federal Reserve is debasing the value of the American dollar by flooding the world economy with American currency. Since, unlike most countries, America is a 'credit society,' the debt continues to climb indefinitely. Every time someone gets a home loan, that debt piles onto the rest and ultimately the value of that purchase (the REAL money) is transferred to the Federal Reserve and thus to The Bank of England. However, Americans live on the belief that more is better when in reality our country was never intended to extend credit that is guaranteed and/or funded by the U.S. Government. Under the Federal Reserve, this is exactly what we have become. Thus, most Americans live under the illusion of monetary wealth when in reality most Americans actually own (free of credit) almost nothing...
The Federal Reserve will always debase the currency to take its cut, and guarantee that the government has a tax base available to feed its bureaucratic family. The government is a total slave of the Federal Reserve. For example, analyze the latest real estate boom. There will be a major boost in property taxes based on the new valuations. Many people will be surprised when they receive their new tax bill. This will guarantee more money for the government coffers. They know that people will do almost anything to keep their homes. What's another job or two per family? Besides, the extra job will provide more tax revenue for the government. This will require more day care, or baby-sitting services for many families, which create more income for the government. This will cause more meals to be eaten out, which creates more revenue for the government Meanwhile, prices will continue to go up, which creates more sales tax revenue for the government. However, deflation is end of the government, which makes one wonder if our economy is being systematically manipulated in order to eventually a) transfer massive amounts of wealth from the U.S. to the EU and b) reduce the U.S. to a mere agricultural country on par with some third world countries.
This is the strategy of the Federal Reserve. The majority of the people will always believe that more is better. Knowing that, and now having a democracy ensconced in the US, it is time to feed and breed. Prices always go up, and everything is "Wunnerful, Wunnerful." Bring on the Champagne Lady. Alan runs the bubble machine. The illusion of money has destroyed most people since society (goverment) developed socialism. Democracy feeds on the illusion of something for nothing. As each demagogue promises more than his competition, the tax burden becomes oppressive. The monetary illusion serves to conceal the costs through currency debasement. This assures the complete destruction of the society that embraces this perversion. Any attempt to introduce logic into a dialogue will be defeated by claiming you're an elitist devoid of compassion. Envy, hate, and manipulated passions are the hallmark of democracies. While all this destruction is occurring, money diverted by the mechanism of currency debasement is constantly being transferred to the British Crown in the City of London.
You should all be out buying gold and storing up on food. When the crash comes, and it WILL come VERY SOON, it's going to be a LONG winter for the U.S. and quite a few other countries around the world who rely on its 'free money' (credit) system...
