1. The American Survival Bible Inagural Issue
Sept. 5, 2011 | AmericanSurvivalBible.com | $9.95 U.S.
|14.50 Canada|
2. The Glass Debt Ceiling
An In-depth Look at America’s Policies, Decisions,
and Relationship to Debt in the Modern Economy.
3. Sept 5 - Oct 5, 2011 Sept 5 - Oct 5, 2011
American Survival Magazine American Survival Magazine
The raising of the debt quired to approve each issuance of debt individu-
ally, therefore the ceiling was established to un-
can handle triggers the collapse, will be referred
to as “The Glass Debt Ceiling”. We use this
as it does the sentiment of the
global community. So even
ceiling, the legal limit on the complicate this process, and give more borrowing if we could haved “juggle[d]”
gross level of federal debt the term in reference to this unseen, yet un-breach-
flexibility. The debt ceiling is something that is able, amount of debt at which the international our accounts “prioritize pay-
U.S. government can amass, almost unique to the U.S., most countries just ments” and somehow survived
has been the topic of most community will refuse to buy anymore treasuries,
let their debt increase when government spend- lose ALL faith in our already faltering currency, past this date, this would, at
political conversation lately. As ing outpaces tax revenue. The U.S. government the very least, have created a
we are sure you have probably borrows debt two ways; It borrows money from and discredit its legitimacy completely. This of
course is already happening to some degree, all major disruption in our coun-
noticed many Americans do investors by issuing Treasury bonds, and it bor- try and economy; if only for
not seem to grasp the enormity rows from itself, mainly from the Social Security around the world; however, reaching this ceiling
and having others vocalize it by way of declining a short time. However with
of the actions that have recent- trust fund, which comes from payroll taxes. Once the international community
ly taken place. In this article to buy any more treasuries, massively unloading
the debt ceiling is reached the government is no them, and refusing to trade in dollars will further watching and a nation that al-
we will explore just how far longer allowed to accumulate debt. In this case it ready borrows more than forty
reaching the implications of steep its decline.
would have no longer been able to pay with bur-
that debt struggle are to the rowed funds. “We cannot continue to raise the cents on each dollar it spends
this momentary chaos and
situation political commenta-
tors have called a dangerous “Dangerous game of Roulette” debt ceiling” perceived weakness could have
game of “Russian Roulette.”
While failing to raise the debt ceiling would
T still spelled disaster. Geithner
he fanfare and political power plays on this on Sunday July 10th’s edition
issue have shown some awareness that “The of Meet the Press said that Re-
*The debt ceiling currently have expedited the debt crisis, failing to con-
stands at $14.694 trillion, up trol the debt could have done the same. That Glass Debt Ceiling” does indeed exist, and publicans and Democrats know
from the $14.3 trillion, effec- put us between a rock and a hard place. If we that we cannot continue to raise the debt ceiling that “failure… [was] not an
tive August 2nd 2011. The did not raise the debt ceiling the we could pos- for much longer. Treasury Secretary , Timothy option” and that a debt agree-
limit applies to almost all sibly default for the first time in modern history Geithner had earlier said that he can move money ment had to be reached. Re-
federal debt. This is including and hasten the total economic meltdown. If we around to keep U.S. out of default until August publicans nor Democrats were
the debt held by the public, keep taking on debt and investors believed that 2, at which point he believed some form of U.S. willing to deal with the conse-
creditors like China, and what the United States may be unable to repay this default would have been inevitable. Going on to quences of possibly defaulting
the government owes itself debt – or may attempt to further inflate its way say that a default would mean “A broad range of on our debt.
through accounts like the So- out of it – we could see a refusal to invest in government payments would have to be stopped,
limited or delayed, including military salaries, There are several ways in
cial Security Trust Fund. Since Treasury securities. The government could try
it was established in 1917 the to entice new buyers by raising interest rates, Social Securities and Medicare payments, interest which we might have tem-
on debt, unemployment benefits, and tax re- porarily staved off a default
debt ceiling has been raised however these higher interest rates would mean
nearly 100 times; and more both greater costs to the government and slower funds.” Some Republicans dismissed Geithners without congressional action.
