The Project To Restore America Three Ways to Get America Back on Track By Porter Stansberry, founder, The Project to Restore America The United States is still – by a wide margin – the wealthiest and most powerful nation in the world… We have a greater productive capacity than any other nation. Its probably larger than all of Europe combined. And despite what many people believe, I dont think our countrys best days are behind us… That may sound funny coming from the person who predicted the End of America. But my thesis is about the end of the dollars status as the worlds reserve currency and the devastating economic crisis that would follow. But America has recovered from crises before (and usually emerges stronger)… Ive always said I thought our political union would survive… Im still an optimist. I think that sooner or later – and I cant say when – the madness of our current economic policies will be so evident that this country will make wholesale changes. I just dont believe well vote ourselves down the abyss. Eventually, the middle class will realize the idea that we can tax, borrow, and spend our way to prosperity is failing. By then, real wages will have fallen so far… the wealth gap will become so pronounced… the collusion between the government and the banks will become so evident that people will vote in a candidate willing to take some radical steps to get us on the right track. Somebody like a Ron Paul, for example. And you would be amazed how quickly even the huge hurdles were setting for ourselves could be overcome just with some sensible policies. For instance… Sensible Policy No. 1: Imagine what would happen if we just had a flat income tax rate for everybody. Wed abolish every other tax – corporate taxes, social security taxes, payroll taxes, and every other federal tax, levy, fine, and fee. Instead, youd just pay 20% of your income, whatever the source. Wed get rid of the different tax structures for different corporate entities and the different shelters and rebates. Whatever your source of income – dividends, capital gains, wages, etc. – we all pay the same, flat rate. So the first thing we need to do to get our country back on track is to have a fair, sensible income-tax policy, period. Sensible Policy No. 2: We need to pass a balanced budget amendment that keeps us from financing foreign wars and an endless welfare state… We need true welfare reform, not the kind you saw in 1996, where everyone just jumped from welfare to disability. If you have some kind of an emergency situation, you can apply to the federal government for help for a limit of $5,000 over six weeks (to pick arbitrary terms). And thats it… You wont get any money from the government again… Sensible Policy No. 3: We need to get out of the business of trying to regulate every single banking transaction in the world… In the financial crisis, who got in trouble? Was it the hedge funds that are unregulated and backed with private capital? No. It was the banks that are heavily regulated and backed with public capital. To ensure everyones money is safe, wed back the currency with gold. Wed put up 20% of every dollar in existence in gold. We need to stop trying to regulate the banks and guaranteeing the deposits. Leave that up to the market. But guess what? You wont even have to put your money in a bank if its backed by gold. All youll have to do is put it under the mattress and youll be fine. With those three steps, wed have a fair and transparent tax policy. Wed have a sensible federal budget with no budget deficit. And wed be out of the business of trying to control every dollar thats spent and the way its banked around the world. If we just did those three things, the size of our economy could double in five years. It would be an unbelievable boom because America is still the largest market in the world. We still control the global language of business. We still have the best computing and software companies, the best technology. We have unlimited amounts of energy (thanks to the shale oil and gas boom), despite what the idiots in the government tell you. But as long as we continue with the idiotic socialist policies were currently pursuing, we are going to bankrupt ourselves, just like every other socialist nation… no matter how wealthy and powerful we are. Regards, Porter Stansberry Editors note: Five years ago, Porter predicted the bankruptcies of the worlds largest mortgage bankers – Fannie Mae and Freddie Mac – and giant car-maker GM. Now, he has put together a brand-new presentation on the coming bankruptcy of America. This video – which he has spent the last several months researching – outlines whats going to happen and how you can prepare yourself. Its a must-watch. But be warned:
Posted on: Fri, 22 Nov 2013 04:25:12 +0000
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