Beck guest's advice to prep for "anarchy" of coming U.S. "debt implosion": "Grow your own food"; "take up arms"
February 11, 2010 6:54 pm ET
From the February 11 edition of Fox News' Glenn Beck:
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p.s. Mag: I do believe your concern for Clinton was sincerely meant.
Now, after eight years of Bush, we're just barely pulling out of a complete financial nosedive. I'm sure if another Republican prez gets in, we'll be looking back on the Obama years just as fondly.
Unless them peopleare anyone without money!
Yes, I do remember. Those WERE the days. Thanks to Dubya, they are long over.
Ha! Ha! I remember watching on the, then new, Fox News channel: "Y2K. If you're not afraid, you ought to be." I made it a point of pride to not even take minimal precautions for that one.
FEARMONGERING!
Man! Don't you love it!
It's one possible scenario. The "debt implosion" is being fought right now by the fed. One might wonder why there isn't great price inflation with all the money being spent and loans guaranteed by the government. The private sector is liquidating debt which is having the opposing effect of decreasing money supply.
The more people who are independent of the system if such an extreme scenario comes to pass, the better. Not just for themselves but for the society as a whole, as those so prepared will not be putting stress on the system. What they're talking about is similar to buying insurance in normal times. You don't buy insurance with the hope of having to use it.
In Fishers formulation of debt deflation, when the debt bubble bursts the following sequence of events occurs:
Assuming, accordingly, that, at some point of time, a state of over-indebtedness exists, this will tend to lead to liquidation, through the alarm either of debtors or creditors or both. Then we may deduce the following chain of consequences in nine links:
1. Debt liquidation leads to distress selling and to
2. Contraction of deposit currency, as bank loans are paid off, and to a slowing down of velocity of circulation. This contraction of deposits and of their velocity, precipitated by distress selling, causes
3. A fall in the level of prices, in other words, a swelling of the dollar. Assuming, as above stated, that this fall of prices is not interfered with by reflation or otherwise, there must be
4. A still greater fall in the net worths of business, precipitating bankruptcies and
5. A like fall in profits, which in a capitalistic, that is, a private-profit society, leads the concerns which are running at a loss to make
6. A reduction in output, in trade and in employment of labor. These losses, bankruptcies and unemployment, lead to
7. pessimism and loss of confidence, which in turn lead to
8. Hoarding and slowing down still more the velocity of circulation.
The above eight changes cause
9. Complicated disturbances in the rates of interest, in particular, a fall in the nominal, or money, rates and a rise in the real, or commodity, rates of interest.
—(Fisher 1933)
here is the $64,000 question. how much of this debt did obama, the spendthrift, the wastrel, the socialist, contribute???
let's say, just for the sake of argument, 30%.
okay. okay. okay.
40%.
way high, but let's go with that percentage.
who in the "f" is responsible for the rest of that debt???
unfunded prescription plan maybe???
unfunded wars maybe???
tax cuts???
just thinking.
very scary looking. They remind me of the
facist art of the 30's.
Is that an accident?