First Signs of Hyperinflation Have Arrived: US National Debt Can Travel From the Earth to the Sun and Back a Stunning 83 Times!
By JS Kim
Monday, 26 August 2013
The first signs of hyperinflation have arrived. As I will explain later in this article, it began last week with the meeting of POTUS Obama and his most supportive lobby, the banking industry. Just a few months into Obama’s first term as US President in early 2009, I penned an article, “8 Reasons Why the Obama Administration Will Not Solve this Crisis by the End of 2009.” Although the title of that article title sounds absurd today, idol worship was so high of Obama immediately following his election not only in the US but all across Europe, that media commentators across the world were implying, and sometimes matter-of-factly stating, that Obama would be well on his way to solving the global monetary crisis by the end of his first year as POTUS. In direct opposition to the media love affair with Obama, shortly after his election in 2008, I objectively studied Obama’s support of a massive bailout plan for banks in his first months of service and his freshly minted appointments of Timothy Geithner, William Daley, William Donaldson, Robert Rubin, Roger Ferguson and Paul Volcker to his economic advisory board and key cabinet positions. Based upon my findings, I concluded that beyond a shadow of a doubt, banking cronyism would expand, multiply, and go unprosecuted under Obama’s watch.
The Obama administration has given a lot of lip service with zero follow-through to prosecution of criminal banking behavior, the most recent being AG Eric Holder’s following very empty promise: “Let me be very, very, very clear…if we find a bank or a financial institution that has done something wrong…those cases will be brought” (emphasis not only mine but Holder’s as well!) Unfortunately since that time, though numerous indisputable cases of banking criminal behavior have been uncovered and presented to Holder, Holder has shown no spine or willingness to enforce his prior promise. As a consequence of the refusal of the top attorney in the United States to enforce the rule of law and to prosecute industry-wide criminal banking activity, the first signs of hyperinflation have arrived.
The real national debt, despite having been falsely frozen at the falsely advertised figure of $16.699 trillion for more than 90 consecutive days for no other reason than it has reached the designated limit, clocks in at a whopping $220 trillion if you include all unfunded, off-balance liabilities such as Medicare and Social Security (Source: Economist Laurence Kotlikoff).