{"id":897,"date":"2009-02-14T23:12:11","date_gmt":"2009-02-15T07:12:11","guid":{"rendered":"http:\/\/www.cogwriter.com\/news\/?p=897"},"modified":"2009-02-14T13:18:09","modified_gmt":"2009-02-14T21:18:09","slug":"us-debt-and-british-banking","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/us-debt-and-british-banking\/","title":{"rendered":"US Debt and British Banking"},"content":{"rendered":"<p align=\"center\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0pt none ;\" src=\"https:\/\/www.cogwriter.com\/us-dollars.jpg\" border=\"0\" alt=\"\" width=\"126\" height=\"122\" \/><\/p>\n<p style=\"text-align: center;\"><em>The Pride of the Power\u201d of the USA<\/em> <em>will be broken per Leviticus  26:19<\/em><\/p>\n<p><a href=\"https:\/\/www.cogwriter.com\/cogwriter.htm\">COGwriter<\/a><\/p>\n<p>There has been a lot of negative news about the US &amp; British economic systems this week.\u00a0 Here are four stories that suggest problems in that respect:<\/p>\n<h2 style=\"padding-left: 30px;\">Obama: Stimulus bill marks a &#8216;major milestone&#8217;<\/h2>\n<h3 style=\"padding-left: 30px;\">President savors victory in Congress in weekly radio and Internet address<\/h3>\n<div class=\"textTimestamp\" style=\"padding-left: 30px;\"><span id=\"udtD\">Associated Press, updated <span class=\"time\">7:50 a.m. PT,<\/span> <span class=\"date\">Sat., Feb. 14, 2009<\/span><\/span><script>\n\t\tfunction UpdateTimeStamp(pdt) {\n\t\t\tvar n = document.getElementById(\"udtD\");\n\t\t\tif(pdt != '' &amp;&amp; n &amp;&amp; window.DateTime) {\n\t\t\t\tvar dt = new DateTime();\n\t\t\t\tpdt = dt.T2D(pdt);\n\t\t\t\tif(dt.GetTZ(pdt)) {n.innerHTML = dt.D2S(pdt,((''.toLowerCase()=='false')?false:true));}\n\t\t\t}\n\t\t}\n\t\tUpdateTimeStamp('633702234415070000');<\/script><\/div>\n<p class=\"textBodyBlack\" style=\"padding-left: 30px;\">WASHINGTON &#8211; President Barack Obama, savoring his first major victory in Congress, said Saturday that newly passed $787 billion economic stimulus legislation marks a &#8220;major milestone on our road to recovery.&#8221;<\/p>\n<p class=\"textBodyBlack\" style=\"padding-left: 30px;\">Speaking in his weekly radio and Internet address, Obama said, &#8220;I will sign this legislation into law shortly, and we&#8217;ll begin making the immediate investments necessary to put people back to work doing the work America needs done.&#8221;<\/p>\n<p class=\"textBodyBlack\" style=\"padding-left: 30px;\">At the same time, he cautioned, &#8220;This historic step won&#8217;t be the end of what we do to turn our economy around, but rather the beginning. The problems that led us into this crisis are deep and widespread, and our response must be equal to the task.&#8221; <a href=\"http:\/\/www.msnbc.msn.com\/id\/29193762\/\">http:\/\/www.msnbc.msn.com\/id\/29193762\/<\/a><\/p>\n<div>\n<h2 style=\"padding-left: 30px;\">\n<div><span style=\"font-family: Arial; font-size: large;\"><strong>Britain: Lloyds Banking Group rocked by  shock losses<\/strong><\/span><\/div>\n<div><span style=\"font-family: Arial; font-size: x-small;\"><strong>The Times<\/strong> &#8211; Feb 14,  2009<\/span><\/div>\n<div>\n<p><span style=\"font-family: Arial; font-size: x-small;\">Taxpayers could have to spend billions bailing out  the banks again after massive and unexpected losses were disclosed by Britain\u2019s  new superbank. <\/span><\/p>\n<p><span style=\"font-family: Arial; font-size: x-small;\">Shares in Lloyds Banking Group fell 32 per cent to  61.4p yesterday after it reported losses of \u00a310 billion in HBOS, making it worth  far less than thought when it was taken over in November. <\/span><\/p>\n<p><span style=\"font-family: Arial; font-size: x-small;\">The news, a huge embarrassment for Gordon Brown, who  helped to broker the deal, triggered speculation that the bank will have to come  back to the Government for more capital. <\/span><a title=\"http:\/\/business.timesonline.co.uk\/tol\/business\/industry_sectors\/banking_and_finance\/article5728797.ece\" href=\"http:\/\/business.timesonline.co.uk\/tol\/business\/industry_sectors\/banking_and_finance\/article5728797.ece\">http:\/\/business.timesonline.co.uk\/tol\/business\/industry_sectors\/banking_and_finance\/article5728797.ece<\/a><\/p>\n<\/div>\n<\/h2>\n<h2 style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: large;\"><strong>Federal obligations exceed world  GDP<\/strong><\/span><\/h2>\n<\/div>\n<div style=\"padding-left: 30px;\"><span style=\"font-size: x-small;\"><span style=\"font-family: Arial;\"><!-- end head --><!-- deck --><span style=\"font-size: small;\"><strong>Does $65.5 trillion terrify anyone  yet?<\/strong><\/span><\/span><\/span><\/div>\n<div style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">WND &#8211; Feb 13, 2009<\/span><\/div>\n<div>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">As the Obama administration pushes through Congress  its $800 billion deficit-spending economic stimulus plan, the American public is  largely unaware that the true deficit of the federal government already is  measured in trillions of dollars, and in fact its <strong>$65.5  trillion<\/strong> in total obligations <strong>exceeds the gross domestic  product of <\/strong><em><strong>the world<\/strong>.