>From The Burning Platform:
…It is now time for all Americans to force fiscal sanity upon our government through the use of civil disobedience. Our current fiscal path is unsustainable. The government’s solutions will extend the pain for decades in the best case or result in an abrupt collapse in the worst case. If Americans force a fiscal restructuring upon the world it will be extremely painful, but would result in a more balanced sustainable society going forward. In both cases, Americans will need to accept a reduction in their standard of living. This is the price that must be paid for thirty years of living above our means. Some passive resistance ideas regarding the fiscal sanity movement could be:
* Imagine that Americans refused to spend any money on discretionary items like electronic gadgets, furniture, and jewelry. With 70% of GDP dependent on consumer spending, this would result in the closing of thousands of unnecessary retail stores. We know that a sustainable level of spending is 62% of GDP, so let’s get there in two years rather than dragging it out over a decade.
* Imagine that Americans decided to withdraw every dime of their money from all the banks that have accepted TARP funds. There are 8,500 banks in the United States. Seventy banks have accepted TARP funds. Pull your money out of these banks and put it in your local banks or credit unions that didn’t bring down the financial system. This would ruin the Treasury’s latest $1 trillion scheme of hiding toxic assets.
* Imagine that Americans stopped using credit cards. The major purveyors of credit cards, Bank of America, Citicorp, American Express and Capital One would collapse under the weight of bad debt. Credit cards are a ponzi scheme dependent upon new credit issuance. Without charging 21% interest and collecting $25 late fees for being one day late, their businesses will implode.
* Imagine that every working American walked into work tomorrow and changed their W-4 to 20 exemptions. This would immediately remove $1.2 trillion of taxes from the grasp of politicians in Washington. You could bet that would get the attention of the political hacks in Washington…
Go and read the rest.
Audentes fortunat iuvat.