As Obama primes the pump for Golden Sacks next round of bubble leveraging – Cap & Trade carbon derivatives – the IMF celebrates its historic first-ever bond issuance in the form of special drawing rights, a new defacto world currency not tied to the dollar. As the U.S. bailout debt  forces our international creditors to abandon Imperialism, American-style, the continuing collapse of our physical economy–most evident in the millions of lost jobs month after month, will spawn more debt in the form of State trust bailouts to re-fund unemployment insurance.

But as the States turn to the Federal government for their bailouts, they are merely attempting to borrow from an insolvent creditor who is so indebted to it’s privately owned central bank, the Federal Reserve, that most people reading this article today will not live to see the interest paid. No wonder there’s talk of state secession coming from the likes of Rick Perry and Ron Paul, when our lack of leadership on Capital Hill is so denigrating that the dollar is gradually being abandoned as the international reserve currency.

Rather than secede, States could lead the way to repair this country’s debt problem from the bottom up, despite the White House’s failure to correct the collapsing economy from the top down.

Once the states start reviving the system of sovereign credit by beating the banks at their own game, the Federal government will no longer be relied upon as the debtor of last resort. The states don’t need to print money as the Federal Reserve does, but rather can lend to themselves from their tax base of capital reserves, just as every bank lends money today, by electronic accounting entries–using the Fractional Reserve System of lending.

YOUR state can create and revive jobs, fund infrastructure improvements like roads and bridges, provide social services, without increasing taxes, if it would only follow the model of NORTH DAKOTA, which chartered America’s only state owned bank, back in 1919, and is one of only three states in the union that is currently financially sound.

We hear people every day proclaiming that, “The way things are going, I’m just glad I still have a job.”

Well my friends, you’d better ask yourself what you’re doing to insure you’ll have that job a year from now… or six months from now. You could consider taking reduced hours or reduced pay to delay the inevitable … you could even pick up the slack for the workers being let go … or, you can TAKE ACTION now.

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