Democrats

Peter Schiff: Obama, Fed Presided Over Phony Recovery, Sees ‘Major, Major Currency Crisis’ Coming

This past weekend, Peter Schiff, the CEO of Euro Pacific Capital, uploaded a new video to The Schiff Report on YouTube.com. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, noted that it had been a while since he released an entry to this vlog. As such, Schiff talked about a number of subjects. He advised viewers:

I think that we’re already in recession. It’s just that the Fed hasn’t acknowledged it yet. And one of the reasons that Janet Yellen is so reluctant to come clean and acknowledge how weak the economy is because number one, it undercuts President Obama, who’s going around the world claiming the United States has the strongest economy in the world when we’re, in fact, in recession. Even Europe is growing faster than the United States. Yet somehow President Obama wants to claim credit for saving the U.S. economy and producing all this non-existent growth. While the Federal Reserve doesn’t want to peddle fiction, in the words of President Obama. So it doesn’t want to basically undercut his message of an economic recovery by acknowledging that it’s over. And for the same reason the Fed doesn’t want to take the wind out of Hillary Clinton’s sails, because she wants to sail into the White House based on the prosperity that was supposedly created by President Obama. So Janet Yellen doesn’t want to undercut her message because she wants to run on four more years. And the Fed can’t admit that we’re back in recession. And also the Federal Reserve has already claimed credit for success. They want to pretend that their monetary policies created this real recovery. They don’t want to acknowledge it ended. So they have their own credibility on the line. They want to pretend that the economy is still recovering…

Meanwhile, I think it’s the United States that’s going to launch a whole new round of easing. I think they’re going to be lowering interest rates back to zero and launching QE 4. The only unknown is whether they’re going to do it before or after the election. And it depends on how quickly the economy or the markets unravel, because Yellen would rather have to come to the rescue of the economy before the election, because admitting that it needs rescuing is going to be a problem for Hillary Clinton and it’s going to help Donald Trump. And I know Janet Yellen does not want to see Donald Trump as the next President. So that is the fine line that she is trying to walk. Whether she admits the economy is weak enough and needs stimulus, or whether she puts the stimulus anyway because it’s so weak she’s worried about the economy being too deep in a recession when voters go to the polls. And in that case, the Federal Reserve simply has to come up with some kind of excuse to try and blame things on the global economy. But the problem is, the situation is already turning around in the global economy. The real problem in the global economy is the United States.

And if you look at the action in the markets, people are just starting to figure this out. But it’s still kind of like a deer in the headlight moment. I think a lot of traders, a lot of people who are managing money on Wall Street. They’ve been getting beaten up this year. A lot of the big players are losing a lot of money because they are positioned for the wrong outcome. Everybody has believed this narrative of a legitimate recovery, where the Federal Reserve will be normalizing interest rates. I’ve known all along that that was a farce. That the economy hadn’t recovered. That the Federal Reserve had in fact prevented a recovery. That the U.S. economy is actually in worse shape now than it was in 2008. So rather than a recovery, we actually got sicker. We just covered up some of the symptoms. But we have exacerbated all of the problems. And President Obama- he’s hasn’t presided over a recovery at all. He’s presided over a bigger bubble than his predecessor. And in fact, the economic disaster that awaits his successor, is going to be much bigger than the disaster he inherited from George Bush. And he spent the entire last eight years of his presidency blaming everything bad on Bush, and claiming that he got us out of that mess. Well, the reality is, he has gotten us into a much bigger mess. And whoever succeeds him is going to have to deal with it. It will be interesting though if its ends up being Hillary Clinton. Is she going to still blame the disaster on Bush, and just forget about the eight years of Obama, and try and blame the recession she is going to inherit as some kind of leftover, residual recession from the Bush years? As if President Obama had actually nothing to do with it, when his policies simply exacerbated all the problems. He just double-downed on the failed policies of Bush. But then he added a lot of other policies that were even worse. And that is why this so-called recovery has been the weakest recovery that we have ever had. And, in fact, if the truth were known. If the numbers weren’t cooked by artificially-low inflation rates, we would have a much weaker recovery or we’d have no recovery at all. But the people who are voting for Bernie Sanders or voting for Donald Trump- they are living in this recession. This phony recovery that President Obama and the Federal Reserve want to take credit for.

