September 13, 2011
According to the Census Bureau, nearly 1 out of 6 Americans now live in poverty. From the Associated Press today: The Census Bureau’s annual report released Tuesday offers a snapshot of the economic well-being of U.S. households for 2010, when joblessness hovered above 9 percent for a second year. It comes at a politically sensitive time for President Barack Obama, who has acknowledged in the midst of a re-election fight that the unemployment rate could persist at high levels through next year….
Measured by total numbers, the 46 million now living in poverty is the largest on record dating back to when the census began tracking poverty in 1959. Based on percentages, it tied the poverty level in 1993 and was the highest since 1983.
In fact, the real unemployment figure is 22.8%, according to John Williams’ Shadow Stats. During the last Great Depression, the unemployment rate peaked at 25 percent in 1933.
The current boss of the Federal Reserve, Ben Bernanke, has admitted that the Federal Reserve engineered the Great Depression and future Federal Reserve chairmans – if we don’t get rid of them – will probably admit the current Greatest Depression was created by the banksters.
Both unemployment and poverty are created by the fractional reserve system and its expansion of the money supply.
“Poverty can be caused by real economy, that is to say, by the lack of supply of real things,” writes economics professor Ahamed Kameel Mydin Meera.
It can also be caused by the monetary system. In a modern capitalist economy, the creation of abundance of money that accrues very unevenly in the hands of individuals can aggravate poverty. Milton Friedman, a well-known monetary economist, says that inflation is predominantly a monetary phenomenon. If this is the case, the worsening of the global poverty problem can be significantly pointed at the institutions that are responsible for the creation of fiat money.
In the United States, that institution – not federal, as claimed, but owned by a cartel of bankers – is the Federal Reserve.
Alex Jones: Total Economic Implosion and Bondage by Design. See the rest on the Alex Jones Channel.