<\/em> <\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">The total U.S. obligations, including Social Security  and Medicare benefits to be paid in the future, effectively have placed the U.S.  government in bankruptcy, even before new continuing social welfare obligation  embedded in the massive spending plan are taken into account.\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <img decoding=\"async\" id=\"MA24880810-0001\" src=\"aoladp:\/\/MA24880810-0001\/DeficitFederal.jpg\" border=\"0\" alt=\"\" hspace=\"0\" align=\"baseline\" \/><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">The real 2008 federal budget deficit was $5.1  trillion, not the $455 billion previously reported <\/span><a title=\"http:\/\/www.cbo.gov\/doc.cfm?index=9957\" href=\"http:\/\/www.cbo.gov\/doc.cfm?index=9957\"><span style=\"font-family: Arial; font-size: x-small;\">by the  Congressional Budget Office,<\/span><\/a><span style=\"font-family: Arial; font-size: x-small;\"> according to the <\/span><a title=\"http:\/\/www.fms.treas.gov\/fr\/\" href=\"http:\/\/www.fms.treas.gov\/fr\/\"><span style=\"font-family: Arial; font-size: x-small;\">&#8220;2008 Financial  Report of the United States Government&#8221;<\/span><\/a><span style=\"font-family: Arial; font-size: x-small;\"> as  released by the U.S. Department of Treasury. <\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">The difference between the $455 billion &#8220;official&#8221;  budget deficit numbers and the $5.1 trillion budget deficit cited by &#8220;2008  Financial Report of the United States Government&#8221; is that the official budget  deficit is calculated on a cash basis, where all tax receipts, including Social  Security tax receipts, are used to pay government liabilities as they occur. <\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">But the numbers in the 2008 report are calculated on  a GAAP basis (&#8220;Generally Accepted Accounting Practices&#8221;) that include  year-for-year changes in the net present value of unfunded liabilities in social  insurance programs such as Social Security and Medicare. <\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">Under cash accounting, the government makes no  provision for future Social Security and Medicare benefits in the year in which  those benefits accrue. <\/span><a title=\"http:\/\/www.worldnetdaily.com\/index.php?fa=PAGE.view&amp;pageId=88851\" href=\"http:\/\/www.worldnetdaily.com\/index.php?fa=PAGE.view&amp;pageId=88851\"><span style=\"font-family: Arial; font-size: xx-small;\">http:\/\/www.worldnetdaily.com\/index.php?fa=PAGE.view&amp;pageId=88851<\/span><\/a><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: large;\"><strong>Nationalization by autumn, bank on  it<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\"><strong>Reuters &#8211;<\/strong> Feb 13, 2009<\/span><\/p>\n<blockquote style=\"margin-right: 0px;\" dir=\"ltr\"><p><span style=\"font-family: Arial; font-size: x-small;\"><strong>James Saft is a Reuters columnist. The  opinions expressed are his own<\/strong>.<\/span><\/p><\/blockquote>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">Like it or not the United States will be forced to  nationalize large swathes of its banking system by the time the leaves fall from  the trees in Washington.<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">The tragedy is that we will have to wait that long  and that the costs will mount.<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">The plan to rescue the banks, or, er, the people, as  enunciated by Treasury Secretary Geithner, is no plan, only an apparent set of  contradictory principles: an ideological one not to nationalize and a political  one not to subsidize too obviously.<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">The plan will fail unless the administration comes  out in favor of either subsidy or seizure of failing banks. Either the United  States will be forced to nationalize when that becomes apparent or perhaps it is  waiting until that failure makes nationalization more politically  palatable.<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">In either event, it is a terrible mistake and the  cost will only grow, both in direct terms for taxpayers and more broadly for the  growing number of people with too little income to pay tax&#8230;<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">Those two points form the crux of the issue; for the  banking system to work without widespread failure and nationalization we either  have to hand out huge subsidies to banks directly, in the form of cheap capital,  or indirectly, by giving a subsidy to investors who will pass on part of it to  banks as a condition of getting their share. The first is unfair, the second  unfair and inefficient&#8230;<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">And in fairness we don\u2019t know how the stress tests  will work or if it is possible to fail one. But President Obama did tell ABC  News that nationalization \u201cwouldn\u2019t make sense\u201d because of the scale and  complexity of the U.S. economy and capital markets would make it too tough to  manage and oversee. He\u2019s right and government will do a terrible job of managing  banks, but it will be forced to and may as well get on with it. They seem now to  be hoping that the economy turns and bails them and the banks out of their  pickle, but that is a dangerous bet.