August 2nd deadline as arbitrary or simply as These might include redeem-
frequently in the past years ; growth in the overall economy. Ultimately, even ing treasury bonds in federal
congress has increased the debt though we temporarily averted this crises if our a political stunt. Whether or not that is true,
ceiling 10 times since 2001, mounting debt is not brought under control we however,could have proved to be irrelevant. We employees retirement accounts
making this the 11th time in 11 could face severe symptoms of this economic must not forget, that because so much U.S. debt early, putting a moratorium on
years. Before the debt ceiling crisis soon anyway. For our purposes this latter is in foreign hands, the stability of our financial contributions to government
was instituted congress was re- debt crises, where taking on more debt than we situation depends just as much on market forces pension funds, and the afore-
4. Sept 5 - Oct 5, 2011
American Survival Magazine
mentioned “prioritized pay-
ments” . This last option has
As stated the debt ceiling has been rou-
tinely raised, and with more frequency in recent
been getting the most publicity
years. So why was this last raising such a
and criticism. Essentially this
big deal? There are several reasons, the sheer
will be a situation where, no
amount of debt we owe, the sad state of our
one knows for sure who would,
economy, and also the fact that we seem to be
and would not get paid. Let’s
establishing an alarming pattern of excessive
take for example the estimated
borrowing that in recent years has compounded
monthly commitments for
rapidly. Those are all valid reasons why this last
September they include $50
raising could have been so important, but the
b. in Medicare and Medicaid
reason why this last raising was so pivotal was
payments, $49.2 b. in Social
because instead of coming to a timely consensus
Security benefits, $34.6 b in
in a crucial time our politicians used this as an
defense spending (including
military pay), $29 b in inter-
opportunity to extort each other for better politi-
cal positioning and power. When they made this
1. Kit(s)
est on Treasury securities, and Expect the unexpected. Your fam-
decision they put my bank account and yours in
$12.8 b. in unemployment ben- ily needs an emergency survival kit
danger. With our economy in the shape it is and
efits. If a default would have to prepare for life’s unanticipated
the amount of debt we have in foreign hands our
happened any one of these disasters. Kits like the one’s pictured
economic health is as much dependent on eco-
obligations could theoretically can make the difference when disas- 72 Hour Kit $68.00 72 Hour Kit $68.00
nomic factors as it is on the worlds perception of
have got shorted. Shortfalls ter strikes. 2 people 3 people
our ability and intent to pay back our loans. As
would have forced the Trea-
President Obama has stated “If investors around
sury to choose who would and
the world thought that the full faith and credit 2. Plan
would not get funding. This, of A survival kit is an important investment in
of the United States was not being backed up, if
course, potentially could have your family’s safety, but it’s of limited use if
they thought that we might renege on our IOU’s,
been a huge mess. Imagine us you’ve failed to preplan for an emergency.
it could unravel the entire financial system.”
paying our creditors as they The American Survival Bible will guide you
are “priority,” but partially or The beginning of this saga began in January step by step, through the steps it takes to
completely leaving troops and 2009, when President Obama took office in the plan for disaster.
senior citizens payments delin- midst of the biggest economic crises since the
quent . While all of these op-
tions are technically within the
Great Depression. The US public debt stood at 3. Be Informed
10.6 t. dollars. This last May, nearly two and a
authority of the federal reserve, Knowledge is power. Your survival depends on know-
half years later, the previous debt limit of 14.3
the problem is that none of ing how to cope with specific disasters and maintain-
t. dollars was reached. And as previously stated
these solutions are sustainable after months of debate and struggle the new ing an awareness of the current crises. The American
and that they do not make for ceiling of 14.694 t. dollars was instated. The Survival Magazine and resources on our site will give
very good policy. ceiling was raised seven times during the term you the tools you need to be prepared
of George W., but when the Obama administra-
Disclaimer: American Family Safety Inc is in no way affiliated with Mbawa Dinnen Marketing or any of
it’s products. Neither M&D Marketing or American Family Saftey give financial or legal advice, please
consult with a professional for your particular sutuation.
