I remember watching Alan Greenspan testify to the Senate Banking Committee in 2005 and my mouth hit the floor when I heard it. I have been looking of this clip for years, and could never find it. A friend finally sent it to me and I posted it to my YouTube channel and below in this article. I was just starting my Awakening process in 2005 and this was one of those thunderbolts that really sped up my awareness.
Senator Reed asked the sitting Federal Reserve Chairman Alan Greenspan if he still believed that we should maintain the fundamental principles of Social Security?
“I believe that we should maintain the principles of Social Security, but I think the existing structure is not working. Until we construct a system that creates the savings that are required to build the REAL assets, so that the retirees have REAL goods and services. We don’t have a system that is working. We have one that basically moves cash around and we can guarantee cash benefits as far out and whatever size you like, but we cannot guarantee their purchasing power. Do we have the material goods and services that people will need to consume, not whether or not we pass some hurdle with respect to how legal financing occurs. Financing is a secondary issue and it is a means to create the REAL wealth, not an end into itself.” -Alan Greenspan 2005
America is a collapsed Ponzi economy in capitalist debt crisis .
ReplyDeleteThe level of government debts and the past losses of its banking sector bonds are so huge that the principle can never be repaid in dollars at their present value.
Or pensions.
In recent decades the way the economy was structured by globalism under the dollar hegemony system, US consumption was financed by foreign investors in US government ,commercial and private debts.
America is an importer of capital the biggest debtor country in the world.
Trade and government deficits have been the norm for decades.
Other countries were prepared to exchange their commodity goods in return for US dollars. The $ profits of foreign elites including petro-dollars ,or the profits made by the Chinese capitalist elite ,were reinvested in American Treasury , property bond debts and other US income earning assets like property ,as vendor finance.
This inflow of,savings transferred from the rest of the world ,drove up demand for property and share bubbles valued in “strong” US dollars gave the appearance that America itself was still a center of profit creation. Even after the fictionally valued Dot com boom and Ponzi scams like Enron crashed and investors capital simply disappeared .
That economy was only possible ,as in any Ponzi ,as long as promised dividends and interest payments could be met
Pre-crisis after tax dividends of its corporations were only about equal to the inflows of foreign investment credit And the profits of military Keynesianism for the MIC and its wars paid for by government deficit spending.
The earlier post WW2 economy was based on manufacturing . With extra internal extra profits from racial discrimination ,. with its own US markets as well as exports exchanged in trade to other countries .
As an imperialist country it was an exporter of surplus profits as capital invested in the rest of the world to gain extra profits.
But is now de-industrialized and unproductive of real profits.
The USA was converted into a consumer of wealth ,services economy, where CONSUMPTION of often foreign produced commodities often on foreign credit accounted for 72% of GDP. The strong $ and credit supply enabled consumption of cheap third world produced goods maintaining the high living standards of Americans and great profits were made by Wall Mart.
In fact high waged American working people were not creating a real profit for capital in commodity producing industry. Manufacturing of commodities ,not related to the MIC and strategic industries, armaments , aerospace , vehicles etc is a feeble shadow of its old self .
Unprofitable industries and jobs were shipped by their sensible owners to the third world, to countries like China where a profit can be got.
The only major creator of physical value left was the housing construction sector (now belly up after the property bubble collapsed ) An industry that also used a lot of imported commodities from locks to dry wall cladding where profitability itself often relied on cheaper “illegal” labor.
Indeed some sectors of the old “official American” working class, unwilling to compete or unable to find high waged jobs found themselves dependent on government handout welfare and income supplements etc in a form of capitalist ‘National Socialist’. Empire. But unlike the German form based on territory, and citizenship not “race”. USA USA USA !
Still, that globalised economy worked OK for a couple of decades. but the finance sector in the end turned to outright fraud for profit growth ,trillions of $s worth of fake sub prime and other “collaterised” bonds were exported to the rest of the world. 40% of all profits!
But that economy only lasted as long as the National debt, government deficit spending could be expanded to keep corporate profits and Welfare going .
But credit supply and even money printing eventually reached its Ponzi parasitical limit, then the Ponzi crashed
PayingHyipOnline.com-Make millions liberty reserve and perfectmoney in paying hyips fastest Real Investment
ReplyDeleteHYIP(High Yield Investment Program) is a investment program that anyone can join online and deposit fund, in return themember will earn high interest in short period of time. There are tons of HYIPs on the Internet and most of them are closely,monitored by HYIP rating sites and HYIP forums.You can find HYIPs from those HYIP rating and monitor sites. Liberty Reserve Investment Hyips one of the biggest HYIP rating and monitor sites. If you've searched around the Internet for different ways to make money online, there's no doubt that you've come across the term HYIP . You might have just skipped it and paid it no mind, but if you're reading this article right now, you must have questioned what the term encompasses. HYIP stands for High Yield Investment Programs , which covers all programs, offline and online , that are used to invest money to receive a higher yield than you would normally get at a bank . But that doesn't necessarily mean that it's a safe and solid investment. Look to HYIPs as more like gambling than an investment , and only use money that you can afford to lose.
More Details
http://www.payinghyiponline.com