Cain vs. Paul on the Housing Collapse:
Cain on the Federal Reserve:
Most people don’t know about this because the media barely even covered it, but the first ever GAO (Government Accountability Office) partial audit of the Federal Reserve was FINALLY carried out this past July due to Ron Paul’s efforts. It revealed that the Fed secretly bailed out banks and corporations to the tune of $16 TRILLION between 2008-2010.
This has ZERO to do with Hank Paulson’s $700 billion bailout, and has ZERO to do with QE1 and QE2.
No one wants to touch this subject – even though $16 TRILLION of our dollars (that were created out of nothing) were sent out with ZERO oversight or accountability, there is no desire to dig further.
Again, this is $16 TRILLION dollars.
The consensus says that theUSdebt is now at $11.3 Trillion, but even the Federal Reserve itself admits that the unfunded liabilities of the US Social Security and Medicare system stand at $99.2 trillion today.
So, if the USgovernment plans to keep operating the Social Security system and the Medicare system, then the official federal debt really is $11.3 trillion plus $99.2 trillion, or $110.5 trillion.
Now what is this $110.5 trillion in the context of?
If you add up all of the banking derivative debt in the world today (this means all of your collateralized debt obligations, credit default swaps, etc.), there is roughly $1.5 Quadrillion floating around our global financial system right now.
$1.5 Quadrillion = $1,500 Trillion, which is clearly a sum of money that can never be repaid no matter what you do.
If you don’t believe the figure above of $1.5 Quadrillion, then check out this article below from Bloomberg from just a couple of days ago. As you’ll see, one single bank (Bank of America) held about $75 trillion of derivatives at the end of this past June. If you read further, you’ll see that JP Morgan holds $79 Trillion in derivatives.
And as you read into the article, you’ll see what Bank of American just did to cover their asses – they moved nearly all of these derivatives to their FDIC deposit insured part of the company. So now, the taxpayer is on the hook for all of that debt.
Again, none of this is secret or hidden – these banks do this right out in the open because no one understands the global financial system.
This brings me to a famous quote from Henry Ford: “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
As far as Herman Cain goes, he seems like a likeable enough guy, but he addresses none of the problems/issues above. It should be blatantly clear right now (as being presently displayed inEurope) that no amount of tax or liquidity injected into the system can resolve the debt crisis we have.
Taxation, for example, is always a great talking point and certainly a problem that would need to be addressed in normal times, but 9-9-9 or any other system is simply not going to cut it. Even if you took all of the money from the top 1%, which conservatively comes to $2 Trillion, where does that get us?
$2 Trillion is equal to 0.0013% of the world debt bubble we’re in.
I agree that Ron Paul could be more eloquent and more positive, but I think people are ready for the hard truths. We just fell for the Mr. Positive outlook (“Yes We Can”) bull of Obama a couple of years ago…No one cares about being uplifted anymore. People want the truth. We want to be leveled with. We want fraudulent debt and corruption out of the system at all costs.
Whether you agree with him or not, Ron Paul is the only person who has never once wavered from the truth. I am not confident that he’ll be able to do much if he wins, but I am confident that anyone else will keep the status quo, until we face the next crisis.