George W. Bush

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 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 (

(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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The People Who Predicted The Global Financial Crisis

“Vice President Dick Cheney says that his boss, President George W. Bush, has no need to apologize to the American people for not doing more to head off the financial calamity, saying no one saw the crisis coming.

During an interview Thursday with The Associated Press in his West Wing office, Cheney defended the administration’s performance on an economy that is growing weaker daily and which recently collapsed in spectacular fashion. Cheney said that ‘nobody anywhere was smart enough to figure it out.’

-Associated Press, January 8, 2009

(Editor’s note: Bold added for emphasis)

It’s Monday, and since I’m not adding anything new from the “crash prophets”- Marc Faber, Jeremy Grantham, Jim Rogers, and Peter Schiff- I thought I’d take Survival And Prosperity readers for a stroll down memory lane.

I recently stumbled across a page on the Investor Home website entitled “Who Predicted The Global Financial Crisis?” Gary Karz wrote:

In the years since the Global Financial Crisis exploded on the scene, there have been a number of articles and initiatives documenting the individuals that publicly predicted the crisis and arguably deserve credit for having sounded the alarm. This page summarizes those efforts and links to those sources (and I expect to update it over time as more information and research becomes available). While plenty of foreign leaders and professional doomsayers have long predicted the collapse of the US economy, to the extent possible it should be useful to differentiate them from those that legitimately warned about a financial crisis or critical elements of it based on some logical analysis that appears to have merit after the fact. I believe a large percentage of investors and home buyers were exposed to at least some credible warnings about a housing bubble, but clearly many people chose to ignore those warnings or dismiss the predictions of a coming housing crash and/or crisis as unlikely to come true. Separately, I was interested in hearing what these individuals prescribe…

(Editor’s note: Bold added for emphasis)

Personally, I’m interested “in hearing what these individuals prescribe” in 2016, as these people managed to correctly-call last decade’s housing bust, the global economic crisis that reared its ugly head in the fall of 2008, and the “Great Recession.”

Not so much their peers who completely missed the signs of the financial storm yet whose forecasts are still touted and relied upon, with some among this group even trusted with getting America out of this ongoing mess.

A solid effort by Karz, which you can view on his website here.

Now I’m just waiting for him to publish the list entitled “Who Incorrectly Called The Global Financial Crisis,” so I know exactly who not to listen to concerning such matters.

“I hope you know that this will go down on your permanent record…”

Actually, this “nattering nabob of negativity” already has a pretty good idea of who those people are. And anything they say I take with a grain of salt…

Christopher E. Hill
Survival And Prosperity (

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The Economist Magazine Investigates Preppers

“Some Americans find survivalists sinister. After Adam Lanza shot 26 people in a school in Newtown, Connecticut in 2012, the media made much of the fact that his mother was a gun-stockpiling prepper. Yet there is no evidence that preppers in general are more dangerous than their compatriots. On the contrary, when natural disasters strike, it is useful to have neighbours who know how to stormproof a house and have bandages to spare.”

The Economist website, December 17, 2014

Late this morning, I stumbled on an article on The Economist website about preppers. I just finished reading “Preparing for the apocalypse: I will survive,” and thought I’d blog about it a little. The author (couldn’t find a name attached with the piece for some reason) did a pretty good job writing about preppers/survivalists, not falling victim to the usual stereotypes/generalizing echoed in a comment on the article. From “walrusandthecarpenter”:

Preppers are people who are unhappy with their life and can’t wait for the end of the world to come and the tables to turn. They are excited for it to happen.

Me? I like my smartphone. I have a first aid kit though.

“I like my smartphone.” What a goof.

Like I was saying, the author did a pretty good job (points deducted for trying to link those Westboro folks to preppers) with the material. I found what James Wesley, Rawles of had to say particularly interesting. From the article:

So how might TEOTWAWKI come about? The biggest threat, says Mr Rawles, is a huge solar flare. The last big one, in 1859, known as the “Carrington Event”, disabled telegraph lines. A similar disaster today would “fry the circuitry” of electronic devices and take out the power grid “from end to end”. It would take years to reactivate. Perhaps 60% of the American population could die, predicts Mr Rawles…

I’ve seen some put that die-off figure at 90 percent.

