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Just yesterday it was announced that for the first time ever, a major credit ratings agency has given China a higher credit rating than the U.S. While most credit ratings agencies including Moody's, Standard & Poor’s and Fitch Ratings still rate U.S. debt as AAA, NIA believes the real credit rating of the U.S. should be junk. The only way one could possibly justify a U.S. credit rating of AAA is by taking into account the Federal Reserve's ability to monetize our debt through inflation. However, printing money to pay off debt is a lot worse than defaulting on it. Inflation is very deceptive, it destroys the value of savings while transferring wealth from the poor and middle class to the rich.
The U.S. has a budget deficit just from Social Security, Medicare and Medicaid alone. NIA urges President Obama to implement dramatic cuts to these entitlement programs immediately, while simultaneously reducing the size of government across the board. Time is growing short for Obama to rein in government spending. The longer Obama waits to reverse course, the harder it will be for the U.S. to recover from the calamity that is about to unfold.
In NIA's latest economic documentary 'Meltup', we said that the simple act of the U.S. government eliminating its $7.25 per hour minimum wage and implementing a new $7.25 per hour maximum wage for government employees, would go a long way in helping rebalance America's unstable economy. NIA is very pleased that California Governor Arnold Schwarzenegger appears to have watched Meltup. Schwarzenegger last week announced plans to cut pay for over 200,000 state employees down to the minimum wage of $7.25 per hour due to a budget impasse.
First, Western World budget deficits are now totally uncontrolled. Debt is esentially destroying the Western World
Second, The Obama administration has saddled us with enough debt at the federal level to last three generations all in the name of "stimulus".
Third, The US Federal Reserve is Insolvent and Bankrupt They have flooded the system with liquidity through Quantitative Easing
They have loaded their balance sheet with worthless loan paper and reduced interest rates to 0% for over 20 months
And What have been the results? Paralyzed job growth., record unemployment, record food stamps, and record poverty levels.
Gold and Silver are sounding the Alarm, but Food and Energy price increases will soon follow.
The face of Inflation has recently reared its ugly head in commodity prices.