By Joan Veon
June 15, 2009
NewsWithViews.com

Excerpts taken from the book, The Coming Battle, by M. W. Walbert

There has not really been a time in which the United States has had her financial foundation questioned until now. However, it was the Reagan tax laws in the early 1980’s which substantially increased the amount of debt that government, industry, and individuals took on in order to keep the “Reagan Revolution” going. It was then that America began to rely more heavily on foreign countries to carry our debt.

The debt has continued to climb, and as a result of the 2008 Credit Crisis has caused our lenders to question our ability to repay. By the end of 2008, the federal debt grew to 41% of GDP. Both Russia and China have said that it is time to make other arrangements for the dollar. Recently, astute Chinese students laughed when our globalist treasury secretary stated that the $768B China has lent America was safe since 82% of its $2T in foreign reserves is in dollars.

As the credit crisis has continued, there has been a noticeable revolution of debt from the books of the international bankers onto the backs of the American tax-payers. At every turn, this rotation of debt has spread to include the credit card industry, the student loan industry, mortgages, the automobile industry, and soon, the commercial mortgage industry. The idea of piggybacking debt onto the backs of the American taxpayer began with the same type of financial maneuvers that occurred in the late 18thC.

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