As we all know, Oval Office Occupant Obama isn’t above telling a lie.
His latest fairytale offers further insight into the desperate financial condition of the U.S. federal government.
If bestselling author and renowned financial expert, Peter Schiff, is correct, Uncle Sam’s desperation will soon result in bankruptcy.
A two-year investigation into the 2013 debt-ceiling debate brought Mr. Obama’s most recent untruth to light.
The investigation was conducted by the House Financial Services Oversight Subcommittee, which exposed Mr. Obama as the mastermind behind an extensive government cover-up.
Subcommittee members discovered that the President – in collusion with the U.S. Treasury Department – blatantly lied to the public about the government’s ability to service its debt.
In an effort to get Republican support to raise the debt ceiling, Obama claimed that bondholders, retirees, and the military may not get paid if Congress failed to raise the current limit.
During a press conference in October 2013, Obama said that if the debt ceiling wasn’t raised, payments to bondholders, retirees, and military personnel wouldn’t be realistic. “No option is good in that scenario,” said Obama.
Treasury Secretary Jack Lew played along, too, asserting that the federal government couldn’t pick and choose who gets paid and who doesn’t.
Both turned out to be blatant liars.
According to the investigation, the New York Fed was already working on contingency plans to accomplish what Lew and Obama were calling impossible.
Worse yet, internal Fed records indicate that the Treasury restricted the flow of information (concerning its contingency plans) “to pressure Congress” about the debt ceiling.
Peter Schiff believes that the Obama administration has been misleading the public for years.
When Obama first claimed that the debt ceiling needed to be raised because “America always pays its bills,” Schiff was quick to point out that…
“If America actually paid its bills, we would not be $17 trillion in debt. You don’t pay your bills by going deeper into debt. If you pay your bills, there is no debt, as your obligations are extinguished. You avoid paying your bills by going into debt, and that is precisely what the President wanted to do by raising the debt ceiling.”
Schiff is renowned for being the most accurate forecaster of the 2008 Financial Crisis.
Now he’s warning that Obama’s fiscal mismanagement could lead to a system-wide collapse worse than anything in America’s 240-year history.
When factoring in unfunded liabilities like Social Security, Medicare, pensions, and government-secured bank accounts, the U.S. is more than $100 trillion in debt.
Such a reality forces the government to spend 14% of its tax revenue on interest payments.
America pays $86-billion every month just to service its debt.
Can Uncle Sam sustain this dangerous imbalance?
According to Peter Schiff, “absolutely not.”
Schiff predicts that America will soon face a crisis of epic proportion – far worse than any terrorist attack.
“We’re broke. There’s no question about it. Our liabilities far exceed our assets. The question is, when is the world going to wake up? But you can’t wait for that question to be answered. You need to prepare in advance.”
Peter Schiff is famous for throwing America a lifeline ahead of the Subprime Mortgage Meltdown.
His 2007 bestseller, Crash Proof, was eerily prophetic, detailing the housing collapse a full year before it happened.
Schiff even gave investors a golden parachute out of the crisis.
But in his latest book, The Real Crash, Schiff calls what happened in 2008 “the tremor before the earthquake.”
Is Schiff about to be proven correct yet again?
Many of his preliminary warnings are beginning to materialize.
The endgame, according to Schiff, is a federal bankruptcy, riots, and looting – all leading to America’s next Great Depression.
More information at REALCRASH2016.COM.
As always, posted for your edification and enlightenment by
NORM ‘n’ AL, Minneapolis