Schiff hasn’t deviated from his long-held belief of a coming dollar crisis. He warned viewers:

This is going to be a major, major currency crisis. And unfortunately, the currency crisis/economic crisis that’s coming- maybe it’ll start before Obama leaves office, just like the financial crisis blew up on the last year of the Bush administration. Or maybe it will be an inaugural present for Donald Trump or for Hillary Clinton. But this crisis that’s coming is going to be much worse, much worse, on an order of magnitude, kind of like a Richter scale-worse, than the financial crisis of 2008. Because the combination of bad fiscal policy and bad monetary policy, particularly monetary policy but also things like ObamaCare- all the things that the Federal Reserve and the federal government have done over the last seven or eight years have made the problem so much worse. Meanwhile, the debt has gotten so much bigger. The leverage has gotten so much bigger. The number of players, the financial markets, are so much more out-of-whack based on a false expectation of what is likely to happen. I mean, this is worse- these are bigger imbalances than we had leading up to the 2008 financial crisis. Fewer people are prepared for what’s going to happen. And when it does, it’s going to be a major economic upheaval, much worse than what we had in ’08 from the perspective of the average American… When you have a currency crisis, when the dollar is collapsing, when the cost of living is going up, and then people start to lose these part-time jobs- you lose your job and the cost of living goes up. This is going to be much worse.


“Gold and Currency Markets Expose U.S. Recovery Myth”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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GoldSilver.com’s Mike Maloney On Stocks: ‘This Is Probably Going To Be The Top Of The Market Just Before The Greatest Crash In History’

Speaking of stocks, one “crash prophet” who I haven’t checked in on for a while is Mike Maloney, a precious metals expert, advisor, and author who runs California-based GoldSilver.com (specializing in the instruction of precious metals investing and providing world-class gold/silver dealer services). Late Monday night I watched a video he published on March 29 about where he thought the U.S. stock market was at and where he predicted it was heading. Maloney told viewers:

I just wanted to ask the really big question- have the stock markets topped and has a crash already begun? And if it is a crash, how bad will it be? And here’s some of the evidence that I was looking at…


“Stock Market Crash: Is The Top In? Mike Maloney”
YouTube Video

Maloney eventually concluded:

We’ve created something called a classic dome top. And when you look back in history, this is probably going to be the top of the market just before the greatest crash in history. That’s where I believe that we are

(Editor’s note: Bold added for emphasis)

Not surprisingly, Maloney thinks precious metals will perform well in such a scenario.

Disturbing stuff. But Maloney (as usual) makes a strong case for his forecast.

However, I can’t help but wonder if QE 4 or its equivalent isn’t already warming up in the bullpen to keep asset prices aloft or even send them higher at least until the November election is done and another Democrat is in the White House.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Maloney’s revised (9/15) precious metals investing book…

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Signs Of The Time, Part 98

“Well, if they’re in Illinois today, they’re probably so much in love with Illinois that they’re not going to leave”

-Illinois Speaker of the House Michael Madigan, on whether a proposed tax hike on millionaires might drive them from the state, Chicago Tribune website, March 21, 2014

According to a report last month from the Johannesburg, South Africa-based research firm New World Wealth, about 3,000 individuals with net assets of $1 million or more, not including their primary residence, moved out of Chicago in 2015. From the March 2016 report entitled “Millionaire migration in 2015”:

The following cities had the biggest net outflows of millionaires in 2015

Country/Outflow of millionaires in 2015/Millionaires, 2015/% lost

1. Paris, 7 000, 126 000, 6%
2. Rome, 5 000, 73 100, 7%
3. Chicago, 3 000, 134 000, 2%

Destinations:

• Paris: most moved to the UK, USA, Canada, Australia and Israel.
• Rome: most moved to the UK and USA.
Chicago: most moved to other parts of USA (internal migration)

Why did they leave?

