According to the unclassified 2009 report “Economic Warfare: Risks and Responses” by financial analyst Kevin D. Freeman, what’s referred to as “Bear Raid II” — phase III of an economic terrorist attack against the United States — is poised to fatally hit the U.S. Treasury and the U.S. dollar, causing the collapse of America’s economy.
It was a threat former Secretary of State James A. Baker III underscored on CNN’s Fareed Zakaria GPSon April 10, noting if the dollar was replaced as the global reserve currency, it would be catastrophic for America.
Yet red flags galore signal that the train has already left the station.
America has had a tsunami of red ink and, just like in other disasters where Americans step up to the plate and pitch in, now should be no different.
So why not ask key players to tighten their belts for one year, e.g., emergency across-the-board federal spending reductions and a one-time emergency tax levy on America’s richest corporations and individuals. In exchange, the government would lower tax rates on corporations and individuals to growth-inducing levels starting in FY ’12 — to spur not class warfare but a humming “Morning in America” economy, which is the best safeguard against class animosity.
To find the remaining money, now would be the time to defund — for real — budget-busting ObamaCare. In its place, put the Patients’ Choice Act, introduced in the 110th Congress — the most brilliant aspect of which is, according to one of its sponsors, Congressman Devin Nunes (R-CA), its Medicaid transformation — which would: a) save the states a trillion per year, the feds $300 million, administratively; b) replace current third-rate medical care with first-class care; and c) provide a template to decelerate health-care spending across-the-board.
With these kind of steps, lawmakers could, in good conscience, raise the debt ceiling, as needed.