No laughing matter

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They're calling it the "Great Firewall of China": The world's most populous country is blocking residents' access to social networking sites and blogs that might remind the world of the 20th anniversary of the Tiananmen Square massacre on Thursday.

The Great Firewall. Both catchy and apt.

But what do you call the wall of silence in the United States?

For now, let's just call it the "media."

You may not know it if all your news comes through the "mainstream" media filter -- but our secretary of the Treasury was openly laughed at in China recently.

According to international media, Timothy Geithner was speaking to students at Peking University when he was asked if Chinese investments in the United States were safe.

When he asserted that they were, the students laughed.

Folks, this is huge. The American government is relying on China to subsidize our trillions in deficit spending.

And our bankers just laughed in our face.

How is that not news?

Nor are the media telling you -- at least loudly enough or often enough -- how much debt each American household has incurred in recent years through current government spending and obligations to future retirees:

How's $546,668 per household sound?

That's what your family owes in government debt and future liabilities.

"We have a huge implicit mortgage on every household in America," former U.S. Comptroller General David Walker told USA Today , "except, unlike a real mortgage, it's not backed up by a house."

In other words, the only collateral on the debt this generation is piling up is the sweat equity of future generations.

That is, if our banker doesn't stop laughing long enough to stop the flow of loans.

According to USA Today , which broke through the silence with a startling summary of U.S. indebtedness this past weekend, "The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to $63.8 trillion."

Another way to look at it: When you see newlyweds in the Sunday paper, those bright young, hopeful faces are already saddled with half a million in debt before they say "I do."

And they don't have the option of saying "I don't." This is a legacy of indentured servitude we are leaving to our children.

Meanwhile, China truly is questioning continuing to invest in all this. And there are rumblings that China and others may soon want to use something other than the dollar as the world's reserve currency. That would cost the U.S., both economically and in prestige.

U.S. living standards and national security are at stake -- and with U.S. debt only growing, serious trouble is on the horizon.

When Chinese students seem to understand that more than our own national media, something is drastically wrong.

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Riverman1
83642
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Riverman1 06/03/09 - 01:09 am
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Anyone who isn't buying gold

Anyone who isn't buying gold now is going to be carrying money to Kroger in a wheel barrow in order to buy food.

dhd1108
1
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dhd1108 06/03/09 - 05:11 am
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Hey riverman, at least we'll

Hey riverman, at least we'll be the first billionaires in our respective families

patriciathomas
42
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patriciathomas 06/03/09 - 06:20 am
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Ain't socialism grand? 3 1/2

Ain't socialism grand? 3 1/2 years more of this philosophy and we'll all have a $1million debt. All is not yet lost, America can recover it's financial health rather quickly, but not with the Mad Marxist at the wheel and with a congress full of socialist elites. Flush this D.C. crowd and replace them with fiscal conservatives. Return the "social services" spending to reality. Adopt the Fair Tax.

southernguy08
499
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southernguy08 06/03/09 - 07:21 am
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Forget it, Pat, that would
Unpublished

Forget it, Pat, that would actually mean facing reality. The last election proves that right now most Americans would rather have the Pied Piper at the helm. Guess we know what that makes us. I wonder what Arab king he'll be bowing to on this trip.

carcraft
25762
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carcraft 06/03/09 - 07:41 am
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We are toast, as the saying

We are toast, as the saying goes! Obama really is naive beyond belief and a narcissist of such a nuture he won't listen to any one, makes GW seem mild. Yet when I look at the posts from the left they don't argue facts, don't look at reality etc. I don't know what is going to happen. Two choices, belt tightening or rampant inflation... From some of the posters here there is no chance of belt tighting so on to inflation, Riverman gold is a good bet untill it is out lawed like FDR did and you HAVE sell it to the government for less than it is worth..

Riverman1
83642
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Riverman1 06/03/09 - 08:14 am
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Carcraft, I couldn't agree

Carcraft, I couldn't agree with your post more, but all we can do is try to protect ourselves. Realistically, not only will they confiscate the assets of those of us who save in noncurrency ways, but our foreign policy will be blaming the world for our own laziness demanding tribute for the socialist nonproducers with our powerful military. A dangerous time.

bdittle
78
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bdittle 06/03/09 - 09:40 am
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Carcraft, I know you must be

Carcraft, I know you must be an economic genius and all, but not knowing your real name... I am unable to look up your credentials, essays, and papers. Did you read Krugman's article on the "Inflation Scare"? Apparently, not all economists think that your two scenarios (belt tightening or rampant inflation) are the only paths: http://www.nytimes.com/2009/05/29/opinion/29krugman.html

mad_max
0
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mad_max 06/03/09 - 10:24 am
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People who don't believe that

