OBAMA ECONOMY MAY TURN “BLACK FRIDAY” RED, SAY EXPERTS
Reason: “Uncle Sam Is Playing Santa Claus”
WHAT YOU BUY ON FRIDAY COULD MAKE
YOUR FUTURE BLACK OR RED, WARN ECONOMISTS
“TURN THIS THANKSGIVING INTO A 'THINKSGIVING' BEFORE YOU SHOP”
The day after Thanksgiving is called “Black Friday,” because this is supposed to be the day that most merchants go from losing money – shown on their ledger books in red ink – to making a profit, which they record in black ink.
“Many businesses may stay in the red all of 2013 and deep into 2014 because consumer confidence is at its lowest level since 2009,” says Craig R. Smith, a monetary expert frequently interviewed by Fox's Neil Cavuto and other major business journalists.
“The reason is that Uncle Sam is Playing Santa Claus. Our politicians are spending more than $1 Trillion every year more than government takes in as taxes,” says Smith, whose latest book is “The Great Withdrawal: How the Progressives'100-Year Debasement of America and the Dollar Ends.”
“Our government now operates in the red all the time, funded by the Federal Reserve printing more than $1 Trillion every year out of thin air, which debases the value of our savings, and frightens tax-fearing, inflation-fearing investors and companies out of hiring more workers,” says Smith.
“That is why our economy is stagnant, unemployment stays high, and our stock market is addicted to and high on the Fed's conjured hallucinatory money with its seeds of coming soaring inflation.”
“America now has only 101 million full-time workers – and the lowest job participation rate since Jimmy Carter – but we have 108 million people on means-tested welfare programs,” says Smith.
“We cannot go on much longer in an economy with more takers than makers, and with more in the cart than are pulling the cart. The invisible Continuing Recession soup line of those now on Food Stamps would stretch more than 17,500 miles – more than 70 percent of the way around our planet.”
“Today 49.2 percent of U.S. households have somebody living there who gets a government check, yet average household income has fallen by at least $3,382 since the Great Recession began – and household income has fallen twice as much since President Barack Obama took office,” says Smith.
“Americans should be grateful this Thanksgiving, and on this Red Friday you ought to be buying – not trinkets and toys, but buying things that will protect you and your family in the economic storm we shall face,” says Smith's co-author Lowell Ponte, a former think tank futurist.
“More than 5 million Americans have already lost their health insurance because of Obamacare, another of Uncle Sam's 'gifts,' and the Kaiser Family Foundation warns that as many as 93 million or more of us could see our own health insurance policies cancelled by the end of 2014,” says Ponte.
“For American families, Obamacare will increase health insurance costs by an average of 41 percent, according to analysts at the Manhattan Institute,” says Ponte. “And this huge government-imposed expense is happening in an Obama-chilled economy where millions were struggling to keep their heads above water financially.”
“Politicians love to play Santa Claus, but the rest of us pay the price for this....and a much bigger price tag will soon come when people around the world stop accepting Uncle Sam's credit card....and our economy collapses into another government-caused Great Depression,” says Ponte.
“This Friday, I plan to use some of my gift dollars not to buy toys or trinkets, but to diversify with tangible things they can't run off a printing press as they do our rapidly-devaluing paper dollars in Washington,” says Ponte.
“To protect my family, I plan to follow the example of three Wise Men who followed a star – and who brought tangible, reliable gifts: the spices frankincense and myrrh, and the once-and-future universally accepted global reserve currency, gold, which will gain value as fiat currencies such as today's U.S. Dollar collapse,” says Ponte.
“As we explained in our new book The Great Withdrawal, if you want to see the coming disaster that Big Government Santa Claus politics cause, look at bankrupt Detroit. This could be a crystal ball glimpse of America's fast-approaching future.”
“If you love getting bargains on what used to be Black Friday, then remember that when the next Great Depression hits, those who still have solid money such as gold will almost certainly be able to buy the world for five cents on the dollar,” says Ponte.
“What you choose to buy this holiday season with your dollars – trinkets or solid enduring value such as gold – could determine whether you and your family are bargain buyers, or are forced to sell your possessions for pennies on the dollar, the next time the economy collapses.”
“Make this Thanksgiving a Thinksgiving, and shop Friday as if your future depends on how wisely you buy and invest your money,” says Ponte, who was a longtime Roving Editor and investigative reporter at Reader's Digest magazine.
Cotten Timberlake, “Wal-Mart Touts $98 TV in Weakest Holiday Season Since '09,” Bloomberg, November 19, 2013. URL: http://www.bloomberg.com/news/2013-11-19/wal-mart-touts-98-tv-as-holiday-seen-weakest-since-2009-retail.html
Elizabeth A. Harris, “Retailers Less Than Cheerful Over Christmas Sales,” New York Times, November 14, 2013. URL: http://www.nytimes.com/2013/11/15/business/retailers-less-than-cheerful-over-christmas-sales.html
“Poverty, Taxes Reach New Highs Under Obama,” Newsmax, September 28, 2013. URL: http://www.newsmax.com/InsiderReport/Poverty-Taxes-Reach-New-Highs/2013/09/29/id/528195
Jeffrey H. Anderson, “Incomes Have Dropped Twice as Much During the 'Recovery' as During the Recession,” Weekly Standard, August 23, 2013. URL: