The Mike Church Show

Wisdom Wednesday: Yes, The U.S. Debt Star Will Crash. Here’s What To Do About It With David Simpson

micMike Church and David Simpsontoday01/25/2023 36

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    Wisdom Wednesday: Yes, The U.S. Debt Star Will Crash. Here’s What To Do About It With David Simpson Mike Church and David Simpson

Special Guest David Simpson

Host of the True Money Show aired only on the Crusade Channel

AUDIO/VIDEO: Ayn Rand in 1959 asked by Mike WallaceYou are moving toward disaster until and unless all those welfare state conceptions have been reversed and rejected. Do you object to the democratic process?

  • Who determines what is hurtful?
  • A sin may be a hurt but it may not be illegal right?
  • Saint Thomas Aquinas will tell you that some sins are not punishable. 
  • Some things you just can’t regulate.
  • Impotent Government – those things that God expects us to do for the common good to maintain a peaceable society.
  • These pensions are unsustainable. 
  • Lowest risk w/ very little return – all pensions purchase this.
  • Are they exclusively buying that type, no.
  • This is all an attempt to keep this game going on.
  • The availability of liquidity – 
  • Here are the current stats: As of 2022, 66 million Americans receive social security benefits every month. As of October 2022, the average Social Security benefit is $1,550.48 per month. The annual cost of Social Security is currently $1.2 trillion. There are 46.7 million American retirees who receive Social Security.
  • Passing this back to the states only puts WHO has to pay these pensions, it doesn’t address the problem.
  • What are you going to do with all the retired citizens in these states?
  • The states don’t have that kind of money to pay these people.
  • 2 ways Congress can get out of this:

1. Complete and total insolvency, Congress declares bankruptcy and that’s that. You hit the reset button.

2. Going back to the Gold Standard and ending the Federal Reserve. This gives time to prepare for bringing the Gold Standard back.

  • Eliminating the Federal Reserve cuts the cord.
  • They gave up their right over money in the US by sending emails back and forth to Congress.
  • $2,000/ per ounce of Gold
  • The 3rd way is almost a default position – Declare bankruptcy or continue this process and let it destroy itself.
  • The Congress could literally say we messed up in 1913, it was a huge mistake but we are going to take back control of it and start to sort it out.
  • Bankruptcy 1995 by Harry E. Figgie, Jr
  • FICA – what if you got back all your FICA money?
  • I believe that is a doable scenario. 
  • 75% of that is medicare.

The Mike Church ShowWisdom Wednesday