5. Sept 5- Oct 5, 2011
BullionVault.com
American Survival Magazine
tion sought to raise the ceiling ica back on the path of fiscal prudence, this type
in this critical time it was meet of raw extortion does not belong in American
with opposition. Republicans politics. The fact that this made up political crises
who took control of the House tarnished our image further, as a solvent country
of Representatives in the 2010 that intends to pay back it’s debts, and holds no
elections, wanted to reduce consequences for the offenders is an insult to the
• Investment Grade Gold and Silver
the national debt by cutting American people. We are too close to the preci-
government spending. So they pice of financial ruin to have such a gross mis-
used the debt ceiling as a polit- handling. What should have been an expedient
• The Safest Vaults ical tool to meet these ends. As
investment guru Warren Buffet
put it they decided to take the
process considering the precarious state of our
economy was drug out in to one of the saddest
political theaters we have ever seen.
• And a FREE GRAM national debt for “ransom”.
With that said, we acknowledge that some
agreement was reached, and possibly in time that
To Get You Started! A t the time most (though the consequences won’t be too severe. However
while this issue was resolved we at The American
not all) legislators agreed
that some deal needed to be Survival Magazine believe that this last episode
reached to avert catastrophe. was indicative of deeper rooted issues. Namely a
Most Democrats were calling growing detachment and obliviousness to the se-
for a mix of tax increases as riousness of the current fiscal crises, and a shirk-
well as spending cuts, most ing of public responsibility in favor of political
Click Here To Start Republicans contended that power games. For a dollar already on the brink
the proposed plans did not of collapse these careless attitudes can be costly.
cut spending enough. It soon It is in our best interest to understand completely
became a very clear that there just how precarious a position we are in, and
could be some conflict. Con- how soon our global hegemony can dissipate. If
gress held special meetings for we do not heed this advice and keep our current
weeks as they tried to decide course of wanton, shortsighted burrowing, even
which way to structure the debt though we may increase the debt ceiling, it will
deal. In the end there were the- still leave us asking, “Where is the Glass Debt
atrics like we have never seen. Ceiling?” §asm§
Stories range from personal
attacks, to the President storm- *This is not to be confused with the deficit, which
ing out of debates in anger, to is how much government spending exceeds tax
outright name calling. While revenue during a given year. Last years deficit
we certainly need to make a was $1.29 trillion. The debt is the sum of deficits
new commitment to put Amer- past and present.
6. Sept 5- Oct 5, 2011 Sept 5 - Oct 5, 2011
American Survival Magazine American Survival Magazine
did they resolve the shutdown? They simply tion as, “a borrow-and-spend
borrowed more time. They negotiated their debt proposal that does nothing to
obligations and pushed them back a few months. solve the long-term financial
This is the exact method that Washington has ad- challenges.” It doesn’t fix any-
opted in order to address our nation’s federal debt thing, and it doesn’t change the
obligations. fact that many citizens are still
suffering.
“Do not let the media fool you Charlie Kyte, for in-
in to believing that Washing- stance, is the leader of a local
school administration in Min-
ton’s or Minnesota’s makeshift nesota. The schools which he
crisis resolution is effective or represents have had their aid
payments delayed for several
sustainable..” years.
get deficit. The two week shutdown was the lon-
The solution caused a fury amongst lo-
gest state shutdown in nearly a decade, according
M cal Tea Party members who held rallies against He, along with many
to The National Conference of State Legislatures. other citizens of Minnesota,
any of our readers are the deal. Senate politician Tom Bakk, in his own
And the state’s tax payers were not the only ones knows that nothing is going to
already well informed as to words, described Minnesota’s so called resolu-
to suffer. Roughly 22,000 state workers entered
the economic struggles of our
an employment limbo, in addition to 66 parks
federal government. But in
closing down and 100 road projects coming to a
recent weeks we have seen
screeching halt. Without a doubt, the citizens of
these financial woes leak into
Minnesota have tasted a sample of the desolation
state government level as well,
and uncertainty which will soon spread across the
causing Minnesota’s state gov-
entire nation.
