Archive for category Government Finances
Great Video on National Debt
Posted by BillORights in Economy, Government Finances, National Debt on July 13th, 2009
Inserted below is a great video on our out of control national debt. Here at Our Time To Stand, we are non-partisan and apolitical. Just because we criticize the ballooning debt bubble under Obama, does not mean we must therefore be fans of John McCain!
We get this ridiculous nonsense all the time: “You don’t like Obama, you must be a Republican”, or “If you didn’t like Bush you must a Democrat”. We get called Republican and Democrat all the time. We are not! We are simply committed to sound money and finances. We recognize how both parties of “left” and “right” have us marching to the tune of debt-servitude. We recognize how both parties have sold your children and their children into debt slavery. This must stop! Join us!
Steve Scalise Cosponsors H.R.1207
Posted by BillORights in Government Finances, H.R. 1207, Money, federal reserve on May 21st, 2009
Great news! According to “THOMAS Library of Congress”, Representative Steve Scalise finally co-sponsored H.R. 1207.
Steve Scalise Cosponsors H.R. 1207 on 5/20/2009
Thanks to all who signed the petition. We know there were not thousands of signatures, but we know that each of you who signed the petition share our concern about the financial health of our country. And here is an entertaining coincidence: Representative Scalise just happened to cosponsor the resolution on the day that your petition was delivered to him! Steve, we’ll give you both the benefit of the doubt and kudos for great timing!
H.R. 1207 Now Cosponsored by 40% of the House
As I write, 175 out of 435 Representatives now cosponsor this landmark legislation, including 30 Democrats. This is just the start of our pressure. We need to make sure this gets through the house and that the Senate hears our voices.
How to Contact Representative Scalise
We suggest you contact Steve Scalise via his website and thank him for cosponsoring H.R. 1207.
Petition for Congressmen Scalise and Cao to co-sponsor Federal Reserve System Audit Bill (HR1207)
Posted by Mike in Economy, Government Finances on May 11th, 2009
Dear Rep. Scalise & Cao:
By now you are probably well aware that Ron Paul has introduced HR 1207, The Federal Reserve Transparency Act, commonly referred to as “the bill to audit the Fed.” More importantly, and more accurately, HR 1207 would legalize the auditing of the Federal Reserve (more on that, below).
As your constituents, we are concerned that you have not yet signed on as a co-sponsor of this important legislation. As of May 8, HR 1207 had 143 co-sponsors, or 33 percent of the House. And while we do not view this as a partisan issue, you should know that as of that date, 70 percent of House Republicans had signed on as co-sponsors, putting you in a small minority of holdouts.
Here are some of the more obvious reasons that HR 1207 deserves your full support:
• The Federal Reserve is a secretive cartel of private banks that has recently created many trillions of dollars (POOF!
— with mere keystrokes!) and used it to enrich the very banks that own it.
• The Federal Reserve is independent of oversight from the federal government and has never been audited by the federal government.
• The Federal Reserve, being a private entity, is not required to respond to Freedom of Information Act requests, so it is not answerable to the People.
• The Government Accountability Office is prohibited by federal law from auditing the Federal Reserve, unless it first gets written permission from the Federal Reserve. And even if the Fed were to grant its permission, which it has never done, the same federal law prohibits the GAO from investigating certain activities, a list that includes every important function of the Federal Reserve.
Solving the country’s financial crisis will require a great deal more than what HR 1207 calls for, but it undoubtedly is an important step. Even if somehow you believe the Federal Reserve should not be audited (certainly an indefensible position), you must agree, if you truly represent your constituents and not the bankers, that a GAO audit of the Federal Reserve without the Federal Reserve’s written permission should at least be legal!
We urge you to co-sponsor HR 1207 immediately. We monitor the list daily and hope to see your name included soon.
Petition Information:
If you would like to sign one of the petitions to have Rep Scalise or Cao co-sponsor HR1207, click the corresponding link:
Steve Scalise
Joseph Cao
We Must Stop Them Before They Bankrupt Us
Posted by BillORights in Debt, Economy, Government Finances, National Debt, Social Security on April 14th, 2009
As you can see from the content on our Home Page, our financial situation is beyond dire. In fact, we are in deep, deep, trouble. We owe more money to future generations than the entire world produces in almost two years (source: CIA). This is incredible. This money is promised in Social Security and Medicare payments.
We Have Negative Equity
When your liabilities exceed you assets, you have a negative net worth. So it is with government finances. It owes, may more than it owns.
We Are Cash Flow Negative
The government debt is staggering. At over $11 trillion, it is almost equal to GDP. As scary as this is that we are borrowing $1 trillion/year to finance government spending! We spend more than we earn.
Our Government is Technically Insolvent
When you spend more than you earn and you owe more than you own, the word to describe the situation is insolvent. Another way to look at it is that we are bankrupt. This is not technically correct, because bankruptcy is a legal proceeding following insolvency.
We’re Borrowing from Foreigners
The only thing keeping our government functioning is that foreigners are still willing to lend it money. Once they realize the true state of the United States government finances they will stop. When they do, we will be in big trouble. This has started in the United Kingdom and will happen here unless we immediately change course. When a country starts buying up its own debt by printing money, watch out: Hyperinflation could be coming.