There was also this about present-day preppers:

Survivalists vary politically—just as they are dispersed geographically—and their views colour their apocalyptic imaginings. Many are conservatives, worried about crime, terrorism and hyperinflation and sure that the state cannot be relied upon to protect ordinary citizens. But a fair number are environmentalists, convinced that the planet can only take so much abuse before it becomes uninhabitable. The movement is broad enough to encompass anyone who suspects that disaster is looming, for any reason. It used to be mostly “Bible-believing Christian conservatives”, says Mr Rawles, “But now we have a lot of alfalfa-munching Birkenstock-wearing leftists.” He adds: “The more the better.”

One more reason for me not to bash specific political ideologies/parties- except when they really ask for it, of course.

(Editor’s note: Any former readers of out there remember when I used to savage “Dubya” and Hank Paulson? Thinking of that reminds me this giant economic mess belongs to both sides of the political aisle.)

Jason Charles, a New York firefighter of Doomsday Preppers-fame (blogged about here), is also featured in the piece.

You can read the well-written article in its entirety on The Economist website here.

By Christopher E. Hill
Survival And Prosperity (

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Boston Globe: We Need Financial ‘Doomsayers’ Like Jeremy Grantham

“Legendary value investor Jeremy Grantham, chairman of the global investment management firm Grantham Mayo Van Otterloo (GMO), said in a recent letter to shareholders we are now witnessing the first global bubble in history, covering all asset classes. ‘From Indian antiquities to modern Chinese art; from land in Panama to Mayfair; from forestry, infrastructure and the junkiest bonds to mundane blue chips; it’s bubble time!’ Grantham adds, ‘Everyone, everywhere is reinforcing one another. Wherever you travel you will hear it confirmed that ‘they don’t make any more land,’ and that ‘with these growth rates and low interest rates, equity markets must keep rising,’ and ‘private equity will continue to drive the markets.'”

-Christopher E. Hill,, June 14, 2007

Regular readers of Survival And Prosperity know I blog regularly about “crash prophets” Marc Faber, Jeremy Grantham, Jim Rogers, and Peter Schiff- individuals well-known in financial/investing circles who correctly-predicted the global economic crisis that reared its ugly head back in 2008.

Why do I like reading and writing about their investment activities/recommendations?

From this blog’s “About” page:

“Vice President Dick Cheney says that his boss, President George W. Bush, has no need to apologize to the American people for not doing more to head off the financial calamity, saying no one saw the crisis coming.

During an interview Thursday with The Associated Press in his West Wing office, Cheney defended the administration’s performance on an economy that is growing weaker daily and which recently collapsed in spectacular fashion. Cheney said that ‘nobody anywhere was smart enough to figure it out.'”

-Associated Press, January 8, 2009

(Editor’s note: Bold added for emphasis)

Who are the “Crash Prophets?”

Contrary to the former Vice President’s assertions, a small number of individuals did see the current economic crisis coming. Among them were prominent investors, advisors, and money managers who, despite being ridiculed by their so-called “peers,” bravely warned others that a financial storm was coming. Perhaps their now-discredited colleagues should have known better, for these same persons also have impressive track records when it comes to calling the markets. Today, the “Crash Prophets” are positioning their or their clients’ money and continue to share their insights for what they see is more financial turbulence ahead.

Others are also now recognizing the worth of what the “crash prophets” have to say. Writing about British-born investment strategist Jeremy Grantham and his latest quarterly investment letter (I blogged about it here on November 20), columnist Carlo Rotella for The Boston Globe penned the following on the paper’s website on November 22:

Grantham’s ice-bath clarity, coming from a self-described fat cat, gives me some faint hope that the currently infantile conversation about economics and the planet being conducted by our money-handlers and elected leaders, many of them awash in the oil money that lubricates our political system, might someday advance beyond the notion that we can’t do anything about the long term for fear of inhibiting short-term growth.

Clear, forceful, disciplined thinking like Grantham’s seems obvious when you read it, but it makes much of what everybody else is saying on the same subject seem twisted and bizarre. Grantham’s quarterly letters, wry and measured in tone and solidly based on well-presented data, feel like an antidote to the magical thinking purveyed by Congress and hysterically optimistic stock-pickers.

Grantham’s long-view investment philosophy centers on the principle that prices eventually revert to the mean, and his bemused view of human nature centers on a similar reversion to the behavioral mean. We want to hear good news and assume that present conditions will persist, we tend to be bad with numbers and uncertainty, and we take comfort in short-term-oriented herd behavior of the sort that characterizes the financial industry. We need doomsayers like Grantham to counteract these tendencies.

