Bernanke to Congress: We're Much Closer to Total Destruction Than You Think

[Ares]

Official Congressional budget estimates understate the peril of rising debt, Fed chair Ben Bernanke told the Budget Committee on Capitol Hill today.

Warning that our nation's fiscal health has deteriorated appreciably since the onset of the financial crisis and the recession, Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later. If lawmakers don't confront them, they'll find themselves confronted by them.

From Bernanke's prepared remarks:

By definition, the unsustainable trajectories of deficits and debt that the CBO outlines cannot actually happen, because creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit. One way or the other, fiscal adjustments sufficient to stabilize the federal budget must occur at some point. The question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people adequate time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will come as a rapid and painful response to a looming or actual fiscal crisis.

Bernanke explained that the Congressional Budget Office's calculations miss an important reality. As the government's debt and deficits rise, the economy will slow down—an effect not taken into account by the CBO. So, for instance, when the CBO says that federal spending for health-care programs will roughly double as a percentage of GDP in the next 25 years, it is probably being too optimistic. If debt keeps, rising, GDP will be much lower than the CBO estimates—which will mean that health care spending will be a much larger percentage of the overall economy.

Here's Bernanke on the effect of rising debt:

Sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners, with adverse long-run effects on U.S. output, incomes, and standards of living. Moreover, diminishing investor confidence that deficits will be brought under control would ultimately lead to sharply rising interest rates on government debt and, potentially, to broader financial turmoil. In a vicious circle, high and rising interest rates would cause debt-service payments on the federal debt to grow even faster, resulting in further increases in the debt-to-GDP ratio and making fiscal adjustment all the more difficult.

In short, the official estimates members of Congress hear from their budget office are under-estimating our dire economic predicament. If fiscal policy is not brought under control, things will be much, much worse.

http://www.cnbc.com/id/41491193/Bernanke_to_Congress_We_re_Much_Closer_to_Total_De struction_Than_You_Think

[midnight rambler]

The very first step toward resolving this matter would be to dislodge the collectivists/statists of all stripes.

[madfranks]

Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later

Bernanke could force them to confront these "fiscal challenges" by raising interest rates.

[Horn]

The very first step toward resolving this matter would be to dislodge the collectivists/statists of all stripes.

If recent History repeats itself, they will only change the name to "The Federation of the United States".

[vacuum]

This is a huge doom article. Combined with these


Russia Is Massing Troops On Iran's Northern Border And Waiting For A Western Attack (http://gold-silver.us/forum/showthread.php?60325-Russia-Is-Massing-Troops-On-Iran-s-Northern-Border-And-Waiting-For-A-Western-Attack)
"Israel has already made decision" (regarding Iran) (http://gold-silver.us/forum/showthread.php?59405-quot-Israel-has-already-made-decision-quot-%28regarding-Iran%29&highlight=decision)
F.E.D.S. Order 750 Million Rounds of Ammo (http://gold-silver.us/forum/showthread.php?60310-F.E.D.S.-Order-750-Million-Rounds-of-Ammo)

we are entering another doom cluster.

[Twisted Titan]

Of course we are closer then we think.

You are the cheif archietect of the impending disater so you know precisely when the clamity will hit .....right down to the exact hour.

[Gaillo]

Bernanke could force them to confront these "fiscal challenges" by raising interest rates.

Absolutely! The scary part of all this is that we all know TPTB have a wierd moral quirk about warning us before they do something against us... I'm taking Bernanke's comments in the OP as exactly that. He even tells us how the destruction will be accomplished - true to form! :(

[palani]

But I thought debt was money. And up is down. And food is poison. And education is programming. And government is responsible.

[General of Darkness]

Two fucking words. THANKS JEWS.

[ximmy]

Alan Greenspan - We can always print more money and pay our debt




http://www.youtube.com/watch?v=hsuwFE-UT4s

[Libertytree]

Two fucking words. THANKS JEWS.

Well dude, the truth of that matter is that it took a whole lot more than just the jews to fuck us this bad, from A to Z. A few satanists, a few muzzies, a few southern baptists, catholics etc etc.... call them what we will but its not just 1 particular sect. Roast them fucking all!!

[ximmy]

Two fucking words. THANKS JEWS.

From viddy comments:
1. Goldman Sachs CEO, Lyold Blankfein is Zionist Jew 2. IMF Deputy CEO, John? Lisky is Zionist Jew 3. Ex IMF CEO, Dominic Strauss is Zionist Jew 4. World Bank CEO, Robert Zoellick is Zionist Jew 5. Ex World Bank CEO, James Woolfesen is Zionist Jew 6. Fed? Chairman, Ben Bernanke is Zionist Jew 7. Ex Fed Chairman, Alan Greenspan is Zionist Jew 8. Obama Treasury Secretary, Timothy Geithner is Zionist Jew 9. George Bush Treasury Secretary, Hank Paulson is Zionist Jew

[Spectrism]

If you folks read the book- The Harbinger... or watch the vidoes, you can see that all of the "leaders" who were allowed to come to power in Amerika were a judgment on the people. WHen the people reject God, the only other choice is the devil. Should we blame the devil that we elected him?

[Awoke]

Bernanke can shove his banker talk right up his pooper.

Federal Government needs to reinstate the gold standard and take over the issuance of currency. Simple.

[mick silver]

the talk getting louder and most here will not hear it . i have almost stop posting i fear the time may not be to far off . right now i am working on what my family will need to grow are food indoors . this is almost done . i dont care what comes in a few more weeks . i have done my part

[Awoke]

Good for you Mick. Good to hear.

