Harvard Prof. Predicts EU Crisis Will Consume America…and Why You Should Care
- Posted on November 14, 2011 at 4:27pm by
Becket Adams
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Harvard University history professor Niall Ferguson says that Americans should be paying more attention to the eurozone crisis. He believes that the issues facing Europe are going to make their way to the U.S.
Writing in The Daily Beast, Ferguson explains why we should be paying close attention:
The first reason is that, with American consumers still in the doldrums of deleveraging, the United States badly needs buoyant exports if its economy is to grow at anything other than a miserably low rate. And despite all the hype about trade with the Chinese, U.S. exports to the European Union are nearly three times larger than to China.
Indeed, the EU and the U.S. economies account together for about “half the entire world GDP and for nearly a third of world trade flows,” writes the European Commission website.
Consider the $240 billion that the U.S. made from exports to the EU and compare that to the $91.1 billion that the U.S. made from China. It would stand to reason that a total collapse of the eurozone could have disastrous economic repercussions in the U.S.
And Ferguson has more to say.
Europe’s problem is not just that governments are overborrowed. There are an unknown number of European banks that are effectively insolvent if their holdings of government bonds are “marked to market”—in other words, valued at their current rock-bottom market prices.
His fear is that, because of the existence of our present global economy, some U.S. financial institutions will naturally be affected by the euro banks collapsing. Consider the fact that some of the biggest U.S. banks have some sort of “exposure” to euro bonds and banks. If the euro banks become “effectively insolvent,” this will affect the U.S. banks that have investmenst in those bonds.
A more timely example: “MF Global, run by former Goldman Sachs CEO Jon Corzine—just blew up because of its highly levered euro bets,” writes Ferguson. Now imagine the fallout of Mf Global but on a much larger scale involving major banks. That’s what Ferguson is worried about.
And although these are all valid points, Ferguson goes on to say that that’s not even the worst of American concerns. He continues writing:
…what is happening in Europe today could ultimately happen here. Just a few months ago, almost nobody was worried about Italy’s vast debt, which amounts to 121 percent of GDP. Then suddenly panic set in, and Italy’s borrowing costs exploded from 3.5 percent to 7.5 percent.
Today the U.S. gross federal debt stands at around 100 percent of GDP. Four years ago it was 62 percent. By 2016 the International Monetary Fund forecasts it will be 115 percent. Economists who should know better insist that this is not a problem because, unlike Italy, the United States can print its own money at will. All that means is that the U.S. reserves the right to inflate or depreciate away its debt. If I were a foreign investor—and half the debt in public hands is held by foreigners—I would not find that terribly reassuring. At some point I might demand some compensation for that risk in the form of … higher rates.
Athens, Rome, Washington … The shortest route from imperial capital to tourist destination is precisely this death spiral of debt.
Watch him explain the current financial crisis. What do you think of his take on the the global economy?
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Comments (203)
NOBALONEY
Posted on November 14, 2011 at 5:27pmThe Stock Market is setting itself up for a big fall!
Report Post »takeOout
Posted on November 14, 2011 at 6:48pmI thought I heard a little 9 9 9 at the end. Go Cain/Gingrich
Report Post »timeout
Posted on November 14, 2011 at 6:57pmtrue…sadly.
Report Post »proantisocialist
Posted on November 14, 2011 at 7:18pmgood job blaze on the numbers…but what were the inport numbers?????
i’ll research myself then post later….
SavingtheRepublic.com
Posted on November 14, 2011 at 7:18pm~^~v~~^~~v~^~
Its not the stock market its the people manipulating the markets! A lot like DC and the political insider trading ya know. Heck I say watch what they do and follow their lead try to make what you can before it blows up!
More importantly who are the players in this market besides Soros? Who are they connected to? What side of the fence are they on R / D?
I was waiting for it but Ferguson never said the magic phrase: (MAED) Mutually Assured Economic Destruction. Im wondering if he will be doing more n this esp now with Italy in the bullpen to go into the toilet following Greece; they say Italy is worse off too!
Report Post »http://SavingtheRepublic.com
colt1860
Posted on November 14, 2011 at 8:02pmI guess most Blazers forgot to read this article:
http://www.theblaze.com/stories/shock-report-federal-reserve-to-backstop-bank-of-americas-european-derivatives/
“The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.” Representative from Texas “That candidate whose name we cannot mention” questioning Federal Reserve Chairman Ben Bernanke.