<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">By the time we figure out that it\u2019s not working, when  whatever capital we have injected is swamped by falls in asset prices \u2014 and  remember deleveraging and asset price falls go hand in hand \u2014 things will be  that much bleaker and the United States will have less room to  maneuver&#8230;<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">And Obama is not FDR coming in after a depression was  already entrenched, he is leading a country which is only beginning to wake up  and to suffer. It is just possible, though not likely, that the administration  realizes it will have to take more drastic steps but needs more time to prepare  the ground and make that politically possible.<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-family: Arial; font-size: x-small;\">One factor which may come into play is international  pressure not to nationalise. What is just about possible in the United States  would be far harder in economies such as Britain\u2019s with larger banking systems  relative to their size and borrowing power. <a title=\"http:\/\/blogs.reuters.com\/great-debate\/2009\/02\/13\/nationalisation-by-autumn-bank-on-it\/\" href=\"http:\/\/blogs.reuters.com\/great-debate\/2009\/02\/13\/nationalisation-by-autumn-bank-on-it\/\">http:\/\/blogs.reuters.com\/great-debate\/2009\/02\/13\/nationalisation-by-autumn-bank-on-it\/<\/a><\/span><\/p>\n<\/div>\n<p>Now although I have a degree in accounting (along with others in other fields) and dislike how the US government handles its books, it needs to be pointed out that the obligations in the third article are future ones, and ones that rely on future workers to pay taxes&#8211;so in that respect that article may be slightly overly dramatic&#8211;but the USA still has too much debt.\u00a0 And, while the USA might not take over all its banks, it did take over several more yesterday (<span style=\"font-family: Arial; font-size: x-small;\"><a title=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aDvuCGKfCGeM&amp;refer=home\" href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aDvuCGKfCGeM&amp;refer=home\">http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aDvuCGKfCGeM&amp;refer=home<\/a><\/span>).<\/p>\n<p>The economic power of the USA in the world is truly being shaken.\u00a0 At a point, probably next decade, the economic influence of the USA and Britain will be no more.<\/p>\n<p><em>To learn more of what is ahead for the USA and Britain, please prayerfully read and study the following articles:<\/em><\/p>\n<p><a href=\"https:\/\/www.cogwriter.com\/britishisrael.htm\">Anglo &#8211; America in Prophecy &amp; the  Lost Tribes of Israel<\/a> Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?<br \/>\n<a href=\"https:\/\/www.cogwriter.com\/china.htm\"><\/a><a href=\"https:\/\/www.cogwriter.com\/six_thousand_year_plan_6000.htm\">Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End?<\/a> Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? When does the six thousand years of human rule end?<br \/>\n<a href=\"https:\/\/www.cogwriter.com\/barack-obama-prophecy-antichrist.htm\">Prophecies of Barack Obama?<\/a> Are there biblical and non-biblical prophecies about Barack Obama. Did Nostradamus predict Barack Obama dealing with the Antichrist?\u00a0 Might Barack Obama set the stage for the kings of the North and South as his timing and at least one Shiite prophecy suggests?\u00a0 This is the longest and most detailed of the articles here at COGwriter related to prophecy and Barack Obama.<br \/>\n<a title=\"Permanent Link to Barack Obama, Prophecy, and the Destruction of the United States\" rel=\"bookmark\" href=\"https:\/\/www.cogwriter.com\/news\/prophecy\/barack-obama-and-the-destruction-of-the-united-states\">Barack Obama, Prophecy, and the Destruction of the United   States<\/a> Some claim that Barack Obama is the prophesied \u201cson of Kenya\u201d. Might Bible prophecy be fulfilled since he is to be the USA president?<br \/>\n<a href=\"https:\/\/www.cogwriter.com\/end-mayan-calendar-2012.htm\">End of Mayan Calendar 2012\u2013Might 2012 Mean Something?<\/a> There is a Mayan calendar prediction for change in 2012. 2012 changes were also centuries ago predicted by the Hopi Native Americans (the Hindus may have some predictions for the next decade as well). Do these Mayan\/Hindu\/Hopi prophecies have any value? Why might Satan have inspired this date? Does the Dresden codex show destruction of the earth by flood? Can the great tribulation start before 2012?<br \/>\n<a href=\"https:\/\/www.cogwriter.com\/when-will-the-great-tribulation-begin.htm\">Can the Great Tribulation Begin in 2009, 2010, or 2011?<\/a> Can the Great Tribulation begin today? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Pride of the Power\u201d of the USA will be broken per Leviticus 26:19 COGwriter There has been a lot of negative news about the US &amp; British economic systems this week.\u00a0 Here are four stories that suggest problems in that respect: Obama: Stimulus bill marks a &#8216;major milestone&#8217; President savors victory in Congress in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-897","post","type-post","status-publish","format-standard","hentry","category-prophecy"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"The Pride of the Power\u201d of the USA will be broken per Leviticus 26:19 COGwriter There has been a lot of negative news about the US &amp; British economic systems this week. 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