We interviewed migration experts and HNWIs to find out on their reasons for leaving. Notable reasons that they mentioned included:

• Paris: Rising religious tensions, lack of opportunities.
• Rome: Economic slump, lack of opportunities.
Chicago: Rising racial tensions, rising crime levels

(Editor’s note: Bold added for emphasis)

Shocking, right?

The entire report can be view on the New World Wealth website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Signs Of The Time, Part 96

This week’s “Signs Of The Time” post features an actual sign for once.

Widely-circulated on social media yesterday was this mock “motivational poster”:

Source: Facebook

Source: Facebook

ANY CHARACTER HERE

According to one conservative-leaning blog, the sign was spotted in Illinois.

No surprise there. If anyone “gets” socialism, it’s certainly the inhabitants of the “People’s Republic of Illinois,” right?

Sadly, I don’t think my “comrades” get it at all. But they will soon…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Peter Schiff: U.S. Stocks In Bear Market, Economy In Recession, ‘Going To Be Longer And Deeper Than The Great Recession of 2008-2009’

The last “crash prophet” I’ll be talking about today is Euro Pacific Capital CEO Peter Schiff. Earlier Monday I watched Graham Ledger interview Schiff, who correctly-called the housing bust and economic crisis last decade, on the January 21 installment of The Daily Ledger show (One America News Network). From their exchange:

LEDGER: Do we have the indicators right now of a bear market?
SCHIFF: Well, sure, not only are we in a bear market in stocks. I think we’re in a recession, economically. When you played the clip from President Obama’s State of the Union- when he talked about people peddling fiction I thought he was talking about me. But I’m the one who’s selling reality. He’s peddling a bill of goods trying to pretend this recovery is real. But whatever it was- it’s over. And I think the recession that we’re in now is going to be longer and deeper than the Great Recession of 2008- 2009. And of course, all bear markets begin as corrections. But they don’t officially call it a bear market until it’s down 20 percent. The Russell 2000 is down 25 percent, the Dow Transports are down 30 percent, many individual sectors and stocks are down a lot more than 20 percent. And so it sure feels like a bear market even though officially Wall Street hasn’t declared it a bear market. But if the Fed doesn’t come up with a QE 4. Which I think it’s going to do. I think it’s a mistake. They shouldn’t do it. They shouldn’t have done 1, 2, and 3. But the only way to stop an official bear market will be for the Fed to reverse course, reduce rates, and launch another round of QE. That’s it.


“Market Tanking After Fed Pricked Their Own Bubble”
YouTube Video

Schiff went on to talk about how the U.S. auto “bubble” has burst, the U.S. housing market is also a “problem,” and that he predicts “a lot of people are going to lose their jobs in this recession.” Regarding the Federal Reserve and Janet Yellen? They’re going to try and keep this thing afloat until November. From the interview:

Obama’s whole claim to fame is that he inherited a disaster, and now everything is great. The truth is, he inherited a disaster, and now it’s a bigger disaster. But he doesn’t want the voters to know that in November. And I think Janet Yellen is a team player. I think she looks at herself as a member of the Obama administration. She is a very partisan, liberal Democrat. And she doesn’t want this thing to collapse until the election is over. Now, I don’t know if she’s going to succeed. I think she’s going to try though.

Like fellow “crash prophet” Jim Rogers, Schiff believes China is being used as a scapegoat for America’s latest financial woes.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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SP Intel Report- November 13, 2015

Chicagoland

DIY Solar Electricity, Window Farming For Beginners Classes From The Green Suite

Nick Conrad and The Green Suite will be putting on DIY Solar Electricity and Window Farming for Beginners classes over the next couple of weeks:

DIY Solar Electricity (class #1)
Wednesday, November 18, 7 to 9 PM
The Green Suite, 3958 N. Fremont, Apt. 3, Chicago
$30 to attend, 2 spots left as I type this

Window Farming For Beginners
Wednesday, December 2, 7 to 9 PM
The Green Suite
$30 to attend, 8 spots left

DIY Solar Electricity (class #2)
Tuesday, December 15, 7 to 9 PM
The Green Suite
$30 to attend, 5 spots left

For more information, head on over to The Green Suite website here.