Report Post »Gold Coin & Economic News
Posted on November 14, 2011 at 8:07pmOf course the stock market is in for a big fall when you have members of Congress involved in insider trading and Greece and now Italy going under and the EU on the brink of disintegration, and yet the market goes up and then down and then up again. Is it being manipulated? Probably, but it can’t last forever.
Report Post »http://www.congressinsiders.com/
theaveng
Posted on November 14, 2011 at 8:35pmWait a minute.
Why are we listening to a history professor? He don’t know much about economics.
Report Post »colt1860
Posted on November 14, 2011 at 9:02pm@theaveng This should help.
Government debt and you. http://www.youtube.com/watch?v=bABJyRPmQyE
Report Post »Give Me Newt Or Give Me Death
Posted on November 14, 2011 at 9:09pm@proantisocialist
What do import numbers have to do with it? The problem is that if the eurozone coplases, then the US wuill lose that business. If it collapses, we also won’t be importing anything, but that’s hardly as dangerous as losing those billions of dollars.
Report Post »Ookspay
Posted on November 14, 2011 at 11:34pmYes things look pretty bad, however, there is a hope. Elect Newt! He will seriously cut governmnt spending, reduce regulation, “Drill here Drill Now” and the economy is poised for a major expansion and recovery. We can grow ourselves out of this massive debt, add 20 million new taxpayers fast. Businesses are sitting on trillions in cash and can’t wait for the climate to change and EXPAND, including my business. The SCOTUS will overturn Obamacare and there will be 8 years of Reagan like economic prosperity. If Gingrich picks a VP that is young and a true conservative like Paul Ryan, Marco Rubio or even Alan West, we could see 16 years of “Morning in America”.
There are structural problems that need to be addressed. The fractional currency system and the FED need to be completely overhauled. When banks can borrow from The Federal Reserve at .25% and then loan it back to the US Treasury at 3% to buy debt, that is and has been a recipe for disaster. Banks become too big to fail and the Government will not stop the madness. But the right leader can fix all of these problems, I think Newt can do it. He did in the mid nineties, Clinton got the credit and the rest is history.
If we blow this election and Obama gets 4 more years, Yes, we are done as a free and capitalist superpower. This is the biggest election ever! Don’t blow it, Unite GOP!
Gingrich – West 2012
Report Post »Eliasim
Posted on November 15, 2011 at 12:55amWell of course it will happen here.
Report Post »robert
Posted on November 15, 2011 at 1:34amHe’s saying that in four more years the debt will be 115% of GDP, up from 100 right now and that will put us in the same position as Greece is in right now.
But, according to Gerald Celente, the debt to GDP ratio is only a part of our problem, and, although a European Union collapse would be devastating for this country, we’ve got problems all our own that could cause the dollar to reduce so low in value borrowing from other countries would halt, and, if the feds attempted to print more money, inflation would be so high we would need a wheel barrow full of money to buy a loaf of bread. That in itself would COMPLETELY bring this economy down all on its own.
Also, Ferguson doesn’t mention that it was the vast numbers of mortgage defaults from unqualified minority home buyers that were included in packages made up by US banks and sold to European Banks that created the problems they are having right now. It was the catalyst to the entire global meltdown.
Because of the effects the economic crisis had on job loss, and partly from those still holding sub-prime mortgages, and also due to a severe drop in property values, a huge percentage of homes right now are under water, with the mortgages still owing higher than the value of the property. The housing market in and of itself could well precipitate a severe depression for the US, even if Euope manages to cripple along somehow.
Beware. There are hard times ahead, as Glenn warns about.
Report Post »The10thAmendment
Posted on November 15, 2011 at 3:35amAnyone who would pay any attention to a Harvard professor is mentally challenged. Even blind squirrels find nuts every now and then.
The volatility of the market, and the FED tinkering with wiping out the dollar is obvious, and no insight at all. The goal is to eliminate fiat currency and replace it, not with a gold standard, but with technocracies carbon standard.
Welcome to the Club of Rome! This idiot Harvard professor is a decade behind, and has the insight of a garden slug.
Report Post »spikebu
Posted on November 15, 2011 at 6:38amIf you really want to know about economics, go to zerohedge.com. Remember fight club?
Report Post »spikebu
Posted on November 15, 2011 at 6:43amNiall Ferguson is phenomenal. He knows what he is talking about. He’s not your typical Harvard spout.
Report Post »spikebu
Posted on November 15, 2011 at 6:50amalso try kitco.com. So much good information. Niall Ferguson is right. Watch Spain. It’s like dominoes. MAD. It’s not for nukes anymore. It’s financial.