Yes, we do need “doomsayers” like Jeremy Grantham to counteract the Pollyannish tendencies of many Americans.

Do they actually believe the same people who brought us the 2008 financial crisis and so-called “Great Recession” were actually able to “fix” that mess?

I, for one, hope to be fairly “insulated” from the Pollyannas when the balloon finally goes up, because I’ve seen how this crowd reacts WTSHTF. And it ain’t pretty.

By the way, did I mention Dick Cheney was a former client of Grantham’s?

“Nobody anywhere was smart enough to figure it out.”

Rotella’s November 22 piece- “Why we need financial doomsayers”- is a good read (don’t expect much investment intel although Grantham’s U.S. stock bubble-crash warning is touched on), which you can view in its entirety on the Globe website here.

By Christopher E. Hill
Survival And Prosperity (

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Hacker ‘Guccifer’: Chicago And Unnamed Pennsylvania City To Be Nuked In 2015

According to the infamous hacker known as “Guccifer,” someone’s got Chicago and an unnamed Pennsylvania city in their crosshairs for a nuclear detonation next year. Andrew Higgins reported on The New York Times website on November 21:

The English-speaking prison psychologist, who attended my meeting with the hacker, rolled his eyes as Mr. Lazar started reading his explanatory text in good but heavily accented English. It was a compendium of wild conspiracy theories involving so-called Illuminati, a secret cabal that he believes runs the world. Most of the conspiracies were old hat, like ones relating to the attacks of Sept. 11, 2001, by Al Qaeda. But others, such as an alleged plan to set off a nuclear bomb in Chicago and an unnamed city in Pennsylvania next year, were clearly his own work.

The psychologist said he had heard them all before but nonetheless had no doubt about the state of Mr. Lazar’s mental health. “He is not really crazy at all”…

(Editor’s note: Bold added for emphasis)

That claim about the Pennsylvania city also being targeted is a new development in the story. I blogged back on November 11:

The recently-apprehended hacker known as “Guccifer” (Marcel-Lehel Lazar, an unemployed 43-year-old Romanian) is in the news today for something he told The New York Times while meeting with them. Andrew Higgins reported on the Times website yesterday:

Before agreeing to answer questions from The New York Times in prison, where he shares a cell with four others, including two convicted murderers, he read out a lengthy handwritten statement that he said explained the purpose of his hacking.

A potpourri of conspiracy theories about the terrorist attacks of Sept. 11, 2001, the 1997 death of Princess Diana and alleged plans for a nuclear attack in Chicago in 2015, it said: “This world is run by a group of conspirators called the Council of Illuminati, very rich people, noble families, bankers and industrialists from the 19th and 20th century.”

(Editor’s note: Bold added for emphasis)

Guccifer is reported to have accessed the private e-mails of numerous top military, political, and intelligence leaders around the world- including e-mails of former U.S. President George W. Bush’s family.

So is the Romanian hacker just trying to save his skin somehow with such claims, or did he really uncover such a plot to nuke Chicago and the Pennsylvania city while engaged in criminal activity?

Hopefully, Higgins is able to get more info out of Guccifer going forward- if there’s anything to get.

By Christopher E. Hill
Survival And Prosperity (


Higgins, Andrew. “The Man Behind the Hacking: Talking to Guccifer.” The New York Times. 21 Nov. 2014. ( 26 Nov. 2014.

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Terrorism, Fear, And Tim Allen

Back when “Dubya” was President, I started to suspect a number of terrorism warnings issued by his administration were being done not to inform the American public of some real danger, but rather to instill fear to achieve an objective.

I believe this use of specific alerts with an ulterior motive has carried over into the Obama administration.

That being said, I think there are warnings which are the “real McCoy,” which makes it all the more tougher to figure out which ones are bogus.

Last Friday, I was watching Tim Allen’s Last Man Standing on ABC when the following video log about fear appeared:

“Mike Explains the Power of Fear”
ABC Video

“Let’s stop believing the fearmongers.” Something to ponder. And when it comes to terrorism, consider the source and context from which the alert was issued before changing routines and such.

