UNDERSTANDING AMERICA’S FINANCIAL CRISES-PART 3
By Michael S. Coffman, Ph.D. and Kristie Pelletier
May 24, 2011
Collapsing the Global Economy & Demagoguing Solutions
Globalists have been actively working for decades to create a single financial system and currency for the world. But first, they had to create economic chaos in order for the citizens of various nations, especially the United States, to be willing to abandon their national currencies. Has that day arrived?
Like falling dominos, the states within the European Union (EU) are failing financially, one by one. The economies of Greece, Ireland, and Portugal have already been bailed out by the EU and the International Monetary Fund (IMF). Spain is teetering on the edge. Because of its size, analysts have concluded that Spain is too big to be saved by outside intervention. Spain’s failure would cause an unstoppable domino effect; first within the EU, then the U.S. and the world.
At the same time that Europe has been facing financial disaster, the spending policies of Presidents G.W. Bush and Obama have more than doubled the U.S. national debt from $5.7 trillion in 2000 to $14.3 trillion in mid-2011. Why? Interest on the National Debt is expected to top $430 billion for 2011. State unfunded liabilities for public sector pension plans could reach $3 trillion. Social Security, Medicare and Prescription Drug unfunded liabilities total $113.6 trillion by April 2011. It is simply unsustainable.