Report Post »smithclar3nc3
Posted on November 15, 2011 at 7:22amThe real question is why would the European economy destroy America’s economy? Answer it’s simple the dumba55e5 have tied the economies of the major economic powers together with the thought that it would create Global stabilization in the stock market. And as the first step towards one world government. They never stop to think that a chain is only as strong as it’s weakest link.
Report Post »Our fore fathers knew that America could be a world all by itself. And land that needed nothing thus a self substaining economy. The powers that be saw fit to saddle our soveriegnity to the socialist economy and we will reap the whirlwind to which they cursed us.
Unix
Posted on November 15, 2011 at 8:25amYup, this is what is happening – paying off deb with debt, printing money to devalue the $ to allow us to pay off some debt with worthless $ and sinking us further and further in the hole, or inflating the balloon, so it will go POP…just like in 2008, but now with far worse consequences – you see there is nothing that can be done now to turn the economic ship around – we’ve hit the iceburg, and now we slowly sink, all the whil re-arrainging the deck chairs….sad stuff. Are you prepared for a complete breakdown? If not you should be tsk tsk!
buy food, ways to purify water, a bit of silver, gold, lots of ammo and a means to project that ammo, to protect the first two things i mentioned – and your family! Laugh if you must, but cry you will, if you do not prepare NOW!
Report Post »Unix
Posted on November 15, 2011 at 8:29amWe are headed for STAGFLATION – no two ways about it – and that will make the Wiemar Republic of Germany seem like kindergarten…you’ve heard the stories from Glenn, believe it.
Report Post »jjoy
Posted on November 15, 2011 at 9:19am@NOBALONEY
“The Stock Market is setting itself up for a big fall!”
Nope… Can’t blame this on anyone but obama and politicians in Washington D.C. that insist on spending the USA into national bankruptcy…
Report Post »schmite123oh
Posted on November 15, 2011 at 9:32am@10th amend For some reason I don’t agree with you.
Report Post »junkmaninohio
Posted on November 15, 2011 at 9:52amOur politicians can take advantage of insider information and make a fortune before anyone else gets on board. And it’s legal for them but not for us. Just ask Martha Stewart.
Report Post »ChiefGeorge
Posted on November 15, 2011 at 10:26amAfter Greece/Italy government collapses I am sure ppl in the other EU countries are looking at their investments and bank statements rather closely if not closing their accounts down to a minimum. Which will make things accelerate. Set your US 401k to the side in a money market account or it will get completely wiped out. If and when the storm passes and happy days are here again….you can move it back in to your favorite stocks which will no doubt be very cheap by then.
Report Post »ChiefGeorge
Posted on November 15, 2011 at 12:14pmI wonder if he has been on Russia Today (RT) with his predictions?
Report Post »old white guy
Posted on November 15, 2011 at 3:38pmthe u.s. is printing money and sending some form of it to the eu. idiots all.
Report Post »old white guy
Posted on November 15, 2011 at 3:41pmthe question people have to ask themselves is, am i prepared to kill my neighbour to survive
Report Post »colt1860
Posted on November 15, 2011 at 5:31pm@zorro6821 It’s coming.
And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand. And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine. And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see. And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth. Revelation 6:5-8
Report Post »The10thAmendment
Posted on November 15, 2011 at 5:34pm@ schmite123oh
Posted on November 15, 2011 at 9:32am
@10th amend For some reason I don’t agree with you.
————————————————————————————————————————–
I don’t recall asking anyone to agree with me. Harvard is a craphole, and their professors are at best useful idiots. If you ever want to take a stroll through their library look at any political of legal publication. Nothing but communism being taught and encouraged.
Top 5 crap holes in order of American perversion.
Harvard
MIT
Stanford
University of Chicago
UC Berkeley
next 5
Princeton (I have an MBA from that doltish University)
Report Post »Wisconsin
Columbia
Florida Atlantic
University of Islam (aka Michigan)
Vechorik
Posted on November 15, 2011 at 5:39pmFox is busy tearing down Newt for their candidate of choice (Romney)
The host used words about Newt such as: He’s not likeable, which was the problem with Kerry and Gore; and most people vote based on who they like.
Then he went further to put up a large graphic about Gingrich with some of his problems:
Supported TARP, now against it
Supported Cap N Trade, now against it
Infidelity
$300,000 fines for ethics violations
Freddie Mac pay out
Unusual six figure jewelry purchase
Of course he showed Newt and Pelosi doing the television commercial together for cap and trade.
