Economic Tea Leaves or Just Connecting Dots?

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My friend John Galt over at Shenendoah has a gift for conveying economic info in terms ignorant layfolks like myself can understand. While I have been sounding the alarm bells over threats to our Constitutional liberties and lives, he has been just as prolific in sounding the alarm bells over our economic house of cards. Both subjects are tied together in the cause of preserving liberty and prosperity.

God expects us to be wise stewards of all things He has graced us with, both this Republic and our own finances. Sadly, this has not been the case in both the individual to national level.

Now I’m not calling John a prophet of any kind, but he wrote an essay waaay back in 2005 that gave warnings of the unfolding economic crisis now taking place in the credit and housing markets. He addressed how the horrible Kelo decision of the Supreme Court to hand private property rights over to municipalities could be used against American homeowners.

Worth the read - I’m only posting a portion of his comments, here’s the link to the rest of the post and his site.

Remember, this is from 2005, not yesterday’s economic news.

America is about to face a major economic reversion into a time and standard of living that about 99.5% of the American people are not prepared to face. The banking cartel is about to cash in on the ignorance and cowardice of the average American citizen. How you dare ask? Well, let’s look at some new realities:

1. Eminent Domain - If your home has a view, is paid off and in a semi-desirable area, or sits on a fresh water aquifer, then the banks and politicians want it. And now that the Supreme Imbeciles have upheld the 1933 Reichstag Constitution, bypassing ours written in 1776, you had best sell that home to the state at 50% of the market value or be prepared to be “rescued” (That’s Mayor Michael Brown’s term, not mine) by the powers that be. Bottom line: If you as a middle class citizen was smart enough to purchase, invest in, or inherit some prime real estate, so what. It’s not yours and if the Bank of America thinks it would serve a better purpose such as Mayor Brown’s gold plated outhouse, there’s not a government in the world that can’t be purchased to make this happen. Bye, bye speculative boom or why should I invest in something that someone else can steal from me….

2. Mortgage Crisis - But there’s a boom? So there’s no crisis. Believe that if you’d like. But the reality is that the baby boomers made a major faux pax. Can you believe those fools actually believed that a company they worked for all their lives would actually honor a contract? I mean hell, so what if they took 12% of their annual pay and produced mimeographed printouts of how hunky dorey their retirement program was doing. The CEO’s momma needs a new Gulfstream so how dare you peons think that you should get the retirement you were promised, even if you paid into it. So now, you’re 64 years old, retired in the Sunshine/Hurricane State, and your Social Security aka, other defaulted pension program, pays you enough for 7 cans of Alpo and a 12 pak of Natural Light per week for meals, and that’s if you elect to heat your home, and you have a mortgage payment due on your original second home, which became your first home after that home up north you sold was dumped at a loss. Well, welcome to Florida and them thar happy sunny retirement days. Your pension was just cut 66% by the Federal Bankruptcy court and your homeowner’s insurance just increased by 66%. Hmmm. guess it’s never to late to go back to work and surrender that Social Security blanket. But you’ve retired where it only gets cold for a little while, so to save money you turn off the heat and get a job at the local 7-11.

Knock, knock…it’s the court. Here’s your foreclosure papers and before you leave, can you clean up the frozen cat in the corner. Oh, and because you work, you don’t qualify for any Federally assisted housing and that wouldn’t matter because it’s all being used right now by those poor pathetic illegal, er, migrants from Mehico.

Ain’t retirement great?

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