By Christopher E. Hill
Survival And Prosperity (

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Tuesday, November 4th, 2014 Government, Propaganda, Public Safety, Terrorism No Comments

Lake County Paper Ridicules Cook County Gun ‘Control’

Going forward, I’ve got to remember to read the Lake County News-Sun’s “Talk of the County” section more often. From the website of the Waukegan, Illinois-based paper last Friday:

Cook County

Cook County has added another tax to penalize legal gun buyers while the criminals continue to break any and all gun control laws.

Yep. Our neighbors to the north pretty much nailed it on the head.

And how about this gem:

Haw, haw

This has to be the grandest April fool joke that the world has ever heard of, or someone is going nuts beyond remedy. President Obama has declared April as National Financial Capability month. Unbelievable! Haw, haw. How incredulous coming from someone who cannot even prepare a budget and who spends borrowed money as if he were leaving the planet!

Funny but sad at the same time.

Especially since, if I recall correctly, President Bush the Second had the same problem when it came to spending.

Haven’t you heard? The nation does have a spending problem.

By Christopher E. Hill, Editor
Survival And Prosperity (


“Talk of the County.” Lake County News-Sun. 5 Apr. 2013. ( 10 Apr. 2013.

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Michelle Malkin: Chicago A ‘War Zone’ After Century Of Democratic, ‘Progressive’ Rule

I know someone out there who wants to talk about what they see as incompetent political leadership in the Chicago area.

Enter Michelle Malkin, a conservative blogger, political commentator, and author. The FOX News contributor recently spoke to Cam Edwards over at NRA News, and this is what she had to say about my hometown in a video segment that was published Monday:

It’s contortions of the most astonishing sort. But they’re shameless in blaming the NRA, Second Amendment activists, the Republican Party, George Bush- whatever conservative figure is around to blame. But they’ve had a lock, a monopoly on the “Windy City.” For almost a century now they’ve had their way. And it is ground zero for every last failed social justice experiment. Of course, foremost, gun “control.” And it’s not that they have a lot of it, it’s the most, ever (laughing) in the entire country. And these fatalities, these awful examples of violence go on daily. And it wasn’t until the death of this poor, innocent girl- who just happened to have performed during the Inauguration- that Obama and his team finally felt they needed, or were compelled, to go back to their bloody hometown.

I would think that the people in Chicago would be entirely fed up and disgusted with how they’ve been used as pawns, and how their city continues to be a war zone, even after a century of Democratic, “progressive” rule.

Which isn’t the case, as evidenced by “The Machine” being in power for as long as it has been.

“Malkin: Progressives, Democrats Have Had a 100-Year Monopoly on Running Chicago Into the Ground”
YouTube Video

By Christopher E. Hill, Editor
Survival And Prosperity (

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Peter Schiff Warns The State Of The Union Is ‘A Complete Disaster’

On Tuesday evening, February 12, U.S. President Barack Obama gave his State of the Union address. Two days later on Valentine’s Day, Peter Schiff, the CEO/Chief Global Strategist of Euro Pacific Capital who correctly-predicted the Panic of ’08 and housing crash, critiqued President Obama’s speech. From The Schiff Report YouTube video blog:

Today is Valentine’s Day, although it felt like Valentine’s Day two days ago when President Obama was delivering his State of the Union address. Because really what it amounted to was a Valentine’s gift to the nation where the President tries to buy our affections, or are votes, by promising more free stuff. Something for nothing. By promising that more government can solve our economic problems. Now the President describes the state of the Union as strong. Of course all presidents, when they make that annual pilgrimage up to the Capitol, they always tell us the Union is “sound.” That the Union is “strong.” That’s what George Bush said in 2007, just before the financial crisis, the economic meltdown. They always tell us how great it is, even though we’re on the edge of a precipice.

The fact of the matter is, the Union is anything but strong. It’s a complete disaster. We are staring at an economic crisis much graver than the financial crisis of 2008. Yet, what does President Obama have to say? Basically, nothing. Everything is fine, all we need is a little more government…

It will be interesting to listen to President Obama’s State of the Union address in 2014. Whether or not the economic collapse that I’m forecasting has happened before then still remains to be seen. But I know one thing for sure- we’ll be a year closer to it if it hasn’t happened. And if it hasn’t happened by 2014, it will probably be just around the corner.

“The Real State of the Union- 2013”
YouTube Video

By Christopher E. Hill, Editor
Survival And Prosperity (

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GDP Drop Blamed On Hurricane Sandy, Republicans

In the aftermath of Hurricane Sandy, some talking heads on the TV were saying how the U.S. economy would take a significant hit from all the destruction. I remember turning to my girlfriend and saying, “Well, there’s their out.” I went on to explain that if the economic numbers for the fourth quarter ended up being crummy, the White House would just go ahead and blame Sandy.

