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America for Sale: Fighting the New World Order, Surviving a Global Depression, and Preserving USA Sovereignty Hardcover – October 13, 2009

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Scorched Earth: Restoring America after Obama by Michael Savage
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Editorial Reviews

About the Author

Dr. Jerome Corsi received a Ph.D. from Harvard University in political science in 1972. He is the author of the #1 New York Times bestseller The Obama Nation: Leftist Politics and the Cult of Personality and the co-author of Unfit for Command: Swift Boat Veterans Speak Out Against John Kerry, which was also a #1 New York Times bestseller. He is a regular contributor to WorldNetDaily.com.

Excerpt. © Reprinted by permission. All rights reserved.


The U.S.A. Bankrupt

Debt cannot go on compounding faster than output forever.

-- James Dale Davidson and Lord William Rees-Mogg, The Great Reckoning, 1991

In February 2009, as the Obama administration pushed a $787 billion deficit-spending economic stimulus plan through Congress, the American public was largely unaware that the true deficit of the federal government was already measured in trillions of dollars.

Moreover, total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, have effectively placed the U.S. government in bankruptcy, even before we take into consideration the future and continuing social-welfare obligations embedded within the Obama administration's massive new spending plan. According to the U.S. Treasury, the total obligations of the United States in 2007 exceeded a negative $59 trillion, a sum that was more than the 2007 gross domestic product, or GDP, of the world, which the World Bank estimated to be $54 trillion. By 2008, the total obligations of the U.S. had grown to over $65 trillion, with no end in sight.

There is no way the federal government could ever meet the future obligations of the massive social-welfare state we have created since Franklin Roosevelt signed the Social Security Act, even if we confiscated all salaries and corporate earnings of individuals and corporations in the United States as an emergency form of taxation. The United States today is bankrupt, whether or not the government wants to admit it, and whether or not the public is aware of how extreme the situation has become.

Understanding that the United States is bankrupt is fundamental to understanding the true dimensions of the Economic Panic of 2009. Had the United States been running federal budget surpluses on a cash basis, the nation would still be bankrupt. Why? The answer is that future liabilities in federal social-welfare-entitlement programs have grown beyond the ability of the federal government to raise by taxes enough money to pay what is already due to the baby boomers as they retire.

This reality severely limits the ability of the federal government to manage a financial crisis like what we have faced since the mortgage bubble burst. It is necessary to appreciate fully just how bankrupt the federal government truly is: Mortgage losses as well as losses in a variety of consumer credits plus losses in commercial loans and commercial real estate already total trillions of dollars. We are certain to have more losses in complicated investments including hedge funds and derivatives, regardless of how smart the federal government officials at the U.S. Treasury and the Federal Reserve appear to be or how clever Wall Street experts seem. Ultimately, financial bubbles have no alternative but to burst.

Doesn't $65 Trillion Terrify Anyone?

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the 2008 Financial Report of the United States Government released by the U.S. Department of the Treasury.

The difference between the $455 billion "official" budget deficit number and the $5.1 trillion deficit based on data reported in the 2008 report is due to the fact that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur. The calculations in the 2008 report are calculated on a GAAP basis ("Generally Accepted Accounting Principles"), which includes year-for-year changes in the net present value of unfunded liabilities in social-insurance programs such as Social Security and Medicare. Under cash accounting, money is spent as it comes in, while the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.

"As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does not reflect any significant money from the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year," John Williams, an economist who publishes the website Shadow Government Statistics, told World Net Daily.

"For 2009, the Congressional Budget Office estimated the fiscal year 2009 budget deficit as being $1.2 trillion on a cash basis and that was before taking into consideration the full costs of the war in Iraq and Afghanistan, before the cost of the Obama $787 billion economic stimulus plan, or the cost of the second $350 billion tranche in TARP funds, as well as all current bailouts being contemplated by the U.S. Treasury and Federal Reserve," he stressed.

"The federal government's deficit is hemorrhaging at a pace which threatens the viability of the financial system," Williams added. "The popularly reported 2009 budget deficit will clearly exceed $2 trillion on a cash basis and that full amount has to be funded by Treasury borrowing. It's not likely this will happen without the Federal Reserve acting as lender of last resort for the Treasury by buying Treasury debt and monetizing the debt."

