Business

The Coming Collapse of America

“Get it out of your mind that economic and political collapse can’t happen in this country”

Published

2 years ago

April 21, 2021

Jeff Davidson

In 1992, I read Bankruptcy 1995: The Coming Collapse of America and How To Stop It, by a captain of industry, Harry E. Figgie, published by Little Brown and Company. Now, 29 years later, as our national debt is soon to reach $30 trillion, we should re-consider many of Figgie’s observations. Here are the notes and excerpts that I extracted from the book:

Bankruptcy Looms

Harry Figgie, here and for all that follows: Within two to four years, the United States, for all practical purposes, will have spent itself into bankruptcy. Interest on the national debt will become the largest item on the federal budget, and the government will have to spend more to make its interest payments than it will collect in taxes.

The federal government’s deficit, will soon be an amount un-repayable or controllable.

Suppose you earn $50,000 annually, and you are in debt for $450,000. “Are you broke at that point? Technically, no, but you sure have a serious problem, and so do your creditors, since you won’t be able to make your payments.” Soon, the U.S. won’t even be able to afford the annual interest payment on this debt.

Spending cuts that Are Obvious

The Grace Commission report outlined how the government could cut its spending by $424 billion a year between 1984 and 1987, however, the report was ignored.

Most of the recommendations were painfully obvious. One proposal called for closing a western army base that had been built in the 1800s for use as an outpost in the Indian wars. Another base in Virginia was so antiquated it had a moat around it but the state’s junior senator insisted that it “would not be closed on his watch.” It wasn’t.

Year after year, Congress and the Administration present a budget to the American public that shows the deficit being reduced by several million dollars, while the actual deficit at year’s end comes out much higher. Meanwhile, everyone manages or pretends to remain ignorant of our impending physical collapse.

Unable to Meet IMF Standards

Only one important difference separates the U.S. and many Eastern European and South American countries that we think of as being poor or economically distressed. These countries receive aid from the International Monetary Fund (IMF) and the U.S., ignoring reality, pretends that it is still rich enough to contribute money to the fund.

Countries receiving IMF aid must conform to spending controls. If the U.S. abided by these rules, it would literally be out of business. We do not qualify for an IMF loan.

When the Federal Reserve begins to buy substantial amounts of the governments debt, large private investors become overly concerned with inflation, interest rates begin to rise, and the process builds on itself. To protect yourself, watch for stories about bankers and economists fretting about the expanding money supply.

Decline in the Standard of Living

Some people believe that the debt hasn’t caused their standard of living to suffer, but there has been an actual fall in real family income, the percentage of Americans who own homes, and other vital indicators.

Moreover, personal bankruptcy is nearly triple what it was in the 1960s and 1970s, the cost of higher education exceeds the means of most families, a higher proportion of families require two parents bringing in income, and the age at which first homes are purchased is rising.

The solution involves unrelenting pressure on Congress. Call, write, visit. Be assertive but courteous. Convey your concerns clearly and forcefully. Demand that your elected leaders and officials be accountable to you.

The End of Modest Measures

The time for modest measures has passed. We are in an emergency situation.

The author admonishes: “Get it out of your mind that economic and political collapse can’t happen in this country, or that we can deal with it once it happens.”

Harry Figgie concludes: We must either take control, or suffer the consequences of losing control entirely.

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Related Topics:Breathing Space Featured Jeff Davidson

Jeff Davidson

Jeff Davidson is the world's only holder of the title "The Work-Life Balance Expert®" as awarded by the U.S. Patent and Trademark Office. He is the premier thought leader on work-life balance, integration, and harmony. Jeff speaks to organizations that seek to enhance their overall productivity by improving the effectiveness of their people. He is the author of Breathing Space, Simpler Living, Dial it Down, and Everyday Project Management. Visit www.BreathingSpace.com for more information on Jeff's keynote speeches and seminars, including: Managing the Pace with Grace® * Achieving Work-Life Balance™ * Managing Information and Communication Overload®

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3 weeks ago

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The left has long worked to overthrow America and all that it stands for. They have been working at it since early in the 1900’s and it took up more speed in the late 60’s and early 70’s with the rise of the radical left. PolitiCrossing founder Chris Widener explains the three-pronged attack and how it is almost complete, as well as the only things we can do to save ourselves and this country we love.

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SAVE YOURSELF: Is This The Surefire Way to Protect Your Money in the Inevitable Financial Meltdown?

Decentralized finance (DeFi) has emerged as a revolutionary technology.

Published

4 weeks ago

May 9, 2023

Chris Widener

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CAN DECENTRALIZED FINANCE BE THE WAY TO SAVE YOURSELF AND YOUR FAMILY FROM MELTDOWNS AND TYRANNY?

Decentralized finance (DeFi) is built on the blockchain, which offers a wide range of financial services without the need for intermediaries such as banks or other financial institutions. DeFi has emerged as a popular alternative to traditional finance, offering a more open, transparent, and decentralized financial system. In this article, we will explore why DeFi can protect you from a coming financial meltdown and from tyrannical governments.

DeFi is built on the blockchain, which means that it is inherently decentralized. This means that there is no central authority controlling the system, and all transactions are verified and validated by a distributed network of nodes. This makes the system more resilient and less vulnerable to attack or manipulation. Unlike traditional financial systems, where central authorities have the power to manipulate the system, DeFi is designed to be transparent and immutable.

One of the main advantages of DeFi is that it offers greater financial freedom and control to users. DeFi allows users to access a wide range of financial services without the need for intermediaries. This means that users can transact directly with each other, without having to go through banks or other financial institutions. This gives users greater control over their finances and reduces the risks associated with centralized financial systems.