ernment to shut down for over
two weeks. The shutdown was On July 15th, 2011, Minnesota Gov. Mark
a result of indecision and fi- Dayton and other legislative leaders reached a
nancial mismanagement to the deal to resume state government operations. The
tune of a $5 billion state bud- American Survival Magazine investigated this
“Solution eerily similar resolution, and we found it to be eerily similar
to to the debt ceiling to the debt ceiling comprimise recently accepted
by Washington. Of course Minnesota didn’t just
comprimise.” come up with 5 billion dollars overnight; so how
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8. Sept 5 - Oct 5, 2011
American Survival Magazine
be resolved by this agreement. We can’t keep pushing debt down the
In fact, many citizens are now
road. In recent events the Standards and Poors
beginning to wonder if this
has downgraded U.S. credit from AAA to AA-
could be the start of something
with a negative outlook. This was in response
far, far worse. Imagine tens of
to the debt ceiling deal which they felt made no
thousands of people being laid
substantial effort to address our spiraling debts
off overnight. Imagine parks,
and deficits. This is just one in a string of warn-
libraries, public schools and
ing signs the American people have recieved.
other state services disappear-
We really cannot stress enough this is not some- RARE CALIFORNIA WINES
ing into smoke. thing that can happen or might happen; this is all
happening right now. The crisis in Minnesota is
We Must... simply a microcosm of what will happen all over
•Hold our leaders accountable our nation indefinitely unless we change our cur-
more info >
•Address the real problems rent couirse. You are already educating yourself
•Participate in our government by reading The American Survival Bible and The
American Survival Magazine.
•And if not, share in the blame more info >
more info >
Sooner or later, state and Now it is time to challenge your-
the federal government will be self even further, for the sake of our
held accountable for the debts more info >
which they have incurred. We
nation, by spreading the word about
will have to come up with real this coming disaster. Do not let the
solutions that don’t just raise media fool you and your loved ones
debt but balance budgets and into believing that Washington’s and more info >
right deficits as well. We will
have to concede that we can- Minnesota’s makeshift crisis resolu-
not have a nation deviod of a tion is effective or sustainable. Spread
manufacturing sector, and then the truth to those you care about, so
take steps toward righting this.
The question is, when will this
that we as a citizenry can hold our
time arrive, and how long have leaders accountable, and be prepared
state and federal leaders al- for what lie ahead. §asm§
ready known about this crises?
10. Sept 5 - Oct 5, 2011 Sept 5 - Oct 5, 2011
American Survival Magazine American Survival Magazine
W ith over 80,000
branches and over 290,000 au-
Once the sole province
of high net worth individuals,
offshore banking has come of
offer. For example earned interest on
offshore accounts and investments are
paid without the deduction of tax. You
U.S. tax law is concerned, U.S.
citizens and permanent residents
are required to report any in-
age and is accessible to most may also be able to sheild a significant come from foreign bank ac-
tomated teller machines the US
anyone. percentage of your wealth from this crisis counts. In certain circumstances
banking system is still the larg-
by relocating savings and invest- even the income of an entity
est in the world. As we have which you control could also
seen in The American Survival ments to an offshore account.
Added benefits include high be taxable. For this reason, the
Bible, and in recent events, U.S. is one of the countries that
size is not always tantamount levels of confidentiality,
security, conve- has few restrictions on where
to financial security. In light of your businesses, investments, or
America’s recent financial crises nience, and global
bank accounts may be located.
many have been wisely turning access too.