"Monetizing the debt" is a term used to signify that the U.S. Treasury will ultimately be required simply to issue huge amounts of new debt to meet current Treasury debt obligations. We have monetized the debt when we are forced to issue debt both to cover current budget deficits and to pay interest on outstanding federal debt. So far, the Treasury has been largely dependent upon foreign buyers, principally China and Japan and other major holders of U.S.-dollar foreign-exchange reserves, including Middle Eastern oil-producing nations purchasing U.S. debt through their financial agents in London. "The appetite of foreign buyers to purchase continued trillions of U.S. debt has become more questionable as the world has witnessed the rapid deterioration of the U.S. fiscal condition in the current financial crisis," Williams noted.

The sad reality is that the U.S. Treasury has not reserved any funds to cover the future Social Security and Medicare obligations we are incurring today. "Truthfully," Williams pointed out, "there is no Social Security 'lock-box.' There are no funds held in reserve today for Social Security and Medicare obligations that are earned each year. It's only a matter of time until the public realizes that the government is truly bankrupt. No taxes are being held in reserve to pay in the future the Social Security and Medicare benefits taxpayers are earning today."

If President Obama manages to add universal health care to the list of entitlement payments the federal government is obligated to pay, the negative net worth of the United States government can only get worse.

Calculations from the 2008 Financial Report of the United States Government, as displayed in the chart below, show that the GAAP negative net worth of the federal government has increased to $59.3 trillion while the total federal obligations under GAAP accounting now total $65.5 trillion.

U.S. Federal Budget Deficits, GAAP Accounting

"Put simply, there is no way the government can possibly pay for the level of social welfare benefits the federal government has promised unless the government simply prints cash and debases the currency, which the government will increasingly be doing this year," Williams said, explaining in more detail why he feels the government is now in the process of monetizing the federal debt.

"Social Security and Medicare must be shown as liabilities on the federal balance sheet in the year they accrue according to GAAP accounting," he argued. "To do otherwise is irresponsible, nothing more than an attempt to hide the painful truth from the American public. The public has a right to know just how bad off the federal government budget deficit situation really is, especially since the situation is rapidly spinning out of control."

Williams makes a compelling case that in a post-Enron world, if the federal government were a private corporation, "the president and senior Treasury officers would be at risk of being thrown into a federal penitentiary."

Are Massive Federal Deficits Sustainable?

On March 12, 2008, David M. Walker resigned as comptroller general of the United States and head of the Government Accountability Office, or GAO, out of concern that as head of the GAO, he could no longer certify the financial soundness of the U.S. government under the GAAP accounting analysis of the federal budget conducted annually by the U.S. Treasury. As the CBS television show 60 Minutes noted, even before he resigned Walker had begun "traveling the country like an Old Testament prophet, urging people to wake up before it is too late." Walker was highly regarded as a respected public official while head of the GAO, charged with managing its more than three thousand employees. The GAO serves as auditor of the government's books, as an investigative office of the U.S. Congress.

"I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan, but our own fiscal irresponsibility," Walker, once the nation's top accountant, told 60 Minutes, in an obvious reference to Al Qaeda terrorist leader Osama bin Laden.

"We are spending more money than we make," Walker told a group on his "Wake-Up Tour" throughout America. "We are charging it to a credit card," he said, warning that by 2040, U.S. tax dollars would not be able to keep up even with just the interest payments on our national debt. No federal funds would be left for any other programs, including national defense or homeland security. "We suffer from a fiscal cancer that is growing within us and if we do not treat it, the cancer will have massive consequences for our country," he said.



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Product Details

  • Hardcover: 336 pages
  • Publisher: Threshold Editions; 1 edition (October 13, 2009)
  • Language: English
  • ISBN-10: 1439154775
  • ISBN-13: 978-1439154779
  • Product Dimensions: 6.1 x 1.1 x 9.2 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (37 customer reviews)
  • Amazon Best Sellers Rank: #1,376,912 in Books (See Top 100 in Books)

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Customer Reviews

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By AmazonJavaJunki TOP 500 REVIEWERVINE VOICE on October 14, 2009
Format: Hardcover Verified Purchase
This book is packed full of solid research. It's timely. It's tragic. Yes, the nation has problems...plenty of them...which will not be easily resolved but the book is somewhat a victim of its own success. Unlike most books that harp endlessly on one or two main points, this book is packed full of hard=hitting statistics, examples, historical and future trends. Page after page is packed solid...the author did an excellent job keeping it readable so you won't get bored nor overwhelmed. It doesn't insult the intelligence of the reader nor does it cater to "entry level" only...good blend of valuable information, solid research and a somewhat wide/expansive coverage.