Report Post »Then he said to his guest, the people are very frustrated right now with the government; and isn’t Gingrich the quintessential Washington insider?
Detroit paperboy
Posted on November 15, 2011 at 6:43pmIts all a house of cards…… All of it.
Report Post »felix
Posted on November 14, 2011 at 5:21pmThe plan of the communists here and abroad is working perfectly !!!
Report Post »silentwatcher
Posted on November 14, 2011 at 5:30pmand everytime they open their big mouths on the news lines with something a little bad,,,the U.S. stock markets go down. Conversely, when they say something good,,,the markets go up. A good witness to this is the last few months of stock market activity-especially in the last week. You think those dirty bastards are not capitalizing on our fears????? think again. they taking your money.
Report Post »V-MAN MACE
Posted on November 14, 2011 at 5:38pmGlobal Banking Dictatorship?
But…I’m a crazy Ron paul supporter who wants the Fed audited and abolished!
New World Order under Global Banking Dictatorship, protected by Armed Nazi Thugs?
But those Occupy protestors smell bad and need to take a shower!
And send in the armed Nazis to crack their heads and clear them out!
- sarcasm end.
WAKEUPUSA2012
Posted on November 14, 2011 at 5:47pmLOL They wont be laughing at us for to long V-MAN MACE
Soon they will know why we support Ron Paul so much
Report Post »colt1860
Posted on November 14, 2011 at 8:14pmGovernment Debt and You
http://www.youtube.com/watch?v=bABJyRPmQyE
The Money Masters youtube.com/watch?v=HfpO-WBz_mw
I cannot undertake to lay my finger upon an article of the Constitution which granted a right to Congress of expending, on the objects of benevolence, the money of their constituents. – James Madison
Remember, democracy [our modern day Progressive Government] never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide. – John Adams
Report Post »GUNNSUP
Posted on November 14, 2011 at 8:34pmBernake, the FED bank & those behind him should be arrested, tried & jailed for treason against the US. The politicians are so busy getting rich, they don’t care about us one bit. Sad thing is that the ones that could put a stop to this are doing it themselves.
Report Post »V-MAN MACE
Posted on November 15, 2011 at 7:27amThe Insurrection and Rebellion clause of the 14th Amendment states that the debt that is incurred during an attempted insurrection and rebellion of the United States is null and void and we don’t have to pay it.
I would argue that the act of Congress giving the Fed the power to print currency outside of the Constitution is an act of Insurrection and Rebellion, therefor the entire National Debt is null and void.
“…But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.”
Report Post »Zorro6821
Posted on November 15, 2011 at 12:51pmI am afraid that even Newt can save us from the pending collapse of the Global Financial crises.
Report Post »uptickusa
Posted on November 14, 2011 at 5:20pmTo hell with the Eurozone-When I was involved with putting this fiasco together I I said 17 countries could not sustain the possibility of risk in Sovereign debt.I was right Yes toe Professor is right but USA will be the winner-But being an Academic he is closed minded.
Report Post »lukerw
Posted on November 14, 2011 at 5:43pmDid you factor in the 13 Trillion on the Books of the Federal Reserve, mostly being Assets associted with the support of European Banks?
Report Post »chips1
Posted on November 14, 2011 at 7:08pmHe must have transfered from Penn State.
Report Post »Tom Collins
Posted on November 14, 2011 at 7:45pmYou really need to read up on this guy and also purchase and read his history books. Prof. Ferguson is one of the few bright minds of the academic world. He has schooled Krugman, Sachs, and others on their illogical progressive beliefs.
Report Post »TunaBlue
Posted on November 14, 2011 at 8:49pmHe made very solid points. I have only just began a deeper journey into the world of economics, and I’m going to purchase a book or two of his. I’m presently working on Thomas Sowell.
Report Post »moreteaplease
Posted on November 14, 2011 at 5:13pmThe fact that so many Americans are just now starting to pay some attention to this is really scary. And then there are still those who think it’s just a bunch of conspiracy theorist rantings….that’s even scarier yet.
Report Post »pamela kay
Posted on November 14, 2011 at 11:06pmThat is definitely scary to me too. It’s like they live in their own little world. How can so many people simply not care enough to get involved? I don’t understand, One would think that they would at least take the time to educate themselves. I am with you, those who continue to keep their heads in the sand haven‘t a clue and won’t comprehend the danger until it is to late.
Report Post »gmoneytx
Posted on November 14, 2011 at 5:11pmAnd you need to be a Harvard professor to figure that one out.