People who don't believe that this debt will ruin us should look at California. They are now where we will be in a couple of years. No one will loan them money. I hope the federal government does not give them any money either. We will be at this same point in a couple or three years and nobody is going to bail us out. It's kind of funny to hear people in California actually saying that they have to "reduce welfare" and cut out "free medical care" at the same time that we, as a nation, have an even greater debt ratio than California and a president that is pushing for more govenment entitlement programs and a national healthcare that everyone knows we cannot afford. Whatever happens to us we deserve it because we are grossly ignorant of the principles of "income" and "outgo". But we are going to get a huge lesson shortly. Yeh, yeh, I know. Bush and the Repubs ran a large deficit too. But that deficit was still in the "manageable" category. The deficit today is not manageable by any stretch of the imagination, especially with the dollar falling and oil prices rising. Think you've seen the worst? Hold on to your butts. The "stimulus" and "healthcare" are the nails in the coffin.

Bizkit
31267
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Bizkit 06/03/09 - 10:31 am
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Obama is making America weak

Obama is making America weak on every front: economic, diplomatic, militarily, socially and culturally, etc. But the masses like lemmings follow the pied piper off the cliff to their doom. The Health Care reform will be the coup de grace of debt probably tipping our economy into the abyss.

jackfruitpaper833
41
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jackfruitpaper833 06/03/09 - 10:31 am
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Thank you God for saving

Thank you God for saving patriciathomas and all his household, I give you all the honor and glory in Jesus name. Amen

jackfruitpaper833
41
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jackfruitpaper833 06/03/09 - 10:33 am
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It's funny no matter what

It's funny no matter what Obama does he's going to have lowly critics in small newspapers like this. I don't even think people outside of Georgia (or those who use to live and have moved away) reads the chronicle.

Bizkit
31267
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Bizkit 06/03/09 - 10:45 am
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It's funny no matter what

It's funny no matter what Bush did he had his lowly critics in big newspapers like the NYTimes. Wow what a brainy post their jackfruti.

bdittle
78
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bdittle 06/03/09 - 10:45 am
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jackfruit, there is a

jackfruit, there is a humorous line in a politico article that paints Obama's appointment of John McHugh as an attempt to "burn down any lines of escape for Republicans from their one refuge of popularity, the deep South". It rings true. http://www.politico.com/news/stories/0609/23253.html#ixzz0HNWA08Qf&B

bdittle
78
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bdittle 06/03/09 - 10:56 am
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Actually KornDog, we first

Actually KornDog, we first blame Reagan for taking the referees out of the financial sector and putting us on the path to Depression economics. Bush, Clinton, W. also share the blame for not correcting the situation and promoting bad lending practices in the banking sector.

Michael Ryan
648
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Michael Ryan 06/03/09 - 11:06 am
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Editor's note: We never

Editor's note: We never mentioned the name Obama in the editorial. He's made things much worse, certainly, but this is a longstanding problem caused by both parties and a system that puts incumbency above all else.

Michael Ryan
Editorial page editor

bdittle
78
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bdittle 06/03/09 - 11:12 am
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Not sure how you can say you

Not sure how you can say you are certain Obama has made things worst. Time will be the the judge of that... luckily for you, he has been aggressive with his agenda so you'll get to vote on the results.

LaTwon
1
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LaTwon 06/03/09 - 11:25 am
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read it and weep............

read it and weep............ check out the 642 trillion of derivatives.
planned destruction of our capital system. http://usdebtclock.org/

augustalibertarian
4
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augustalibertarian 06/03/09 - 11:28 am
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bdittle, actually we blame

bdittle, actually we blame Reagan for being the biggest spending, biggest government president in US history! Not for continuing the deregulation that Carter started - that's one of the few good things he did. Michael Ryan is correct. Since Woodrow Wilson, this country has been on a downhill slope towards political and economic ruin. With the notable exception of Warren Harding, who allowed the 1921 depression - which was deeper than the 1929 depression - to burn itself out in a matter of months, virtually every president of both parties have greased the skids towards our destruction.

augustalibertarian
4
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augustalibertarian 06/03/09 - 11:31 am
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bdittle, $2 trillion deficits

bdittle, $2 trillion deficits are worse that $1.2 trillion deficits! Obama should be emulating Warren Harding, not George W Bush!

