by Robert Gore
Bankruptcy and war will fell the current constellation of governments. While government failure is nothing new, the scale of the impending collapse will be unprecedented. Debt, fiat currencies, and taxes only allow so much fraud and theft. To survive and thrive, governments must be able to acquire real resources with their phony scrip and expropriation. The world’s public and private debt is a lien, often a literal one, on the world’s real resources, and its nominal value of around $225 trillion is about three times world GDP. That nominal value understates the true extent to which present and future assets and production are encumbered. Welfare state pension and medical promises dwarf current governmental debts. Add entitlement promises to existing debt and even that gargantuan number falls well short of the notional amount of financial derivatives, all of which incorporate some sort of debt. Estimates of their size range from $700 trillion to over a quadrillion dollars.
The world is at peak debt; it’s broke. In effect, every real asset on the planet is subject to one or more claims; every financial asset is somebody’s debt (or equity, which is only a residual and contingent claim behind debt), and income streams are less than total debt service. This unsustainable load will grow more unsustainable.
The ideas and ideals of which he speaks are from the hand of God as he correctly quotes the Declaration of our forefathers. In addition as a much as I would hope he is correct I fear he is already proven wrong by the same source. There shall be a one world government, it will be brutal and blasphemous beyond our current corrupt system yet shall also be defeated, cast down, and replaced by the Glory of the Second coming.