Report Post »Give Me Newt Or Give Me Death
Posted on November 14, 2011 at 9:10pmBecause I’m sure you could have said it better.
Report Post »Santa Cruz Kid
Posted on November 14, 2011 at 5:10pmObummer’s, (Soro’s) agenda is to collapse the economy!
Report Post »silentwatcher
Posted on November 14, 2011 at 5:14pmThis is way above Soros. He’s just playing the game with them as one of their puppets.
Report Post »Snowleopard {gallery of cat folks}
Posted on November 14, 2011 at 5:30pm@Santa Cruz — Indeed, and recall too that Soros pulled his Quantum Fund from the market and took it private once again. Anyone need anymore guesses as to what he knew (and engineered) that lay on the horizon back then?
Report Post »colt1860
Posted on November 14, 2011 at 8:29pmThis has always been an old agenda. The dollar must collapse as the reserve currency of the world and the US economy must be bankrupt so that a new international agreement may be established governing all world currencies and economies. Keynesian economics is the Progressive’s front to implement their global Communist agenda.
“Ronald Reagan believes Government [The Federal Reserve] causes inflation. Not business. Not labor.”
Reagan said, “In the 1960′s, the federal Government decided to stop tying the value of the dollar to gold. This permitted them to PRINT as much money as they wanted to spend. And that‘s WHY we’ve had THIS crippling inflation. We’ll NEVER regain price stability until we RESTORE some form of GOLD backing to the dollar. As President, MY FIRST PRIORITY will be to make the dollar the most trusted currency in the world.” http://www.youtube.com/watch?v=qxEq2LWUPzc
Report Post »Rayblue
Posted on November 14, 2011 at 5:08pmAre we smarter than Harvard professors now ? It appears as such.
Report Post »Did he have to read it first on the Blaze and just repeat it and claim ownership ?
Plagiarist.
Jubie
Posted on November 14, 2011 at 5:02pmlove this guy. go check out some of his docu. they are amazing.
Report Post »silentwatcher
Posted on November 14, 2011 at 5:14pmA lot of people have said that when countries collapse, they can be recovered by the ‘elite.’ It was also said a year or two ago that europe would collapse first, then the U.S. Guess they weren’t wrong.
They also said that if you want to take over a country,,,,strip them of their wealth. You then control them.
“When the bough breaks,,,,the cradle will fall…….”
Report Post »SpankDaMonkey
Posted on November 14, 2011 at 5:00pm.
Report Post »Better start that P.U.S.H. Pray Until Something Happens………….
Wayne
Posted on November 14, 2011 at 7:33pmI thank the main concern for the USA is the Muslim Brotherhood, they will take our nation and most people are to dumb to believe it. Chrislam is the one world religion that the Bible speaks of will come true.
Report Post »jmc610
Posted on November 14, 2011 at 5:00pmSometimes I feel that they know but they think there’s nothing they can do to prepare, especially if they don’t have the resources…
Report Post »I mean in a way, I guess that’s true… If you don’t have money, you can’t stockpile food and all that would be necessary to survive. Will it ever really be enough???
I’m as prepared as I can afford to be at this time but I wonder too, is it enough for me & my daughter. I don’t know… I‘m scared because somehow I know it won’t be.
wzanesdad
Posted on November 14, 2011 at 7:55pmI know what you mean. I hear glenn ad othersay anywhere from 6 months to a years worth of food, but I have the feeling this is going to last many years. We can only do what we can I guess.
Report Post »investlite
Posted on November 15, 2011 at 1:53amThat’s why you need to buy seeds. Have your 6 months to 1 year, then have enough heirloom seeds to feed your family and continue growing food.
Report Post »louise
Posted on November 15, 2011 at 9:37amJMC610,
Report Post »All any of us can do is the best we can with what we have been given.
Trust God in all things.
ares338
Posted on November 14, 2011 at 4:57pmI would rather listen to Larry the Cable Guy than anyone that ever graduated from Harvard. Kind of like our current Butwipe in chief.
Report Post »martinez012577
Posted on November 14, 2011 at 4:54pmSo to much spending and a crappy tax code. Hmm, what canidate is talking about this with real cuts? Oh yeah Ron Paul. 1 trillion in spending cuts first year, and then tax reform.
