Lowell Ponte: April 25, 2012

U.S. ECONOMY IS TITANIC–AND SINKING, SAYS THINK TANK FUTURIST:
“We urgently need to be making our lifeboats”


On April 15, 1912, a ship the experts called “unsinkable” and “too big to fail,” the Titanic, sank after hitting an iceberg in the North Atlantic.

“We watch movies and imagine what it must have been like for half those on board — more than 1,500 doomed souls.

“But look around you. You are on the U.S.S. Titanic right now. Our economy has already hit the iceberg, had a huge hole torn in its side, begun flooding with icy water, and we don’t have enough lifeboats,” says Ponte, a widely-read financial author.

“The captain, eager to get re-elected this November, is pretending that the ship can right itself by tilting left. The crew is still serving champagne, passing out free goodies, and rearranging chairs on the deck to make things appear normal,” says Ponte, co-author of Crashing the Dollar: How to Survive a Global Currency Collapse. 

“And the band keeps playing, despite the flickering lights, the jolts and tremors of a frightened stock market that just fell 550 points in five days, and the screech of metal twisting as the U.S.S. Titanic’s financial hull caves in.”

“We now know that 100 years ago the Titanic’s sank because its hull was made with defective rivets that broke on impact,” says Ponte. “Our economy has likewise been built on weak paper money and on borrowing, not real productive strength. The U.S. Government now borrows $58,000 every second to provide 42 cents of every dollar our politicians continue to wildly spend. It’s a ship of state built of cards, credit cards, recklessly steered by a shipload of fools.”

“The iceberg is reality, including the unalienable Law of Supply and Demand,” says Ponte, co-author of The Inflation Deception: Six Ways Government Tricks Us…And Seven Ways to Stop It! “We printed more than $5.5 Trillion out of thin air, now sitting like a giant iceberg of frozen inflation that is pushing up the price of food, gasoline and other necessities.”

“Our politicians knew we risked sinking the economy by all this reckless spending, but they are addicts, spendaholics, who are unable to stop.”

“The hole in our ship is debt, which has now surpassed America’s entire Gross Domestic Product, our whole national income,” says Ponte.

“The politicians created this monstrous debt to bail out their supporters at giant banks deemed ‘too big to fail,’” says Ponte, whose articles have appeared in The Wall Street Journal and in many other publications. 

“So now the whole system is sinking, but nobody has enough money to bail out the U.S.S Titanic with its $16 Trillion debt hole that gets bigger by $1.8 Trillion every year. Almost no politician is willing to stop the flood by putting a halt to government spending,” says Ponte, adding, “They do not dare. In today’s America 49.5 percent of households receive some kind of government check, while 47 percent of adults pay no income tax whatsoever.”

“The U.S.S. Titanic is sinking,” says Ponte. “The only uncertainty is whether it will go underwater this year, next year or the year after that.” 

“What is certain,” says Ponte, “is that, like the Titanic sinking of 100 years ago, there aren’t enough life boats to save everybody. Monetary expert Craig R. Smith and I co-authored The Inflation Deception to show people how we might keep the economy afloat and restore prosperity, or, if that fails, how people can quickly and securely build their own lifeboats. We need to do this urgently.”

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