[7th trump]

If you folks read the book- The Harbinger... or watch the vidoes, you can see that all of the "leaders" who were allowed to come to power in Amerika were a judgment on the people. WHen the people reject God, the only other choice is the devil. Should we blame the devil that we elected him?
So true Spec!
And Ya know I wish once again I could remember where I read in the Bible the very thing you just said.
Best post I've read in a long time Spec.

[Book]

http://www.theawl.com/wp-content/uploads/2010/01/wimpy.jpg

Let's wait until the last minute then stiff the jews.

::)

[Celtic Rogue]

If you folks read the book- The Harbinger... or watch the vidoes, you can see that all of the "leaders" who were allowed to come to power in Amerika were a judgment on the people. WHen the people reject God, the only other choice is the devil. Should we blame the devil that we elected him?

So for all of you that believe in archaic superstitions... Is this how you see things?

http://s3.hubimg.com/u/1133382_f520.jpg

So god/jesus wears white robes in a style worn 1000s years ago... and the devil has horns and a pitchfork and rules over hell?

Ok Whatever you want to think is cool with me... however I choose not to believe in demons (other than the human type) nor a grey haired being that lives in the clouds... wants us to praise him... and can do anything except get rid of all the so called demons that you say plague mankind.

I never could understand how an all powerful being that created everything in and including the universe has a need to be worshiped? Does god have an inferiority complex?

So you say that god is punishing/judging us for not following his ways? So your god punishes the innocent as well? After all there are some "saved" people in america... they get these same leaders you say are given as judgement.

In my opinion... IF ... I say if there is a supreme being that could do anything they wished... create the universe... create man... Then why again I ask does this being need us to worship him. Seems vain to me.

[Awoke]

That picture is not accurate because satan is no contest.
It's not as if there is a struggle between God and the devil, the devil can only operate as long as God allows it. The Lord could sweep satan away in the blink of an eye. That would not serve the Lord because if we have no diametrical choice, we would choose God by default because there would be no other choice. Without satan there as the opposition, we would have no choice to choose God, and therefore the choice would be hollow.

By having the opposite here to offer us another choice, the Lord rejoices when we choose Him over satans works and empty promises.

It's a test.

[Spectrism]

So for all of you that believe in archaic superstitions... Is this how you see things?

No. Not even close.



So god/jesus wears white robes in a style worn 1000s years ago... and the devil has horns and a pitchfork and rules over hell?



As I said, no- not even close. But don't let me stop you from enjoying your delusions.




Ok Whatever you want to think is cool with me... however I choose not to believe in demons (other than the human type) nor a grey haired being that lives in the clouds... wants us to praise him... and can do anything except get rid of all the so called demons that you say plague mankind.


You said it. Your choice! You can blame no other. YOUR choice. And, your silly descriptions of beings does not mask YOUR choice in this matter.




I never could understand how an all powerful being that created everything in and including the universe has a need to be worshiped? Does god have an inferiority complex?


Since when did God "need" to be worshipped? How did you arrive at that? Again, don't let me bother your happy delusion. The act of worshipping One worthy or worth-ship is completely natural. It is like moisture following rain, or heat coming from sunshine. You worship movie stars, sportsmen, entertainers, and all sorts of other people. But somehow you find it offensive to worship the ONLY One worthy of worship. Yes.... delusion is yours.




So you say that god is punishing/judging us for not following his ways? So your god punishes the innocent as well? After all there are some "saved" people in america... they get these same leaders you say are given as judgement.



No. I did not say that. When God does get to punishing us... for those who will feel His wrath, it will be worse than you could imagine. I said He was providing judgment and warnings. Thus far, Amerika has ignored His warnings... and in fact insulted God back. Those who are saved have treasures stored up where rust cannot corrupt and thieves cannot steal. Those chosen to continue here will have provisions as necessary.




In my opinion... IF ... I say if there is a supreme being that could do anything they wished... create the universe... create man... Then why again I ask does this being need us to worship him. Seems vain to me.


Those who worship the One worthy of worship put themselves in alignment with truth. Everyone surrenders to something. You think not? How many people born before 1850 have not surrendered to death? Consider the Germans in WW2. When the reality hit home, they knew they could surrender to the Russians or the Americans. Guess where they preferred.

God cares for His creation- especially those He created in His image. He knows it is good for US to worship Him. Having false gods is the reason this world is a cesspool. The good news is that this world is temporary.

[undgrd]

By definition, the unsustainable trajectories of deficits and debt that the CBO outlines cannot actually happen, because creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit.


So...he wants to change the decades old US financial policy?

[Spectrism]

So...he wants to change the decades old US financial policy?

It sounds more to me like he is washing his hands of culpability. He will look back and say: I told you so.

We are heading for a major hurt. I would not want to be the one to take the blame for what is coming. And, what is coming will be well deserved by the dumb, fat couch potatoes who love their ignorance.

[undgrd]

It's funny. Things are totally in the open now.

Bernank - Expert on the Great Depression...pushes policies ensuring another Depression
Obummer - Constitutional Lawyer...pushes agendas undermining the Constitution

No doubt we are headed for major hurt.

[madfranks]

I just started this book and I'd recommend it to anyone looking for a new read right now:

The New Depression: The Breakdown of the Paper Money Economy (http://www.amazon.com/The-New-Depression-Breakdown-ebook/dp/B007GZOYI6/ref=tmm_kin_title_0?ie=UTF8&m=AG56TWVU5XWC2)

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