However it is still your respon-
to offshore banking. sibility to report your income
Offshore banking, or
banking in a jurisdiction other
than the one in which you have
I f you aren’t
concerned with
to the IRS. If income is not
reported to the IRS on an infor-
mation return it does not alter
the tax benefits, your legal duty to report it. The
citizenship or residency in, has existence of a foreign bank ac-
you may very
something of a mystique sur- count is required to be disclosed
well be with
rounding it. For some an off- on Form 1040, Schedule B, Part
liability. Off-
shore bank account may sound shore banking III and a Form TD F 90-22.1
like something out of a spy While can limit a credi- must be filed by June 30th of
movie, or a way in which rich offshore bank- tor’s access to your each year to disclose the loca-
people try to evade taxes. But ing isn’t just for the funds as they are subject tion and other information about
the truth is that many people super wealthy anymore, to different laws from differ- any foreign bank accounts with
use offshore bank accounts for it’s not necessarily for poor ent countries. Because so many a collective value of more than
many reasons. Offshore banking persons either. Depending on countries encourage international $10,000 at any time during the
is absolutely legal, it has been which bank you choose minimum trade and enterprise, most have only prior calendar year. There are
regularly used by companies, deposits can vary anywhere from limited restrictions on residents doing substantial penalties for failing
organizations, business or having bank accounts in other to report income from foreign
$1500 to over $10,000. While investing
and indi- countries. However, reporting requirements accounts or for failing to file the
a fortune is not necessary, investing a sig-
viduals on these accounts differ from country to coun- proper forms.
nificant amount to make it worth your while is,
alike for otherwise the travel costs you might incur may try.
OFFSHORE many If you do fail to report income,
far exceed the savings. In the U.S. residents are required to declare
BANKING IS years. there income on a worldwide basis and tax is
it is important to know that
The main reason people usually choose an there is no U.S. statute of limi-
PERFECTELY payable on all your income. This means as far as tations on your tax returns. If
offshore account is for the tax benefits that they
LEGAL
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12. Sept 5 - Oct 5, 2011 Sept 5 - Oct 5, 2011
American Survival Magazine American Survival Magazine
the IRS finds out about a for- jurisdictions offer extraordinary levels of con-
eign bank account many years fidentiality they cannot offer complete secrecy.
from now, everything will be All financial institutions have a legal obligation
subject to penalties, and inter- to report suspicions of serious criminal conduct.
est, plus the taxes that should Foreign authorities seek information through the
have been paid. It only takes legal system where there are well-founded suspi-
one audit for this to happen. On cions of serious crime. The IRS has taken legal
this note those who might have recourse against a myriad of big offenders which
some unreported foreign is evidenced on their wall of shame. In fact
accounts or assets because of their limited man power and
could benefit resources the IRS tends to go for big
from the IRS’ ...TAX offenders.
2011 Offshore PLANNING, AND
Voluntary A serious offense is defined as
Disclosure
PROTECTION OF anything that would warrant a
Initiative. FINANCIAL prison sentence of at least twelve
months in that jurisdiction. The
This is the ASSESTS closest that can be achieved is the
IRS’ attempt to
collect on de- near absolute anonymity and confi-
linquent accounts dentiality that is seen using a combi-
by giving a uniform and nation of various offshore vehicles, in-
predictable penalty and mini- cluding International Business Companies (IBCs)
mizing the likelihood of litiga- and Offshore Trusts. Otherwise, all personal data
tion; for those who fear their is subject to modern data protection legislation,
infraction may warrant criminal and there are severe civil and criminal penalties
prosecution. They saw the for breach of confidentiality and unauthorized
value of this when taxpayers disclosure of client information.
came forward voluntarily and So while we tend to think of offshore banking
reported their previously un- unlawfully, it really is quite legitimate, and well
disclosed foreign accounts and within your rights. American banks are obligated The lesson to be learned is
assets during the 2009 Disclo- to report your income, offshore banks leave this
sure program.
play by the rules, reap the
duty up to you. So upholding this legitimacy while
Many have gotten in to this excercising your rights is your part. Legally you
benefits of offshore bank-
predicament thinking their can save on taxes, have a higher return on your
investment and keep your affairs private. IZf you
ing, and you too can have it
money and assets were above
reproach. Even though offshore don’t, the penalties could be very severe. made in the shade; literally.
§asm§
13. Sept 5 - Oct 5, 2011 Sept 5 - Oct 5, 2011
American Survival Magazine American Survival Magazine
ASM. Factiod
1.