So while I was a little surprised to hear about the drop in GDP today (I thought enough “stimulus” was already coursing through the financial system), the same can’t be said about what the White House said this morning. Alan Krueger, Chairman of the Council of Economic Advisers, wrote on The White House Blog today:

According to the “advance” estimate released by the Bureau of Economic Analysis today, real GDP edged down 0.1 percent at an annual rate in the fourth quarter of 2012, amid signs that Hurricane Sandy disrupted economic activity and Federal defense spending declined precipitously, likely due to uncertainty stemming from the sequester. This was the first quarterly drop in real GDP in three-and-a-half years (see first chart below). Over the last fourteen quarters, the economy has expanded by 7.5 percent overall, and the private components of GDP have grown by 10.9 percent. During the four quarters of 2012, real GDP grew by 1.5 percent, the third consecutive year of economic expansion.

(Editor’s note: Italics added for emphasis)

Don’t get me started on that “economic expansion” bit, as it’s been oh-so-terrific for many Americans.

Hurricane Sandy’s economic impact and a decline in government spending last quarter is repeatedly mentioned in the blog post, leading some to believe that the Obama administration is blaming the economic contraction last quarter a good deal on that late October storm and the Republican Party. Reuters’ Mark Felsenthal wrote on Yahoo! News this afternoon:

The White House on Wednesday blamed the surprising contraction of the economy at the end of last year at least partly on Republican “political brinkmanship” for threatening to let defense cuts take effect.

White House spokesman Jay Carney said similar threats over a looming March 1 deadline when defense and other cuts take effect absent a broader budget deal could similarly hurt the U.S. economy and taxpayers.

“This is political brinkmanship with one primary victim, and that is American taxpayers and the American middle class,” Carney said at a briefing.

“Our economy is facing a major headwind … and that’s Republicans in Congress.”

(Editor’s note: Italics added for emphasis)

Since the campaign for the 2008 U.S. Presidential election, Barack Obama and the Democratic Party have consistently blamed George W. Bush and the Republican Party for the nation’s ongoing economic woes (I submit both major political parties are truly at fault and the damage began decades earlier). Believing that this strategy worked to retain the Oval Office in 2012, and based on Carney’s words today, be prepared to hear even more blamethrowing of this type going forward in President Obama’s second term.

In the meantime, the financial house of cards keeps growing more unstable with trillions of dollars of debt being continually heaped upon it.

Hurricane Sandy. The GOP. How about the “stimulus” being injected into the cancer (debt)-ridden patient is perhaps becoming less effective over time? Instead of a strong, sustainable economic recovery, we’re seeing a weak one that’s requiring constant assistance.

What QE are we on again?

Furthermore, Washington and the Fed are “running out of bullets.” It’s somewhat amazing they’ve managed to “kick the can down the road” this far.

Looking back on today’s GDP announcement and related events, it’s apparent the blamethrowers are alive and well in the nation’s capital.

And the proverbial brick wall- or our “financial reckoning day,” as some like to call it- keeps getting closer.

Be advised.

By Christopher E. Hill, Editor
Survival And Prosperity (


Krueger, Alan. “Advance Estimate of GDP for the Fourth Quarter of 2012.” The White House Blog. 30 Jan. 2013. ( 30 Jan. 2013.

Felsenthal, Mark. “White House blames Republican ‘brinkmanship’ for GDP contraction.” Reuters. 30 Jan. 2013. (–business.html). 30 Jan. 2013.

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    Back on May 18, I blogged about the recent opening of Baoku Treasury, the world’s largest private, non-bank safe deposit box facility. I haven’t come across that much material about the Shanghai, China, private vault in my research, so it was with great pleasure that I spotted an article about Baoku on the Sixth Tone […]
  • Related Reading: Robert W. Wood’s ‘Reporting Cash, Gold And Safety Deposit Boxes On FBARs?’
    Tonight I happened to read an article published on the Forbes website last Thursday entitled “Reporting Cash, Gold And Safety Deposit Boxes On FBARs?” The contributing author was Robert W. Wood, a San Francisco, California-based tax lawyer. It’s an insightful read on a complicated subject, where even Wood noted: Filing without thinking carefully about such […]