Devvy's Booklets are Being Retired

May 31, 2003

After 10 years and three months, I am retiring Why A Bankrupt America with more than 1,520,000 copies sold. The Blind Loyalty booklet, with sales of more than 500,000 copies has gone a long way in educating people about how severely the ballot box has been compromised. If you haven't read this little 45 page booklet of facts, I guarantee it will make your blood boil.

If you haven't read Why A Bankrupt America, you can get a complimentary, no pressure copy from from USA Gold Vault: 1.602.228.8203

Bankrupt America explains in succinct detail why no direct taxation is needed to fund a limited form of Republican government. Right now there's many well meaning folks pushing another dangerous bill in Congress to eliminate the income tax and replace it with a flat tax. This is just another smoke screen that will continue to feed the central bank and will accomplish nothing. Read Bankrupt America and get the constitutional facts. Please. Don't fall for this bankers trick!

If you've ordered in the past and know how valuable a teaching resource Bankrupt America is, I hope you'll re-order now because when the small inventory I have left is gone, there will be no more. These booklets will not be on the Internet. I'm tired of people stealing my copyrighted work and putting their name on it.

The case for gold - a heck of a read:

When the global economy goes, don't be holding worthless paper. The danger is very real at this time in our history.

Our children's future is being sold down the river by this criminal syndicate out in Washington, DC:

White House Shelved Deficit Report

By Peronet Despeignes
The Financial Times

29 May 2003

Study commissioned by O'Neill sees $44 trillion in red ink

The Bush administration has shelved a report commissioned by the Treasury that shows the U.S. currently faces a future of chronic federal budget deficits totaling at least $44 trillion in current U.S. dollars.

The study, the most comprehensive assessment of how the U.S. government is at risk of being overwhelmed by the "baby boom" generation's future health care and retirement costs, was commissioned by then-Treasury secretary Paul O'Neill.

But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits.

The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the U.S. is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase.

The study was being circulated as an independent working paper among Washington think-tanks as President George W. Bush on Wednesday signed into law a 10-year, $350 billion tax-cut package he welcomed as a victory for hard-working Americans and the economy.

The analysis was spearheaded by Kent Smetters, then-Treasury deputy assistant secretary for economic policy, and Jagdessh Gokhale, then a consultant to the Treasury. Mr. Gokhale, now an economist for the Cleveland Federal Reserve, said: "When we were conducting the study, my impression was that it was slated to appear [in the Budget]. At some point, the momentum builds and you think everything is a go, and then the decision came down that we weren't part of the  prospective budget."

Mr. O'Neill, who was fired last December, refused to comment.

The study's analysis of future deficits dwarfs previous estimates of the financial challenge facing Washington. It is roughly equivalent to 10 times the publicly held national debt, four years of U.S. economic output or more than 94 percent of all U.S. household assets. Alan Greenspan, Federal Reserve chairman, last week bemoaned what he called Washington's "deafening" silence about the future crunch.

President Bush signed into law a $350 billion tax-cut package on Wednesday saying: We can say loud and clear to the American people: You got more of your own money to spend so that this economy can get a good wind behind it."

The estimates reflect the extent to which the annual deficit, the national debt and other widely reported, backward-looking data are becoming archaic and misleading as measures of the government's solvency. Mr. Smetters, now a University of Pennsylvania finance professor, said tax cuts were only a fraction of the imbalance, and that the bigger problem "is the whole [budget] language we're using."

Laurence Kotlikoff, an expert on long-term budget accounting, alleged in a recent Boston Globe editorial that the Bush administration suppressed the research to ease passage of the tax-cut plan.

An administration official said the study was designed as a thought-piece for internal discussion  one among many left every year on the cutting-room floor and noted the budget's extensive  discussion of projected, 75-year Social Security and Medicare shortfalls.

(In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.)

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