Cook County Finance Committee Approves Ammunition Tax

It comes as no surprise that Cook County, Illinois, aims to tax law-abiding firearm owners in the county for the actions of criminals- yet again. Earlier this week I mentioned Cook County President Toni Preckwinkle had proposed a tax on ammunition sales in the county. Today, the Cook County Finance Committee approved the proposal. Hal Dardick reported on the Chicago Tribune website tonight:

The Finance Committee on Friday approved a series of other new taxes and fees. They include… A new tax on bullets- 5 cents per round of “centerfire ammunition” and 1 cent per round of “rimfire ammunition”- to raise $320,000 a year for public safety and health programs.

Todd Vandermyde, Illinois lobbyist for the National Rifle Association, said the county could expect a court challenge on the bullet fee, just as it is battling a lawsuit against a $25-per-gun purchase tax that went into effect two years ago.

“It seems interesting that the county wants to go down this road again, because you’ll incur even more litigation with a new suit to deal with this issue,” Vandermyde said, noting the relatively small sum the bullet tax is expected to bring in…

(Editor’s note: Bold added for emphasis)

See you in court? I’d be curious to find out how much that $25-per-gun purchase tax lawsuit has cost Cook County taxpayers to date.

Illinois

Illinois State Rifle Association Warns Of State Gun Control Legislation

Still on the topic of firearms tonight, gun control is on the march here in the “Land of Lincoln.” And the Illinois State Rifle Association has identified new initiatives that threaten the Second Amendment. From the ISRA Thursday Bulletin’s “Executive Director’s Message” for November 12, 2015:

In Springfield we have a couple of troublesome House Resolutions introduced. The first of these is HR0830 (Flowers, D-31, Chicago). HR 0830 calls for President Obama to hold a National Conference on Gun Violence by the end of 2015, in Chicago. This of course would be a blame the law abiding gun owners conference more than anything else. There are only 49 days left this year so it would have to happen quickly.

The next resolution, (Welch, D-7, Hillside), urges the courts, especially the Supreme Court, to adhere to the clear wording of the Second Amendment, being a right afforded to state sponsored militias, not individuals (this is their wording, not mine). What this clearly points out is that the Second Amendment is under attack. If you are not disturbed by this, you should be…

(Editor’s note: Bold added for emphasis)

You can read the entire Thursday Bulletin via the ISRA’s Twitter page here.

International

My thoughts and prayers go out to France this evening. While appalled, I am not shocked to hear of the Paris terror attack however. For a couple of years now I’ve talked about the November 2008 Mumbai, India, slaughter being emulated by terrorists. Almost a year ago to this day I blogged:

Something tells me our friends in Western Europe might suffer a major terrorist attack before a strike against the United States…

And on January 7, 2015, I wrote:

I still predict major terrorist attacks having the potential of inflicting large numbers of casualties will be directed against America and its allies in the future. The possible culprits being several, but including Muslim extremists like Al-Qaeda and its affiliates…

(Editor’s note: Bold added for emphasis)

Captain Obvious strikes again? Perhaps. But the notion of a large scale terror attack directed against the United States and/or its allies doesn’t appear to have been registering on the radars of lots of people these days. With a laughable economic “recovery” and plenty of distractions in play by the powers-that-be, who could blame them?

After the carnage in France, America and her allies remain in the crosshairs of the terrorists. Stay safe…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Dardick, Hal. “Preckwinkle wins hotel tax, declines to rule out future hikes.” Chicago Tribune. 13 Nov. 2015. (http://www.chicagotribune.com/news/local/politics/ct-preckwinkle-hotel-tax-cook-county-met-20151113-story.html). 13 Nov. 2015.

