The best professional poker players in the world earn millions by reading and reacting to “tells,” their opponents’ verbal and nonverbal traits. They notice the way an opponent is smiling, frowning, laughing, tapping their hands, sweating, or blinking their eyes. All these “tells” can be signs of their opponent’s cards. For poker players, the ability to read “tells” is the difference between living the life of their dreams and going bankrupt.
The same holds true in deciphering our economic troubles. If you’ve been paying attention to the news, several ominous signs have appeared that foretell economic disaster. After reading these “tells,” I believe you’ll agree we are entering “Obamageddon” — Obama’s Great Depression.
The first sign is the fact that Bill Gross, head of the world’s largest bond fund (PIMCO), has just sold all of his domestic government bond holdings. Every single dollar. Do you have any idea what that means? In my opinion, Bill Gross is one of the ten smartest men on this planet. He knows everything about the economy and bonds. His sell-off indicates he believes governments at the local, state and federal level are on the verge of bankruptcy.
The next “tell” of economic disaster is even more ominous. Wall Street insiders are startled at how much money the Fed is pumping into the financial system. With over $500 billion pumped in during just the past three months, the vertical line for 2011 now reaches straight to the stars — a sign of complete financial panic. The last time such large amounts of money were pumped into the system was in the fall of 2008, when the U.S. economic system was on the verge of epic collapse. What has the Fed so scared at this moment? What is happening behind the scenes to cause such panic?
The next “tell” is that, only days ago, Dallas Federal Reserve President Richard Fisher admitted in a media interview that “the U.S. is on a fiscal path towards insolvency.” Expecting candor from Fed officials is like expecting an honest answer when asking O.J. whether he killed Nicole. Good luck. When a Fed official talks about “fiscal insolvency,” it’s time to get concerned, very concerned.
The next “tell” is a recent housing study proving the housing market is actually worse off now than it was in the depths of the Great Depression. From 1929 to 1932, new home sales in the United States declined by 80%. From 2005 to today, new home sales have plunged 82%. Even more frightening, the plunge seems to be accelerating. How low can it go?
Other disastrous “tells” that financial Armageddon is upon us are new reports that the consumer confidence index just suffered the fifth-largest drop in history, and inflation at the producer level just spiked up in the largest one-month rise since the dreaded inflation and economic malaise of the 1970s.
Let’s sum up the frightening news — Wall Street superstars like Bill Gross are panicking, the Fed is panicking, housing prices are headed to junk bond status, inflation is raging, and consumers are in a state of panic before reading this commentary.
The final “tell” is moronic leftist moviemaker Michael Moore recently stating that America is not broke. He thinks we have plenty of money to keep spending on entitlements, more stimulus, and obscene pensions for millions of government employees. Moore is the guy who thinks Cuba’s medical system is better than ours. He obviously thinks the answer to our unsustainable debt and spending addiction is more spending.
Moore is a symbol of the delusional thinking of Obama and the Democratic Party, which has wrecked the U.S. economy, spent us into insolvency, encouraged our entitlement addiction, and left us on the brink of economic Armageddon.
I believe these “tells” are sure signs that Obamageddon: The Great Obama Depression has arrived. We are inches from a cliff as high as the Grand Canyon is deep. How we respond will determine whether America will face the same fate as other great empires (Greek, Roman, British) that self-destructed because of mountains of debt, entitlements, welfare, corruption, and overextended militaries. Forget the Great Depression of 1929. This life-or-death struggle to save America from Obamageddon will be the most dramatic, difficult and dangerous since 1776.
I say to my fellow patriots and freedom fighters — libertarians, conservatives and Tea Partiers — let’s lead the charge. Winston Churchill wouldn’t allow Great Britain to fall during World War II. Through the force of his will, he saved the entire world from a dark ending. We cannot allow the greatest country in world history to fall either. The lives and freedom of our children and grandchildren depend on winning this battle. And we shall.
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts.” His website: www.ROOTforAmerica.com