LaTwon
1
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LaTwon 06/03/09 - 11:48 am
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how about the 31 year old who

how about the 31 year old who is charge of the dismantling of GM for the gubment? never had a private sector job in his life much less been in the car or mfg biz. a political hack. we are in deep spit.

LaTwon
1
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LaTwon 06/03/09 - 11:57 am
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how about the couple in san

how about the couple in san diego who were having a good friday prayer meeting with 15 friends in their home which was interupted by police and they were ordered to cease and desist because the meeting was an illegal religious assembly and they would need tens of thousands of dollars of permits to conduct same? study the bolshevik revolution if you want to see whats coming.

AAQueen
18
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AAQueen 06/03/09 - 12:18 pm
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help

help

Bizkit
31267
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Bizkit 06/03/09 - 12:27 pm
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When Obama listens to the

When Obama listens to the self described liberal and nobel laureate Paul Krugman you know things are going wrong. He is an academic (which nothing against them I was one too) and remember he served on the panel for ENRON, and is an ardent supporter of the welfare state. So we know how adept he is at saving big corporations and milking companies with extravagant fees and has no qualms spending others money on a welfare state. Overall if you examine his grandiose ego, and ad hominem attacks of those who differ from him you realize he is psychotic. Perhaps brilliant but still cookoo for coco puffs. Krugman was a Reagan appointee oddly enough.

disssman
6
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disssman 06/03/09 - 12:28 pm
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The news is so depressing I

The news is so depressing I think I'll go to Walmart and cool off and help the economy get back in order by doing some shopping.

carcraft
25762
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carcraft 06/03/09 - 12:30 pm
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I am not an economist, just

I am not an economist, just have some practical sense. How are you going to pay our debt? China and the world are looking for a new currency to replace the dollar... Why? You have two ways of paying off a debt, belt tighten or print money, Do you know a third way bdittle? Producing more goods and services to increase the economy? With our government regulations, cap and trade, increasing energy costs (because we are not increasing our energy capacity) we simply can't compete with China, (that is why we buy so much of our manufactured goods from Chine giving them the money to loan us. With Obama's health care plans, and other socialism who is going to foot the bill, China? Obama, in about eight years will double the national debt, and the Congressional Budget Office says it is unsustainable! If the rest of the world goes to Euros and China, Saudi Arabia dump dollars what will the dollar be worth? I have a close relative who travels over seas a lot and he has noted a decrease in the value of the dollar over the last few years!

carcraft
25762
Points
carcraft 06/03/09 - 12:37 pm
0
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All the folks that want to

All the folks that want to blame Reagan for deficits , Remember one thing, CONGRESS CONTROLS THE BUDGET!!! There was a Democratic controlled congress when Reagan was President. Reagan had two choices, veto spending bills or sign them, remember when Reagan shut down government by not signing a spending bill? Obama can not close Gitmo because even the Democrats won't fund it...HA HA. Now Obama can order the military out and leave it to the inmates if he wants, but I don't think that will work very well!!! So it was really the DEMOCRATIC CONGRESS that ran up the deficits under Reagan...

Bizkit
31267
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Bizkit 06/03/09 - 12:38 pm
0
0
What ever happened to all the

What ever happened to all the gold we use to have to back our currency?? Do we have nothing of value anymore in our country. We have a workforce that doesn't want to work, students who just want the grade and not the education, a clonal mentality with no creativity, etc. -we are doomed. Carcraft, Krugman said the present economy is unsustainable so all the change now will save it. He is a nobel laureate so he has to be right-NOT!!!!!!!! Oops I found the gold-G Gordon Liddy has it all. hee,hee,hee.

AAQueen
18
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AAQueen 06/03/09 - 01:11 pm
0
0
You all are depressing;

You all are depressing; there's no funny comments today; i think I'll go to Walmart with Dissman

shaglorious
0
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shaglorious 06/03/09 - 01:28 pm
0
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The big differences of

The big differences of opinion are one group does not want all of the govt intervention, one side does. It really is that simple. Some of us just want to mind our own business, earn an honest wage, have some privacy to our lives with as little govt as possible. Others WANT govt intervention, they want to be told what to do and they want to be "taken care" of. They NEED it. They need the govt to tell them how to eat, what to drink, what not to smoke, where to live, what doctor to see, what car to drive, and so on ad nauseum. Unfortunately, thanks to this LARGE group of voters that cannot or will not think for themselves, those of us that only want personal responsibility get to suffer. So thank you, govt parasites, thank you so much.

colcamp1
10
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colcamp1 06/03/09 - 01:46 pm
0
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Someone thinks real highly of

Someone thinks real highly of himself.

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