From “Front and Center”, By Bud Burrell (full article)
Today, the National Inflation Association made the momentous announcement of the US having passed a critical “Tipping Point”, that being the level at which if 100% of all income were taxed from payers, it would not cover the expenditures of the US Government. If you can’t understand what this means, then as a citizen, you damned well better learn. We have gone over the edge of a precipice that can’t be easily recovered. The futures of our currency and of the currencies of the World are in acute jeopardy that would predict the probability of an unprecedented collapse of our global economy. This collapse comes at a time when, as never before in American history, our national system of government and laws are imploding.
I was asked today what solutions I could see for the future and what could the individual do to protect themselves against the potential collapse. First, I don’t see a solution for the individual. All we can do is reduce the size of Government and the level of our expenditures and taxation immediately. The option is the seizure of our country’s financial assets, the decimation of our real estate markets both residential and commercial, the liquidation of our insurance industry, and worse.
Absent draconian changes in our way of life, I can see nothing to repair the institutional damage already done, and which is being magnified every day. Jobs creation was a hope a year ago, but I doubt it would be of any value now. Busting the energy paradigm with a new source of plentiful and cheap energy could be on the wish list, but it better happen soon. Fanciful pleadings that we trust our Government to correct, and to re-adjust are folly. We need action now, not a year from now, not in 2012, but now.