Report Post »jackbauer
Posted on November 14, 2011 at 8:24pmThat would be great if Paul only had a clue about foreign policy issues. If he wasn‘t so kewl with Iran having nuke missiles that they can lob over to Israel or load on a ship and fire’em up over our country. Having the Fed audited won‘t help us a bit if we’ve been EMP’ed into the 18 century. Cutting spending will be the last thing on our mind when we have no electricity, food, or medicine, and no hope of getting any. Google the “Congressional Report on EMP (Electromagnetic Pulse).” This is a real threat and we are not equipped to defend against it or recover from it.
We’re dealing with a mad man in Iran that sees it as his calling to bring back the 12th Iman by slaughtering every non-Muslim he can. Hello! He tells us that every time he opens his mouth. And then there’s all the other dictators that want to poke the giant. Lets just do as RP says and pull back within our borders like children hiding under mommy’s skirt. That should really show the tyrants what we are made of while they move to surround us and our allies. If nothing else we should have discovered by now that the enemies of what is good and righteous, will work together to defeat us at any cost.
You show me someone who has Ron Paul’s domestic agenda, a realistic view of foreign policy, understands the threat and our role, then I will vote for him or her. I’m telling you RP is not the man. If he was, OWS people wouldn’t be carrying RP signs!
Report Post »colt1860
Posted on November 14, 2011 at 8:36pmPeople carrying RP signs at OWS are those trying to educate them about Austrian economics and the fallacies of Keynesian economics. They’re not in any way part of the Progressive crowd.
Report Post »colt1860
Posted on November 14, 2011 at 8:44pm@jackbauer
“My fellow Americans, I am pleased to tell you I just signed legislation which outlaws Russia forever. The bombing begins in five minutes.” Reagan
Reagan was very confident in our defense against any foreign threat. During this time period it was the Progressives who were most paranoid over an imminent attack or show of power by the Soviet Union. The left’s fear mongering and delusional concerns were soon enough discredited and mocked. They sought a Progressive foreign policy; democracy through military might by whatever means necessary. The liberals and those in the left wing media thought Reagan was stupid for not militarily confronting the threat the Soviets posed. Reagan‘s confidence in our safety and his understanding that the economy mattered most in a Nation’s survival or destruction had the Liberals outraged. Reagan did not adhere to the UN’s philosophy of our Military being used as a sort of Peace Corps around the world. Reagan understood the priorities of our military and wisely sought not to put our troops in unnecessary danger. Reagan was strong in National Defense and yet sought diplomacy.
Report Post »colt1860
Posted on November 14, 2011 at 8:47pmIf Iran wants war. Then lets have war. Have Congress pass a Declaration of War. What I don’t want is for Obama to use his power as President to dictate the terms and conditions of War, without any oversight or approval by We the People, our Congress. We have checks and balances set up so that no one person or Power in Government may arbitrarily send our troops to harms way and decide for how long and for what reason we will be in foreign lands. Yeah, civility is a pain in the *** to deal with sometimes, but its there for a reason. Perhaps it may prevent the rising of Dictators and militaristic Rulers like Hitler and Mussolini, or Napoleon, who go unto foreign adventures with an unlimited supply of money and resources, at the expense of liberty, wealth and National security. Folks who want to dismiss the rule of law and the federal Constitution follow the same Progressive mentality. And that is what it is. A leftist foreign policy. Unconstitutionally expanding the Powers of the federal Government to advance a special interest. I know where I stand.
The defense policy of the United States is based on a simple premise: The United States does not start fights. We will never be an aggressor. We maintain our strength in order to deter and defend against aggression — to preserve freedom and peace. – Reagan
History teaches that war begins when governments believe the price of aggression is cheap. – RR
A nuclear war cannot be won, and must never be fought. – RR
Report Post »colt1860
Posted on November 14, 2011 at 8:54pmRP is for Constitutional Wars and for just wars as promoted by the early Christian church, especially for defense.
