Best of the Week
Most Popular
1.Scottish Independence YES Vote Panic - Scotland Committing Suicide and Terminating the UK? - Nadeem_Walayat
2.Independent Scotland Will Disintegrate as Unionist Regions Demand Referendum's to Rejoin UK - Nadeem_Walayat
3.Bank of England Panic! Scottish Independence Bank Run Already Underway! - Nadeem_Walayat
4.Gold and Silver Price Ready To Go BOOM - Austin_Galt
5.Gold and Silver Potential Price Meltdown Scenario - Rambus_Chartology
6.Scottish Independence UK Catastrophe - The Balkanisation of Britain - Video - Nadeem_Walayat
7.The Price Of Gold And The Art Of War Part I - Darryl_R_Schoon
8.Main Reason Why Scotland Will Vote NO to Independence, 70% Probability - Nadeem_Walayat
9.Heavy Gold and Silver Shorting is Bullish - Zeal_LLC
10.10 Year U.S. Treasury Short Best Place to be Remainder of 2014 - EconMatters
Last 5 days
Scottish Independence Bank Run Already Underway - Video - 16th Sept 14
The Emergence of the US Petro-Dollar - 16th Sept 14
Economic GDP Drives Stock Prices Inestment Myth - 16th Sept 14
Don't Miss This Gold Buying Opportunity - 16th Sept 14
Why ECB QE Is Bearish For Gold Prices - 15th Sept 14
Property Rights and Property Taxes—and Countries That Don’t Have Them - 15th Sept 14
Junior Miners Breaking Out Higher Forecasting Gold and Silver Price Bottom? - 15th Sept 14
Stock Market Patiently Waiting for Mean Reversion - 15th Sept 14
A Closer Look at the US Dollar - 15th Sept 14
The Silver Price Sentiment Cycle - 15th Sept 14
Stock Market Correction Underway - 15th Sept 14
Marc Faber - “I Want To Be Diversified, I Want To Own Some Gold” - 15th Sept 14
The Myth of Nuclear Weapons - 15th Sept 14
US Dollar Forecast to Go Much Higher - 15th Sept 14
Analysis And Price Projection Of The Uranium Market - 15th Sept 14
Bank of England Panic! Scottish Independence Bank Run Already Underway! - 15th Sept 14
The Ethics of Entrepreneurship and Profit - 14th Sept 14
The Big Investor Opportunity in the Orbital Space Junkyard - 14th Sept 14
Kohl's and The Rest of The Retailers are in Deep Doo Doo - 14th Sept 14
Independent Scotland Will Disintegrate as Unionist Regions Demand Referendum's to Rejoin UK - 14th Sept 14
Stock Market Pullback Continues - 13th Sept 14
SNP Fanatics Warn of Day of Reckoning for Scottish Independence No Campaigners - 13th Sept 14
Scottish Independence Would Shake Up the Global System - 13th Sept 14
The World Order Becomes Disorder - 13th Sept 14
Is Geothermal Power About to Become The Next Great Battleground Over Fracking? - 12th Sept 14
Heavy Gold and Silver Shorting is Bullish - 12th Sept 14
Strong U.S. Dollar Undermines Gold and Silver - 12th Sept 14
Debt And The Decline Of Money - 12th Sept 14
Panic On The Streets Of London ... Can Scotland Ever Be The Same Again? - 12th Sept 14
Will The Real Silver Commercials Stand Up? - 12th Sept 14
If You Own Only One Investment, Make Sure This Is It - 12th Sept 14
Main Reason Why Scotland Will Vote NO to Independence, 70% Probability - 12th Sept 14
Better Days Ahead For U.S. Stock And Housing Market - 12th Sept 14
U.S. Meddling Dims Prospects for Ukraine Peace - 12th Sept 14
Is the Fed Preparing to Asset-Strip Local Governments? - 12th Sept 14
China Holds “Gold Congress” - Positioning Itself As Global Gold Hub - 11th Sept 14
Fire Ice Could be Energy's Magic Bullet or a Planet-killing Catastrophe - 11th Sept 14
The Mass Psychosis Of 9 /11 Will Never Be Healed - 11th Sept 14
Radical Islam's Crisis of Competing Caliphates - 11th Sept 14
Ukraine Crisis And Self-Determination - 11th Sept 14
Cameron and Miliband Desperately Attempt to Prevent Scotland Committing Suicide - 11th Sept 14
A Supply Crunch Points to Higher Uranium Prices - 11th Sept 14
The Myanmar Shadow - 11th Sept 14
Europe Takes the QE Baton - 11th Sept 14
Full Frontal Inflation - 11th Sept 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Huge Stocks Bear Market

The Truth is We’re Freakin’ Finished

Politics / US Politics Dec 30, 2010 - 01:10 PM GMT

By: Mac_Slavo

Politics

Best Financial Markets Analysis ArticleWhile Bob from Drinking With Bob may be a little bit emotionally driven he does a pretty good job of getting his point across. In the following video Bob rants about the failing public services sector in New York and points out what many of us already know:


(Video follows excerpt and commentary)

The truth is we’re freakin’ finished. The government has bankrupted this city, this state, and this freakin’ country. Meanwhile, they keep freakin’ taxing us. New York City is charging for services they can no longer provide. It’s like charging you for a movie they’re not going to make, or charging you a toll to go over a bridge that doesn’t freakin’ exist.

New York is just a microcosm of the greater problem facing the nation. As we reported in Doomsday Fear Mongers Get It Right Again, the cities and states are facing extremely serious budget problems which will eventually lead to a federal fiscal crisis unlike anything we’ve ever seen in America.

Bob discusses the problems New York is having with the lack of sufficient emergency personnel and law enforcement - and this trend is only going to continue to expand. Just about every state and major city in the country will be forced into the same cuts. They simply do not have the money to pay for these services anymore. Financial analyst Meredith Whitney stated in mid-2010 that the public sector will have to lay off 2 million workers over the coming 24 months - and that won’t even help them to break even, that’s just to keep operations going.

Currently, the focus is on the aforementioned public sector jobs, but consider what will happen as states can no longer afford public pension funds or health and human services like Medicaid and Medicare. Eventually, the contagion spreads to the Federal level.

The billions of dollars in services on which many Americans depend will start being reduced. This is going to hit Americans like an 8 pound sledgehammer.

We’ve become so dependent on entitlement programs, that the majority of people on those soon to be cut services will be left with nowhere to turn.

As early as the first quarter of 2011 we can expect to see massive protests, potentially even riots, as public pensioners and employees hit the streets because Republicans are now prepared to pass new legislation that will force states into bankruptcy - no more borrowing - which means states are going to have to make significant cuts to those pension funds.

Over the course of the next couple years, the outrage against forced austerity will continue to spread and will include all of those who have become accustomed to free government handouts, including those on welfare, health care, food stamps and unemployment. It’s not going to be pretty.

All the while, as government pulls services, they will move to raise taxes, either overtly or under the cover of doublespeak legislation or inflationary monetary policy.

Bob on the incompetence of Mayor Bloomberg and the state of affairs in America:


By Mac Slavo
http://www.shtfplan.com/

Mac Slavo is a small business owner and independent investor focusing on global strategies to protect, preserve and increase wealth during times of economic distress and uncertainty. To read our commentary, news reports and strategies, please visit www.SHTFplan.com

© 2010 Copyright Mac Slavo - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014