Also called a dictatorship.
Vice President Joe Biden on Wednesday heard personal stories of gun violence from representatives of victims groups and gun-safety organizations as he drafts the Obama administration’s response to the shooting at a Connecticut elementary school. He pledged that action would be taken.
“I want to make it clear that we are not going to get caught up in the notion (that) unless we can do everything we’re going to do nothing,” Biden said. “It’s critically important (that) we act.”
The meeting was part of a series Biden is holding this week to build consensus around proposals to curb gun violence after the Dec. 14 shooting in Newtown, Conn. Twenty school children were killed.
Obama will consider using executive orders among the steps to curb gun violence following last month’s shooting, Biden said.
“The president and I are determined to take action,” Biden said at the start of a meeting with gun-control advocates and groups representing victims.
Executive orders are legally binding orders handed out to federal administrative agencies from the President. An executive order, known as an order in council or decree in other countries, has the same legal power as laws passed by Congress.
Biden meets Thursday with the National Rifle Association and other gun-owner groups. Meetings with representatives of the video-game and entertainment industries also are planned.
President Barack Obama wants Biden to deliver policy proposals by the end of the month. Obama has vowed to move swiftly on the package, which is expected to include legislative proposals and executive action.
Unfortunately, this is just the beginning. Things are going to get even worse for Europe.
Meanwhile, those of us living in the United States smugly look down our noses at Europe because we are still living in a false bubble of debt-fueled prosperity.
But eventually we will feel the sting of austerity as well. The recent fiscal cliff deal was an indication of that. Taxes are going up and government spending is at least going to slow down. It won’t be too long before the effects of that are felt in the economy.
And of course the reality of the situation is that the U.S. economy really did not perform very well at all during 2012 when you take a look at the numbers. The cold, hard truth is that the U.S. economy has been declining for a very long time, and there are a whole bunch of reasons to expect that our decline will accelerate even further in 2013.
So if you are an American, don’t laugh at what is happening over in Europe at the moment. We are headed down the exact same path that they have gone, and we are going to experience the same kind of suffering that they are going through right now.
Use these last few “bubble months” to prepare for what is ahead. At some point this “hope bubble” will disappear and then the time for preparation will be over.
The greatest issue facing us in the short pull is the very real potential of our Federal government having a failed bond auction. They may have to buy up large amounts of existing Federal debt when rates are climbing. If the Federal deficit spending continues upward at $1.7 to $2.0 trillion a year, we chance losing another rating notch or two. The equity markets and pension funds, both national and foreign, are mandated to accept only AAA bonds. They will not only be unable to buy our debt they may ultimately be forced to divest as the near-junk bond status of our debt violates their investment charter.
If this happens the Fed and Treasury are very likely to pull out the nuclear option. They will raid our private pension funds, just like Spain. They may even take foreign pensions invested in domestic funds. That’s also on the table.
This $6-8 trillion pool of private IRAs and 401Ks is the only large source of funds left outside the MMAs multi trillion dollar pools. The removal of pension funds is now established policy in Europe. This Spanish ‘theft’ of funds, done with little to no chance of repayment, is not going unnoticed in the top levels of our government and the Federal Reserve Bank. These people know that sooner than later there will be a failed bond auction or rating drop that forces their hand- and that hand will move into the pockets of the American tax payer and their private pensions. It’s big money; it’s the only money and these people know it. Call it the Failsafe option if you want. Bernanke knows this well. The vast majority of the American population is completely unaware.
The owners of the IRAs will be compelled, first slowly and then more rapidly, to move their hard earned monies into GRAs or other annuity funds. This expropriation has be discussed frequently at SilverDoctors. The precedents set in motion in foreign lands will make this annuity system even more palatable to those who see these private monies as a new funding source. They will be taken under the guise of Fairness, Duty and Patriotic necessities. The NDAA is just the mechanism to provide legal cover. The law is set. Once the trigger is pulled it will be too late to stop this theft.
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