America does not go abroad in search of monsters to destroy. She is the well-wisher to the freedom and independence of all. She well knows that by enlisting under other banners than her own, were they even the banners of foreign independence, she would involve herself beyond the power of extrication in all the wars of interest and intrigue, of individual avarice, envy and ambition, which assume the colors and usurp the standards of freedom. – John Quincy Adams
Where is it written in the Constitution, in what section or clause is it contained, that you may take children from their parents and parents from their children, and compel them to fight the battle in any war in which the folly or the wickedness of government may engage it? – Daniel Webster
Of all the enemies to public liberty, war is perhaps the most to be dreaded, because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, debts, and taxes are the known instruments for bringing the many under the domination of the few … No nation could preserve its freedom in the midst of continual warfare. – James Madison
Report Post »colt1860
Posted on November 14, 2011 at 9:01pmThe power to declare war, including the power of judging the causes of war, is fully and exclusively vested in the legislature … the executive has no right, in any case, to decide the question, whether there is or is not cause for declaring war. – James Madison
The constitution vests the power of declaring war in Congress; therefore no offensive expedition of importance can be undertaken until after they shall have deliberated upon the subject and authorized such a measure. – George Washington
The means of defense against foreign danger historically have become the instruments of tyranny at home. – James Madison
If Tyranny and Oppression come to this land, it will be in the guise of fighting a foreign enemy. – James Madison
Each generation should be made to bear the burden of its own wars, instead of carrying them on, at the expense of other generations. – James Madison
Perhaps it is a universal truth that the loss of liberty at home is to be charged to provisions against danger, real or pretended, from abroad. – James Madison
I have ever deemed it fundamental for the United States never to take active part in the quarrels of Europe. Their political interests are entirely distinct from ours. Their mutual jealousies, their balance of power, their complicated alliances, their forms and principles of government, are all foreign to us. They are nations of eternal war. – Thomas Jefferson
Report Post »colt1860
Posted on November 14, 2011 at 9:19pmHow is our current Progressive foreign policy better than the founding fathers’ America first foreign policy?
Is sending tens of thousands of our troops throughout the Middle East in the mayhem of religious and tyrannical nutcases, spreading our troops all over the world to bases we don’t necessarily need for any immediate or critical actions, sending our troops in harms way to foreign nations, separating our troops from their families and homeland to fight for global elitists and foreign interests, never having a strategy to actually win and end the war, allowing our troops to be used by foreign nations as their personal army for the protection of their borders and streets, threatening and planning further wars without true leadership or a competent federal administration, and using limitless amounts of money to maintain this empire resulting in huge debt and uncertainty for America’s next generation, not dismantling our military and destroying our Nation?
This here is a Conservative realistic view of a foreign policy. Check it out:
http://www.youtube.com/watch?v=F9SOVzMV2bc
Report Post »hnuh
Posted on November 14, 2011 at 4:53pmI would not have expected sense out of a denizen of Harvard…
Report Post »garyM
Posted on November 14, 2011 at 4:52pmFROM STORY:
His fear is that, because of the existence of our present global economy,
answers and questions:
Report Post »How long years have we been dependant on a total global economy?
Who pushed a total global economy?
So what do we need to work toward? Getting out of the global economy! Import and export what we need to but not to the extent of where other countries make us dependant on them for anything other than oil! Work toward not being dependant on oil by extracting our own OIL!
I guess this would be difficult for our government to accomplish when they can’t even figure out who the enemy is or being the leadership being able to be in agreement that the reason things have changed so much in America is because we have stopped following the US constitution!
GUNNSUP
Posted on November 14, 2011 at 8:47pmAmen Gary.
Report Post »cessna152
Posted on November 14, 2011 at 4:52pmBTW, I don’t need a “Harvard Professor” to warn me of this… we already knew this a while ago.
Report Post »hi
Posted on November 14, 2011 at 4:50pmOkay , after reading about the 60 minutes coverage of the corruption with insider trading and now this, it makes me not want to listen to the news anymore. I feel like there is nothing I can do about it!
Report Post »kindling
Posted on November 14, 2011 at 5:18pmTruly, the only thing we can do is buy guns, bullets, blankets, seeds, food, and toilet paper and dig in because it is all going to come crashing down and all that money Pelosi and the rest have been stealing will be as worthless as everyone else’s. You can’t eat money. I am no longer shocked by any of this, it just gives me new resolve to get milk and meat animals and build another green house, which BTW are both producing a lot of good food.
Report Post »lukerw
Posted on November 14, 2011 at 5:38pmOld saying: If you stick your head in the sand (to avoid seeing danger)… you will get screwed in the…
Report Post »cessna152
Posted on November 14, 2011 at 4:50pm“Super smart” Harvard professors have been running our country into the ground… so why again should I believe this?
I was also told 30 years ago, by Harvard professors that the ocean would be up to my front door step 25 miles inland… as far as I know it is exactly where it was 30 years ago.
Report Post »wzanesdad
Posted on November 14, 2011 at 8:00pmYep….harvard is obamas propaganda machine. He uses them to leak out what he needs us to believe
Report Post »Give Me Newt Or Give Me Death
Posted on November 14, 2011 at 9:12pmBut is he wrong? Just because he’s a Harvard prof. doesn‘t automatically mean that he’s wrong.