3 Surprising
It’s always been easier to get a job if
Longterm
2.
you have a job, but now employers
are actually starting to discriminate
Unemploy- against the unemployed and refuse
facts about
to hire them. According to The New
ment York Times, “A recent review of job Grads and
vacancy postings on popular sites
like Monster.com, CareerBuilder and the Young
the Jobless
Craigslist revealed hundreds that said
employers would consider (or at least
“strongly prefer”) only people cur-
rently employed or just recently laid
Recovery...
off.” To be very clear about this, peo-
ple laid off through no fault of their
own, who are perfectly employable,
now cannot get jobs because of the
jobless recovery. No job, no job.
It’s easy to look at younger workers
So, the economy is supposedly recovering, but and think they’re just delayed in get-
the refrain remains the same: “Where are the ting a start because there aren’t good
In a country where marriage is viewed as an “institution” and an jobs available, but the fact is, this de-
jobs?” entire political party espouses “family values,” the family is taking a lay will affect their whole lives. The
And the answer remains the same: “They’re not huge beating from this jobless recovery. Quite simply, lower class and later they are able to start working
here.” even middle class individuals don’t feel they can afford to marry, or in well-paying jobs in their field, the
don’t want to marry without a job to support the family. “We could later they are able to start saving for
In fact, the truth is, they’re not coming back. be headed in a direction where, among elites, marriage and family are retirement, not to mention getting
According to Heidi Sheirholz, an economist at conventional, but for substantial portions of society, life is more matri- married and having families.
archal,” according to The Atlantic article by Don Peck. And once these young people do get
the Eonomic Policy Institute, “To get back to
And those who are married? As unemployment continues, marriage into the workforce, they’re always
the pre-recession unemployment rate by the crumbles. Men who lose their jobs often find it difficult to maintain
middle of 2014, we would need to add roughly behind. They cannot simply catch
their marriages with their new self-image. As unemployment rates up by climbing the corporate ladder
400,000 jobs every single month between now rise or remain stagnant, divorce becomes an option for an increasing because that ladder is crowded with
and then. “ (That’s a level of growth more than number of the unemployed. the people who got their first.
3.
three times the growth in July, 2011). As Don Peck of The Atlantic says, “a
whole generation of young adults is
Obviously this is a bad situation, but it’s good to likely to see its life chances perma-
look at why it’s bad. It’s not enough to say, “This
stinks;” we need to talk about why it stinks and Marriage nently diminished by this recession.”
who it’s hurting. Here are 3 surprising facts
about the jobless recovery and who it’s hurting. and Families
14. Sept 5 - Oct 5, 2011
American Survival Magazine
Are you
ASM. The Union Stated
proteced?
The Obama Question Most
“We’ve always known that lasting change Amerians
wouldn’t come quickly or easily.” dont have a
W
With his bid for reelection With re-election looming
Obama expresses hopes of
there are several key factors
that make President Obama’s
re-election campaign a dis-
clue.
another grassroot uprising. mal prospect. The recent debt
ceiling legislation is unpopular
with virtually every section of voter and may end up
being the major contributing factor. On the left voters
feel betrayed that Obama and other democrats caved Own the Book that
to a largely republican deal. On the right voters feel
let down because the deal doesn’t even begin to solve is Becoming a
our debt problem (Social Security and Medicare future
obligation 77.9 trillion, 2011 debt 14.3 trillion, cuts by Nationwide
2021 2.1 trillion.) And in the center voters are disap-
pointed with Washington’s partisanship, crude tactics, Sensation at a...
and inability to focus on job creation.
Even though there is a congratulatory mood in
Washington over reaching a deal, there is now even less Discounted Price!
of the type of bipartisanship needed to pass key items
on his agenda. Many Republican have lauded the deal
as a success, and their tactics as necessary promising to
Extremely
use them in to “perpetuity”. With attitudes like this im-
migration, energy, unemployment and other priorities
that require cooperation will prove to be difficult tasks.
Limited Offer
The debt agreement also limits the amount of money
there is to pursue the infrastructure and education
goals, previously envisioned by the Obama administra-
tion . This coupled with the rising popularity of GOP
hopefuls and the recent dissent in Mr. Obama’s camp
will make for a very challenging reelection campaign.