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SP Intel Report- November 10, 2015

Chicagoland

Cook County Ammo Tax Ordinance To Be Heard Friday, November 13

Within yesterday’s SP Intel Report, I mentioned that Cook County President Toni Preckwinkle is proposing a tax on ammunition sales in the county. The National Rifle Association’s Institute for Legislative Action reported on its website Monday:

Cook County Board of Commissioners has proposed Ordinance 15-6469, a proposal to impose a tax on ammunition, similar to proposals reported on in the past. This ordinance will be heard on Friday, November 13, at 1:00 p.m., by the Cook County Board of Commissioners Finance Committee.

This proposal would impose a $0.05/cartridge tax on all centerfire ammunition and a $0.01/cartridge tax on all rimfire ammunition, and would therefore penalize law-abiding gun owners for exercising their fundamental right to keep and bear arms. By definition, holders of a valid FOID card are the only persons legally permitted to purchase ammunition in Illinois, and therefore are the only persons subject to this tax – not the criminals responsible for the violence on the streets of Chicago…

That last bit sound familiar to readers of yesterday’s Intel Report? You can read the entire NRA-ILA piece on their website here.

National

Wisconsin Democrats Push To Ban ‘Semiautomatic Assault Weapons’

The push for more gun “control” is alive and well north of the Illinois state line too. From a press release published on the Urban Milwaukee website last Wednesday by Wisconsin State Representative Lisa Subeck (D-Madison):

MADISON –Today, Representative Subeck (D-Madison), along with Representatives Terese Berceau, Melissa Sargent and Chris Taylor, circulated an Assembly bill that would ban the transportation, purchase, possession, or transfer of semiautomatic assault weapons in Wisconsin.

“Our nation has watched as community after community has had to confront the tragedies that occur when weapons designed to kill large numbers of people quickly get into the hands of a dangerous person,” said Representative Lisa Subeck. “No Wisconsin community should ever have to face such a tragedy at the hands of someone armed with a semiautomatic assault weapon.”

Semiautomatic assault weapons are a class of firearms that are designed to kill large numbers of people quickly. They have been used in many high-profile shooting incidents, including the 2012 mass shooting at Sandy Hook Elementary School in Newtown, Connecticut; the 2012 Aurora, Colorado movie theater shooting; the 1999 Columbine High School massacre in that state; and the 1993 office shooting at the 101 California Street building in San Francisco.

“I can conceive of no legitimate reason that any citizen should need to own or use a semiautomatic assault weapon,” said Rep. Subeck…

(Editor’s note: Bold added for emphasis)

“Semiautomatic assault weapons.” Haven’t heard of that one before. The word wankers hard at work again. You know, on behalf of gun “safety.” You can read the entire press release on the Urban Milwaukee website here.

Former U.S. Comptroller General David M. Walker Warns Real U.S. Debt Closer To $65 Trillion Than $18 Trillion

It’s been some time since I’ve blogged about former Comptroller General of the United States David M. Walker. Appointed by President Clinton, Walker served as Comptroller General and head of the Government Accountability Office from 1998 to 2008. While at the GAO, Walker warned Americans about the nation’s long-term fiscal challenges as part of the “Fiscal Wake-Up Tour.” Frustrated by Washington’s refusal to confront these challenges, Walker left the public sector on March 12, 2008. I noticed Mr. Walker was back in the headlines this past weekend. Bradford Richardson reported on The Hill website Saturday:

The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion.

Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.

“If you end up adding to that $18.5 trillion the unfunded civilian and military pensions and retiree healthcare, the additional underfunding for Social Security, the additional underfunding for Medicare, various commitments and contingencies that the federal government has, the real number is about $65 trillion rather than $18 trillion, and it’s growing automatically absent reforms,” Walker told host John Catsimatidis on “The Cats Roundtable” on New York’s AM-970 in an interview airing Sunday…

(Editor’s note: Bold added for emphasis)

Whenever the national debt is brought up, I think about all those Pollyannas who go around saying the debt doesn’t matter. Give it a few more years when Washington and the Fed run out of road to kick the can. Then hold on for dear life

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Richardson, Bradford. “Ex-GAO head: US debt is three times more than you think.” The Hill. 7 Nov. 2015. (http://thehill.com/blogs/blog-briefing-room/news/259476-ex-gao-head-us-debt-is-three-times-more-than-you-think). 9 Nov. 2015.

