The Worldnetdaily has a column by Porter Stansberry, founder of Stansberry and Associates, a publishing company that peddles nonsense to the credulous. In it, he says that Detroit’s present is America’s near future and that we are heading for a big crash due to too much debt:
Detroit is a living case study of why government efforts to redistribute wealth don’t work. But instead of recognizing any of the lessons of the catastrophe, Obama promises more of the same policies!
Meanwhile, his government is in far worse shape than the city. The only real difference is the president and the federal government are still able to print their way out of trouble, using the Federal Reserve’s ongoing manipulation of the U.S. Treasury market.
But no nation in history became wealthier by printing money and buying its own government’s debts. In every case, inflation soon destroyed the economies and wiped out private savings. Rates on the U.S. 10-year Treasury bond have recently moved from 1.6 percent to 2.6 percent – in the face of continued Federal Reserve buying of $85 billion per month.
The dream that the government could provide prosperity to the residents of Detroit has come to its inevitable end. The dream that the federal government can provide prosperity to the entire country is even more delusional. And it will come to a far worse end.
But late last year, Stansberry was paying huge amounts of money to send emails to the subscribers to several right wing websites claiming that Obama is, in fact, going to make the economy boom so much that we will repeal the 22nd Amendment and elect him to a third term in 2016. Hey, whatever it takes to get people to send him money, you know. None of this is at all surprising. Stansberry is such an obvious joke that even the conservative website the Daily Caller has bluntly called him a fraud and notes his history:
In 2003 the Securities and Exchange Commission filed a complaint against him for peddling false information to subscribers of his financial newsletter. The name of his company at the time was Pirate Investor.
According to the SEC, Stansberry told email subscribers that if they paid $1,000, he would provide a hot investment tip based on inside information from a “senior executive inside the company.” He encouraged customers to purchase stock, promising they would “make a fortune.”
The man who supposedly provided Stansberry with the information denied ever doing so, and many investors lost thousands of dollars by acting on the fabricated information.
The SEC complaint declared that Stansberry “engaged in an ongoing scheme to defraud public investors by disseminating false information in several Internet newsletters.”
Approximately 1,217 individuals took the bait and purchased the report with fraudulent information after reading an email solicitation signed by Stansberry’s pseudonym “Jay McDaniel.” The solicitation was sent to at least 800,000 people, and netted a total of $1,005,000.
In 2007 Stansberry was ordered to pay $1.5 million in restitution and penalties for the scam. The judge ruled that his actions “undoubtedly involved deliberate fraud” and “making statements that he knew to be false.”
Anyone surprised that the Worldnetdaily gives him a platform for his lies? Me neither.