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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

Best of Richard Russell
February 23, 2011
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“Is the U.S.’s financial position hopeless?  I’ve studied the U.S. finances backwards and forwards, and as I see it, the U.S.’s financial position most definitely is hopeless.

“The actual posted national debt of the U.S. is $14.1 trillion.  However, the U.S. reports its finances on a cash basis while omitting its unfunded obligations for such items as Social Security, Medicare and Medicaid and various other entitlements. If the entitlements are included, the total national debt including unfunded obligations, would be over $100 trillion.

“Wait, it gets worse.  Entitlements, defense and interest on the national debt take up 80% of the entire budget of the U.S.  That leaves just 20% that can be sliced away if the U.S. wants to actually cut into its deficits.  So what’s left to cut?  Actually, nothing that is politically feasible.

“To make the picture even more grotesque, the first group of baby boomers is now reaching the retirement age of 65.  As they leave the nation’s work force, the problem of financing Social Security becomes more difficult, if not impossible.

“So what in God’s name is the answer to all this?  How will the U.S.’s finances be handled?  There are only two ways that I can come up with.  The first is to default - just declare that the nation is dead broke and it can’t meet its obligations.  That would be tantamount to admitting that the U.S. is less than a third-rate power, a dying banana republic.

“The second way would be to devalue the currency to the point where obligatory dollar debts would be financed or paid off with dollars equal to pennies or nickels.

“It’s now really a question of timing.  With the national debt compounding at rising rates, the problem of financing the debt becomes ever more pressing.  For this reason, I believe the process of devaluing the dollar will have to be sped up.

“From the government’s standpoint, the deliberate devaluation strategy must be kept secret from the public.  They must not be allowed to know that the currency they’ve worked so hard for, that the currency their savings are in – is to be crushed into a shadow of its former self.  Ultimately, the awful truth must come out.”

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