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Is a US Default Inevitable? – Nigel Farage: The Worm Has Turned – Ron Paul Goes After the TSA

July 5, 2011

Is a U.S. Default Inevitable?

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Patrick J. Buchanan
July 5, 2011


As President Bush prepared to invade Iraq in September 2002, the head of his economic policy council, Lawrence Lindsey publicly estimated such a war could cost $100 billion to $200 billion.

Lindsey had committed candor, and the stunned Bushites came down on him with both feet.

“Baloney,” said Donald Rumsfeld. The likely cost would be $60 billion, said Mitch Daniels of the Office of Management and Budget. We can finance the war with Iraqi oil, said Paul Wolfowitz.

By year’s end, Lindsey was gone, back, in Ronald Reagan’s phrase, “testing the magic of the marketplace.”

And the cost of the Iraq War? It has passed $1 trillion.

So Lindsey is worth listening to. And he is now saving that the Obamaites may be wildly underestimating the deficits America is going to run in this decade. Here is why.

The average rate of interest the Fed has had to pay to borrow for the last two decades has been 5.7 percent. However, President Obama is projecting the cost of money at only 2.5 percent.

A return to the normal Fed rate would, by 2020, add $4.9 trillion to the cumulative deficit, says Lindsey, more than twice the $2 trillion in savings being discussed in Joe Biden’s debt-ceiling deal.

Second, Obama is estimating growth in 2012, 2013 and 2014 at 4, 4.5 and 4.1 percent. But the normal rate for a mature economy recovering from recession is 2.5 percent.

Hence, if we return to a normal rate of growth, rather than rise to Obama’s projected rate, says Lindsey, that would add $700 billion to the deficit over the next three years and $4 trillion by 2020.

Taken together, a U.S. return to a normal rate of growth of 2.5 percent, higher than today, and a normal rate of interest for the Fed could add as much as $9 trillion to the deficits between now and 2020.

New taxes on millionaires and billionaires who ride around in corporate jets can’t cover a tenth of 1 percent of these deficits.

Writes Lindsey, “Only serious long-term spending reduction in the entitlement area can begin to address the nation’s deficit and debt problems.”

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Comment:  Nigel Farage is a powerful British leader, member of the rising Independence Party and representative to the EU as an MEC. He explained that 80% of the new laws shackling the English are not from London, but from the puppet potentates in Brussels through the European Union.  As an EU leader representing Great Britain, his primary objective is to dismantle the collectivist aparatus that is bringing tyranny to all of Europe.  How about that?  A leader who is not obsessed with gaining more power, but instead, one who is committed to shrinking the power of the state and restoring government by the people.

Nigel Farage: The Worm has Turned

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You Tube
July 5, 2011

“I think there is a growing realisation both here and elsewhere that the worm has turned, that we have seen the beginning of the end of this extremely dangerous project.”

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Ron Paul Goes After The TSA

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Congressman to re-introduce American Traveler Dignity Act this week

Steve Watson
Prisonplanet.com
July 4, 2011

In the wake of last week’s demise of the effort on behalf of Texas lawmakers to criminalize TSA transgressions, Congressman Ron Paul has taken up the cause, once again proving he is the only serious presidential candidate when it comes to protecting the liberties of Americans.

Paul announced today, on Independence Day, that he will introduce legislation into the House this week that will directly target not only grossly invasive TSA pat downs, but also the use of harmful radiation emitting body scanners.

“This week I am introducing the American Traveler Dignity Act, which establishes that airport security screeners are not immune from any US law regarding physical contact with another person, making images of another person, or causing physical harm through the use of radiation emitting from machinery on another person.” The Congressman stated in his weekly Texas Straight Talk update.

“They are not above laws the rest of us must obey.” Paul urged. “As we continue to see more and more outrageous stories of TSA abuses and failures, I hope that my colleagues within the House will listen to their constituents and join with me to support this legislation. ” The Congressman added.

“The press reports are horrifying. 95 year old women humiliated, children molested, disabled people abused. Men and women subjected to unwarranted groping and touching of their most private areas, and involuntary radiation exposure.” Paul stated.

“If the perpetrators were a gang of criminals, their headquarters would be raided by SWAT teams and armed federal agents. Unfortunately in this case, the perpetrators are armed federal agents.” he continued.

The Congressman previously introduced the legislation, H.R. 6416, last November, however it did not pass committee.

The bill contains just a short section that reads:

No law of the United States shall be construed to confer any immunity for a Federal employee or agency or any individual or entity that receives Federal funds, who subjects an individual to any physical contact (including contact with any clothing the individual is wearing), x-rays, or millimeter waves, or aids in the creation of or views a representation of any part of a individual’s body covered by clothing as a condition for such individual to be in an airport or to fly in an aircraft. The preceding sentence shall apply even if the individual or the individual’s parent, guardian, or any other individual gives consent.

Listen to Congressman Paul’s update in full:

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