Report Post »skippy6
Posted on November 14, 2011 at 4:46pmWell Duhh!! This is old news for people that have a bearing on watching the other hand!!!
Report Post »YoungBloodNews
Posted on November 14, 2011 at 4:43pmNo, IT WILL CONSUME America.
Im reading up on the Yugoslav wars 9(Balkin Wars) as mentioned by another poster in another thread. Im afraid hes is correct. We won‘t have a ’civil war’ in this country where its 1 on 1, It will be more like multiple factions warring over race, religion, ideals, economics, etc.. Prepare folks, please, things will get a lot worse….
Report Post »niterider
Posted on November 14, 2011 at 6:29pmHuh huh. Civil War: brother vs brother. Factions around every corner and the Feds trying to overwhelm and control everyone. The ungodly and the professed will steal to live and eat. Bloody, messy and not a good outcome even if the Feds gain control again. Gather your loved ones around you and do your best to protect and feed them. God help us but it is undoubtedly coming and soon. What can be done: buy ammo, food, and spend time in God’s Book with the family honestly put your future in HIS hand) . Oh, and if you haven’t done it yet: you are running out of time to GET OUT OF THE CITIES !
Suggested reading: “One second After” by William R. Forstchen
Report Post »“Overton Window” by Glenn Beck
TSUNAMI-22
Posted on November 14, 2011 at 4:43pmPeter Schiff predicted the crash. He did many years before it happened. Nobody in Washington listened……or maybe they didn’t want anyone else to listen.
Sooner or later Fort Knox will be revealed as being empty, and then the fun begins.
I’d be surprised if the USA makes it past Christmas without a full-on collapse of the currency.
Report Post »LadyLibertykicksASS
Posted on November 14, 2011 at 4:50pmFORT KNOX is EMPTY ….!!!!
Report Post »Vechorik
Posted on November 14, 2011 at 5:14pmDr. Paul says America is “dangerously close” to a DEPRESSION — not recession — depression.
Report Post »lukerw
Posted on November 14, 2011 at 4:40pmBecause of… Mutually Assured Destruction (MAD)… US Presidents tied the Dollar Support to European Banks via the Federal Reserve, Banks, and Insurance (alike AIG)… so, if Europe goes down, it takes US with it. Thanks, Clinton! Thanks, Committee On Foreign Relations! Thanks, Liberal Economists! Thanks, you idiots…
Report Post »Ironeagle
Posted on November 14, 2011 at 4:40pmWe’ll at least this prof has come out of the closet. Wonder how long it will be until the PC Harvard bureaucracy starts to clamp down on him.
Report Post »Give Me Newt Or Give Me Death
Posted on November 14, 2011 at 9:11pmI don’t know if they will. He’s been contrarian to their isdeas for so long. you should look up when he and crazy man Krugman had a back and forth over econ.
Report Post »Obama Snake Oil Co
Posted on November 14, 2011 at 4:39pmSo basically, the government is and has been running a ponzi scheme?
Report Post »garyM
Posted on November 14, 2011 at 4:54pmRight now the government is a Ponzi scheme!
Report Post »Goobergregory
Posted on November 14, 2011 at 4:38pmThis is very important and people are NOT aware of what it all means. Turn off the tube and start reading folks… it is scary out there. Not hide under you bed scary (yet), but will have immense impacts on all of our lives!
Report Post »TSUNAMI-22
Posted on November 14, 2011 at 4:46pmIt’s the story of the Ant and the Grasshopper, except this time the Ants are armed with assault weapons and the grasshoppers are calling themselves OWS.
Report Post »Snowleopard {gallery of cat folks}
Posted on November 14, 2011 at 4:34pmThe professor is rather belated in his warnings; long now has the warning sounds gone forth from the land of Beck followers and others who have studied the matter as well.
So now the matter is that can we warn and awaken enough people who can actually do something while preparing ourselves, for the economic implosion coming?
When (not if) the EU goes under, we will face a complete collapse, multitudes worse than the great depression.
Report Post »Brents Torts
Posted on November 14, 2011 at 4:44pmI agree. So many Americans are still in the dark.
Report Post »louise
Posted on November 15, 2011 at 9:45amI am thankful to Glenn for his part in warning people.
Ron Paul was doing this long before Glenn he deserves appreciation even more so.
Here America has a candidate for president whose time has come. IMHO, for what it is worth, this will be our last chance to get this right.
Ron Paul 2012
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