By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee and Best-Selling Author
Barack Obama and the U.S. government have called for a “peaceful transition” in Egypt, in response to massive protests, riots and escalating anarchy. But I wonder if President Obama is taking notes? I wonder if he realizes just how close America is to facing a similar crisis that could result in riots, revolt in the streets, and economic paralysis. I wonder if President Obama would act much different than President Mubarak in Egypt. So far, small signs hint that Obama might turn out to be just as intolerant to dissent as Mubarak.
Think it couldn’t happen here? Think again. Let’s review the economic crisis that America faces at this very moment. Just in the days since Obama’s State of the Union speech there have been numerous signs that the U.S. faces an economic Armageddon. Dark storm clouds are fast approaching:
* The U.S. budget deficit is far more than even economic experts imagined.
* Unemployment is up yet again — far more than the experts projected.
*Social Security shortfalls are bigger and have happened sooner than any expert predicted — a decade sooner.
*Fourth Quarter GDP was lower than projected — and even the figure released was merely the result of the Fed printing fake money 24 hours a day, to create false consumer confidence, to prop up a U.S. economy that is falling off a cliff.
* The foreclosure crisis is deepening beyond what any expert imagined. As a result, real estate prices are falling even further, thereby threatening not only consumer spending, but the very survival of major banks.
* Inflation is skyrocketing on the two things that matter most — food and energy prices. One more disaster — perhaps the fall of Egypt, leading to an oil crisis — could lead to a hyperinflation that could turn America into a combination of Zimbabwe and the Weimar Republic.
* We already face economic Armageddon on a state and local level. U.S. cities, counties and states are teetering on the verge of bankruptcy. Their grave financial condition is the result of massive unsustainable spending and debt, caused in large part by irresponsible public employee salaries, pensions and health benefits. The worst part of this crisis is that the stimulus money is gone and the federal government is bankrupt, unable to bail itself out, let alone the cities, counties and states.
*There are early signs of revolt and anarchy here in America — with a record number of policemen shot and killed during a two-week period in January.
* The Middle East threatens to turn into a powder keg that could lead not to democracy, but to radical Islamic control of many Arab countries. This grave new threat to America, American interests, and the survival of our ally Israel, would lead to more military spending and a potential oil crisis that could engulf and overwhelm the U.S. economy. In our current vulnerable economic state this tragedy could set off a worldwide economic panic.
* Japan’s credit rating was downgraded on what most economists agree is a disastrous slide toward oblivion. Japan’s debt is so huge it can never be repaid. As one famous economist describes the crisis they are facing: “Japan is a bug in search of a windshield.” Japan’s impending implosion could also trigger a worldwide economic panic.
* Spain just announced unemployment of over 20%. Not only does this news threaten the survival of the EU, it also drives a stake through Obama’s strategy for saving the U.S. economy by creating green jobs. Spain proves there is no market for green jobs. The whole idea is a mirage created by leftist progressive politicians desperately grasping for straws.
Can you imagine that all of this toxic news has occurred in only the few days since Obama’s State of the Union? Our economy, our country, and global conditions are deteriorating faster than any expert imagined. The threats we face are unprecedented. Although they are running the presses 24/7, our Fed can’t print money fast enough to keep up with deteriorating conditions.
Our “real” U.S. unemployment may in fact be close to 20%. Among youth and minorities unemployment may be well over 30%. For the first time in modern history, there are few jobs for millions of new college graduates, while they each face education debt of $100,000 or more. There are seemingly no jobs at all for minority youth without college educations. All at the same time that prices are exploding for basic essentials. Sound familiar? Those are the exact same incendiary ingredients that led to revolt, revolution, and anarchy in Egypt.
So how will President Obama react to massive protests, riots, and revolt in the USA? Will he choose to shut down the Internet? He criticizes Mubarak, yet Obama is already asking Congress for the authority to do just that (without judicial review). Will Obama cut off access to Facebook and Twitter? Will he try to shut down talk radio and FOX News? Obama and his Democratic allies have already suggested doing that (before a true crisis) with “The Fairness Act.” Will Obama attempt to ban guns? He has already come out strongly in support of gun control or bans on numerous occasions before he was even elected President. Will Obama call in the military to contain the riots of unemployed, hungry, angry youth here in America’s biggest cities? Will he allow free speech — even if massive protests call for Obama to step down?
Is Obama taking notes in Egypt? He had better. Because Egypt’s crisis could eventually be coming to a city near you.
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee.
He is the best-selling author of “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts.” His web site: www.ROOTforAmerica.com