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Senate Democrats’ Gun ‘Control’ Legislation Doomed To Fail (Again)?

“Senate Democrats unveiled plans on Thursday for gun control reforms that include closing background check loopholes, expanding the background check database, and tightening regulations on illegal gun purchases…”

-NBCNews.com, October 8

A number of regular observers of the gun “control” movement in the United States may have already concluded the latest push for more firearm restrictions being launched by Democrats in the U.S. Senate is doomed to fail (again). As the Associated Press reported earlier today:

Democrats fell five votes short of moving their background check expansion through the Senate two years ago. Thanks to retirements and losses in the 2014 elections, they now are probably 11 votes shy of the support they’d need to succeed.

Republicans running the House have shown no interest in even permitting votes on the issue…

(Editor’s note: Bold added for emphais)

So why would Senate Democrats even bother?

Well, besides obvious reasons like posturing for their “base” come the 2016 elections and diverting the rest of the country’s attention away from the Democratic Party’s failures in domestic and foreign policy, I suspect the strategy is to get the legislation out there should another mass shooting along the lines of Sandy Hook take place while it’s still in the pipeline. Senate Democrats may be banking on a knee-jerk reaction by the American public calling for more gun “control” to be implemented- such as what’s contained in their proposal.

And as any long-time observer of the gun “control” movement knows, their push for more restrictions never subsides, with the goal of the most rabid anti-Second Amendment “activist” being the complete disarmament of the civilian population in the United States.

They envision utopia once that’s achieved.

Realists understand it will only lead to one thing:

Unequivocal subjugation.

Which the “Founding Fathers” knew only too well about.


“Schoolhouse Rock!: America – The Shot Heard ‘Round the World”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

“Senate Democrats Are Preparing a Legislative Package on Gun Control — Here’s a Preview of What’s Coming.” Associated Press. 8 Oct. 2015. (http://www.theblaze.com/stories/2015/10/08/senate-democrats-are-preparing-a-legislative-package-on-gun-control-heres-a-preview-of-whats-coming/). 8 Oct. 2015.

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Beware Of Uncle Sam?

Since the time we were subjects of the English monarchy, plenty of Americans haven’t been big fans of government.

Particularly fans of Big Government.

From the folks over at the Gallup website Monday:

Almost half of Americans, 49%, say the federal government poses “an immediate threat to the rights and freedoms of ordinary citizens,” similar to what was found in previous surveys conducted over the last five years. When this question was first asked in 2003, less than a third of Americans held this attitude

Overall, Americans who agree that the government is an immediate threat tend to respond with very general complaints echoing the theme that the federal government is too big and too powerful, and that it has too many laws. They also cite nonspecific allegations that the government violates freedoms and civil liberties, and that there is too much government in people’s private lives.

The most frequently mentioned specific threats involve gun control laws and violations of the Second Amendment to the Constitution…

(Editor’s note: Bold added for emphasis)

On September 9, the U.K.-headquartered internet-based market research firm YouGov reported on their website that based on recent research:

29% of Americans could imagine a situation in which they would support the military seizing control of the federal government…

(Editor’s note: Bold added for emphasis)

That percentage grew under the following scenario:

The proportion of the country that would support a military takeover increases when people are asked whether they would hypothetically support the military stepping in to take control from a civilian government which is beginning to violate the constitution. 43% of Americans would support the military stepping in while 29% would be opposed…

(Editor’s note: Bold added for emphasis)

Long-time readers of Survival And Prosperity might remember me blogging about a Fairleigh Dickinson University PublicMind survey asking about a Second American Revolution that was conducted in April 2013. I wrote on May 3, 2013:

Armed revolution in the United States.