Likewise, Crosi does a good job "bashing" both left and right equally so those inclined toward one view or another will either not be insulted or will find themselves equally insulted depending upon how personally they take criticism of each party. I'm not a "conspiracy theorist" and tend to avoid authors that lean in that direction however, unlike many authors that rely upon 'hype', Corsi presents an abundance of information to support his premise and position. Whether one agrees with the conclusions is entirely optional - the information itself is what makes this book well worth the time and effort to read.

Equally optional is the suggested means of protecting both self and nation...depending upon your personal situation, politics and other beliefs you may agree or disagree. Most is solid advice that would do little harm and has the potential to help the average citizen much more than most suggestions.

Bottom line...excellent research, extensive footnotes/references, minimal hype/hysteria enjoyable to read whether you "buy into" conspiracy theories or not.
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Let me start by saying that I find it extremely annoying when people post reviews for books that they haven't read. Whether on not you align yourself with Dr. Corsi's political views is irrelevant IF YOU HAVEN'T READ IT! And while Corsi does take some (deserved) shots at the Obama administration for massive deficit spending, the content is quite non-partisan. Here, the author has compiled an amazing amount of information documenting the economic decline of our great nation. If you've looked around recently and noticed how EVERYTHING is made in China, how few manufacturing jobs are left, how much of a mess D.C. is; this book puts it all together. An informative (if not scary) read. People, we've got bigger fish to fry than "health care". Four stars for slight disorganization.
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This is a scary book. It's like a hard pinch to see if you are awake or a bucket of ice water thrown in the face to awaken the daydreamer and bring them back to the real world. For years, Americans have been betrayed by politicians from both sides of the Congressional aisle. They have been lulled to sleep by promises of future benefits that have not been paid for and exist only in sweet dreams of La La Land and unlimited wealth that turns out to have been Monopoly Money. Congress has continued to buy votes by making these promises knowing full well that they won't be around when their giant Ponzi Schemes collapse like the house of cards they are. Well, that promised future is here. America is bankrupt and still spending like a drunken sailor. The government is just not willing to tell the public the truth.
This reviewer has never been a fan of conspiracy theories, but it appears that the entire world has been tricked by the twin utopian conspiracies of Globalism and Socialism. The free trade Globalism push came from the Rockefeller Republicans and the push to Socialism came from the Liberals in the Democrat Party.
"Globalism, instead of creating an era of flourishing U.S. employment, has left millions of U.S. workers behind, such that no amount of education and training will enable them to compete with a world population ready and willing to work for a fraction of what U.S. workers demand in terms of wages and benefits." Anyone who has lost their job and is trying to get another one is probably well aware of this fact. "In the final analysis, America is for sale precisely because globalism failed, precisely because a `free trade' international economy failed to fulfill the promises the globalists made.
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Jerome Corsi is a writer from the hardcore right. With that in mind I was a skeptic of AMERICA FOR SALE.
In reading the book I found that the author provides unbiased criticism of both political parties and administrations. This book is written for the everyday citizen, you don't need an economics or political science degree to appreciate it.

A lot of the material in this book relates directly to the American middle class.
Mr. Corsi vehemently opposes globalism.
"If anything, the global Economic Panic of 2009 should refute globalism once and for all." - page 19.

"The global market operates to the detriment of the U.S. worker, endangering by its very nature the U.S. middle class lifestyle."-page 105.

Mr. Corsi reasons that the economic destruction of the American middle class will "destroy the engine upon which global economic growth depends." This has affected jobs in low-wage countries such as China.

The author investigates how free trade relates to globalist plans.

A timely subject is the campaign contributions from Wall Street and multi-national corporations.
(One could argue that the sale of politicians at the national level has already been concluded. And the owners are not "we the people or Main Street").

Another important topic is the open border.
The Medellin case was cited as an example of an attempt to bypass U.S. law and sovereignty.
The motivation for open borders and it's direct relationship to the plans for a North American Union and ultimately a global union is addressed. He investigates plans for the dollar's replacement- the Amero, as a step toward a global currency.

In addition to examining the financial crisis and global politics, Mr.
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