Another advantage of DeFi is that it is highly transparent. All transactions on the blockchain are public and can be verified by anyone. This means that there is no room for fraud or manipulation, as all transactions are visible to all participants in the network. This level of transparency is not possible in traditional financial systems, where transactions are often opaque and difficult to track.

DeFi also offers greater security to users. Transactions on the blockchain are secured using cryptography, making them virtually impossible to hack or manipulate. This means that users can trust the system, knowing that their funds are secure. Traditional financial systems, on the other hand, are often vulnerable to cyberattacks and fraud, which can result in significant financial losses.

Don’t miss Rich Dad Poor Dad’s Robert Kiyosaki in this absolutely free webinar: The Coming Financial Tsunami. Learn how to protect yourself and your loved ones. Click here NOW to register!

Furthermore, DeFi is designed to be more inclusive and accessible to everyone. Unlike traditional financial systems, which often have high barriers to entry, DeFi is open to anyone with an internet connection. This means that people who are unbanked or underbanked can access financial services that were previously unavailable to them. This inclusivity is important because it helps to reduce financial inequality and promotes greater financial inclusion.

Finally, DeFi is more resilient than traditional financial systems. DeFi is built on a decentralized network of nodes, which means that there is no single point of failure. This makes the system more resilient to attacks and more resistant to financial meltdowns. In traditional financial systems, a single point of failure can have catastrophic consequences, as we saw in the 2008 financial crisis.

DeFi is a new and exciting financial system that offers a wide range of benefits over traditional finance. It is transparent, secure, accessible, and resilient, making it an attractive option for people who are looking to protect themselves from a coming financial meltdown. While DeFi is still in its early stages, it has the potential to transform the world of finance, offering a more open, transparent, and decentralized financial system for everyone.

SEVEN BENEFITS OF DECENTRALIZED FINANCE

Decentralized finance (DeFi) has emerged as a revolutionary technology that enables individuals to conduct financial transactions without the need for intermediaries such as banks or financial institutions. DeFi uses blockchain technology, which provides a transparent and secure way of conducting financial transactions. In this article, we will discuss the benefits of decentralized finance, along with a brief overview of crypto and blockchain.

Overview of Crypto and Blockchain

Crypto refers to digital currencies that use cryptography to secure financial transactions and control the creation of new units. Bitcoin, which was created in 2009, is the most well-known cryptocurrency. It is based on blockchain technology, which is a decentralized ledger that records transactions in a transparent and secure manner. Blockchain technology provides a secure and tamper-proof way of recording transactions, making it ideal for use in financial transactions.

Benefits of Decentralized Finance

Lower Transaction Costs

Decentralized finance provides a cost-effective way of conducting financial transactions. Traditional financial systems are often plagued by high transaction costs, which are passed on to customers. DeFi eliminates the need for intermediaries, which means that transaction costs are significantly lower. This makes it easier for individuals to access financial services and reduces the barriers to entry for new players in the market.

Greater Accessibility

DeFi provides greater accessibility to financial services, particularly for individuals who are unbanked or underbanked. In many parts of the world, people do not have access to traditional banking services due to various factors such as lack of documentation, poor credit history, or living in remote areas. DeFi provides a way for these individuals to access financial services using only a smartphone and an internet connection. This has the potential to increase financial inclusion and reduce poverty.

Increased Transparency

One of the main benefits of blockchain technology is its transparency. Transactions recorded on the blockchain are publicly visible, making it easier to trace the flow of funds. This provides a level of transparency that is not possible with traditional financial systems. Decentralized finance leverages this transparency to provide greater accountability and reduce the risk of fraud. This makes DeFi a more secure and trustworthy way of conducting financial transactions.

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More Control Over Personal Data

Traditional financial systems often require individuals to provide personal data such as name, address, and social security number. This data is stored by banks and financial institutions, making it vulnerable to hacks and breaches. DeFi provides individuals with more control over their personal data by using self-sovereign identity solutions. These solutions enable individuals to control their own data and share it only with the parties they trust.

Greater Flexibility

Decentralized finance provides greater flexibility in terms of financial products and services. Traditional financial systems are often rigid, with limited options for customers. DeFi provides a range of financial products and services, including loans, savings accounts, insurance, and investment products. This gives individuals greater flexibility to choose the financial products and services that meet their specific needs.

Faster Settlement Times

Blockchain technology enables faster settlement times for financial transactions. Traditional financial systems often require several intermediaries to process transactions, which can take several days. With DeFi, transactions are processed directly on the blockchain, which means that settlement times can be as fast as a few seconds. This provides greater convenience for customers and reduces the risk of errors and delays.

Reduced Counterparty Risk

Traditional financial systems often involve counterparty risk, which is the risk that one party will fail to fulfill its obligations in a financial transaction. DeFi eliminates counterparty risk by using smart contracts, which are self-executing contracts that automatically execute when certain conditions are met. This provides greater security and reduces the risk of fraud and default.

Conclusion

Decentralized finance is a revolutionary technology that has the potential to transform the financial industry. By eliminating intermediaries, increasing accessibility, increasing transparency, providing more control over personal data, offering greater flexibility, enabling faster settlement times, and reducing counterparty risk, DeFi provides numerous benefits that traditional financial systems cannot match. As DeFi continues to evolve, it has the potential to create a more equitable and inclusive financial system that benefits individuals and communities around the world.

The information provided in this article is for educational purposes only and should not be construed as financial or investment advice. Investing in decentralized finance (DeFi) and cryptocurrencies involves risk and may result in significant financial losses. Readers are advised to conduct their own research and seek the advice of a financial professional before investing in DeFi or cryptocurrencies. The author and publisher of this article are not responsible for any losses incurred as a result of investing in DeFi or cryptocurrencies.