Artvoice: Buffalo's #1 Newsweekly
Home Blogs Web Features Calendar Listings Artvoice TV Real Estate Classifieds Contact
Previous story: Canal Side Conflicts of Interest
Next story: The Case For Charter Schools

Indicators of an Economic Collapse

Various reports serve us as indicators of the true nature of our economy. While many mainstream pundits have defended its overall health, others, such as investment advisor Peter Schiff, argue that the continued direction of our monetary system is leading us towards a crash on par with the Great Depression. Such reports and indicators include:

• The number of Americans receiving food stamps rose to a new all-time high of 40.8 million in May (Bloomberg).

• The US economy lost 131,000 jobs in July (London Telegraph)—this in addition to the estimated 10.5 million lost since 2007 (World Net Daily).

• The average time needed to find a job has risen to 35.2 weeks (London Telegraph).

• According to a US Treasury Department report, the national debt will reach $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015 (Reuters). Keep in mind that a trillion is 1,000 billion!

• As of July 1, the US government has spent $355 billion so far in 2010 on interest payments to the holders of our national debt, which should total $700 billion (remember, this is the interest!) and reach $2 trillion by 2020, if it is possible to make it that far (

• Social Security will pay out more in benefits in 2010 than it receives in payroll taxes (Washington Times), described by some as a “complete and total financial disaster.”

• The total number of U.S. bank failures passed the 100 mark in July (London Guardian).

• The US dollar continues to decline in value—a 2102 percent rate of change in dollar since 1913, the enacting of the Federal Reserve Act (

Again, many for decades have been warning of an inevitable collapse of the US economy due to monetary and trade policy which at times has bordered on treasonous to the basic interest of the United States and its citizens. Investment advisor Catherine Austin Fitts has warns that “it is not impossible that the US will face the kind of economic collapse from first-to-third world status experienced by Argentina,” which, according to her, are invariably marked by scarcity of food, water, and other basic goods, along with an increase in government control to handle the chaos, which, in my opinion, easily lends itself to totalitarian tendencies.

Whatever your politics, party affiliation, etc., economic collapses are good for no one (except those who want to start wars and/or consolidate power). The good news is that economic systems are only as weak as the individuals who comprise it—so get educated. Just governance is fit only for those with the will to make it so.

Joshua Curry-Bascome, Dunkirk

Artvoice reserves the right to edit letters for content and length. Shorter letters have a better chance at being published in their entirety. Please include your name, hometown, and contact number. E-mail letters to: or write to: Artvoice Letters, 810 Main Street, Buffalo, NY 14202

blog comments powered by Disqus