I heard it being talked about yesterday in the mainstream media after the release of some new poll findings, so I decided to go to the source this morning. From a Fairleigh Dickinson University PublicMind news release Wednesday, concerning their most recent national survey of 863 registered U.S. voters from April 22 through April 28, 2013:

The poll finds that 29 percent of Americans think that an armed revolution in order to protect liberties might be necessary in the next few years, with another five percent unsure. However, these beliefs are conditional on party. Just 18 percent of Democrats think an armed revolution may be necessary, as opposed to 44 percent of Republicans and 27 percent of independents…

(Editor’s note: Bold added for emphasis)

Funny how that “29 percent” number pops up again.

Interesting times we’re living in, huh?

Two things come to mind here:

• Uncle Sam knows darn well about these polls/surveys
• Such views could be the real reason behind all those military training exercises in America’s big cities lately

Or maybe not.

One last point. As an American citizen and former civil servant at the federal level of government, I’ve always taken pride in our (relatively) peaceful transfer of political power since the founding of the Republic.

Here’s hoping that continues to be the case.

You can read that Gallup piece in its entirety on their website here. The same goes for that YouGov article here. Insightful and disturbing stuff.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Illinois On Pace To Run $5 Billion Deficit

“Gaze upon the Illinois landscape today and things may seem OK. Schools opened last week, the roads are getting repaired, the state fair was held, the University of Illinois begins a new academic year tomorrow, the state government’s even paying its bills.

Enjoy this period of normality. It isn’t going to last much longer…”

-Tom Kacich, reporter/columnist at The News-Gazette (Champaign-Urbana), August 23, 2015

More bad news about Illinois’ fiscal health. Natasha Korecki reported on the Chicago Sun-Times website Monday:

Illinois is paying its bills – by court mandate — since Illinois lawmakers and Gov. Bruce Rauner were unable to reach a budget agreement. Rauner vetoed a Democrat-authored financial plan in June, saying it was out of balance by some $4 billion. The new fiscal year came and went July 1 without a new plan in place. Both sides say they’re willing to negotiate, but remain locked into their positions. Rauner wants a series of changes to benefit businesses and weaken unions in Illinois. Democrats oppose the proposals and say they shouldn’t be attached to a budget…

A recent analysis by Senate Democrats indicates that because of various contracts, decrees and court orders compelling spending, the state had already committed 90 percent of its revenues and was on pace to be $5 billion in the hole

(Editor’s note: Bold added for emphasis)

Kacich added from my old stomping grounds:

In May the Democrats who control the Legislature approved a budget that called for spending about $36.5 billion.

Republican Gov. Bruce Rauner vetoed it, calling it “unconstitutional” and “unbalanced.”

You want to see unbalanced?

Even without a constitutional budget in place, the state is still spending money, and eventually it could rise to a level of spending greater than the budget the Democrats sent him in May.

During a Senate hearing last week on an additional appropriation of $373 million for MAP grants for low-income college students — it passed and will go to the House for near-certain approval — Democratic legislators admitted the state is operating at a “spend rate” of 90 percent on a $38 billion budget

Anticipated revenue for the year, meanwhile, is the range of $32 billion, or $33 billion if the economy takes off.

Ugh…

(Editor’s note: Bold added for emphasis)

$36.5 billion was the proposed budget. It was vetoed. The state is currently operating at a 90 percent “spend rate” of a $38 billion budget. And anticipated revenue for the year is only $32-$33 billion.

Not good.

Kacich thinks a tax increase, “that may or may not be bigger than the one that was phased out on Jan. 1.,” is headed our way.

I think he’s right about that tax hike. And it’s something Illinoisans may want to take into account concerning their personal finances in the near future.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Kacich, Tom. “Tom Kacich: Enjoy the calm; the storm is on the way.” The News-Gazette. 23 Aug. 2015. (http://www.news-gazette.com/news/local/2015-08-23/tom-kacich-enjoy-calm-storm-way.html). 26 Aug. 2015.

Korecki, Natasha. “Comptroller: Illinois facing ‘severe cash shortage.’ Chicago Sun-Times. 24 Aug. 2015. (http://chicago.suntimes.com/news/7/71/903797/comptroller-illinois-facing-severe-cash-shortage). 26 Aug. 2015.

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Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

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