US Financial Crisis - You Owe $455,000
Carol
To: a renewed Mai-Not <mai...@globalproblematique.net>
Date: Fri, 18 Jul 2008 13:47:22 -0300
Subject: [Mai-not] US Financial Crisis - You Owe $455,000 - This is your
share of the $53 trillion debt
http://georgewashington2.blogspot.com/2008/07/you-owe-455000.html
George Washington's Blog
(Click Here for Part 1)
Thursday, July 17, 2008
You Owe $455,000
If you opened your credit card statement and it said that you owe
$455,000, you would be quite concerned, right?
If you got a letter from the IRS saying you owe $455,000, you'd be
upset, right?
Well, I'm sorry to tell you, but you really do owe $455,000.
According to the Government Accounting Office, each American
household owes $455,000. This is your share of the $53 trillion in
long-term liabilities held by the U.S.
You may have heard that "deficits don't matter" or that these huge
liabilities will be paid off during future boom economic times.
But listen to the words of non-partisan government experts on these
issues:
The St. Louis Federal Reserve Bank posted a paper entitled "Is The
United States Bankrupt?". The paper provides the following answer:
"The United States is going broke"
"People seem to think the government has money," said former U.S.
Comptroller General David Walker. "The government doesn't have any
money"
The United States Department of the Treasury and the Office of
Management and Budget published a report stating that the U.S. cannot
grow our way out of the government's liabilities, that the
liabilities are quickly growing, and that failing to take drastic and
immediate action would lead to very bad consequences (the report was
written in 2006)
The International Monetary Fund - which oversees third-world
economies - are so concerned about the solvency of the U.S. economy
that they are conducting a complete audit of the whole US financial
system
If you owed $455,000, you might very well have to file for
bankruptcy, unless you had some rich uncle who could bail you out.
But if your uncle had bailed you out numerous times in the past - and
if you had consistently broke your promises to re-pay him - he'd
probably cut you off.
The U.S. owes $53,000,000,000, and our rich lenders - China, Saudi
Arabia, Dubai, etc. - are getting very tired of bailing us out. As
Merrill Lynch recently pointed out, our "rich uncles" are seriously
considering turning off the spigot on the U.S., to stop throwing good
money after bad. The U.S. is already insolvent, but our government is
hiding that fact from the average American. If our "rich uncles" cut
us off and call in the debt, the U.S. may be forced to take drastic
measures - like selling our physical assets to the lenders at fire-
sale prices - just like debtors in bankruptcy court are forced to do
every day.
Even if we can convince our creditors to keep lending us more money,
the $455,000 each household owes will keep skyrocketing higher and
higher. And as our government prints more and more greenbacks to try
to bail out the big firms on Wall Street, we will all become serfs
and wage slaves toiling away to pay off these debts and to buy the
ever-increasing costs for necessities caused by run-away inflation.
You can thank both parties for this fine mess we're in. Presidents
and Congress people from both parties have been selfish and ignorant
about economics, and have been lulled into a "don't rock the boat"
mentality by the snake oil salesmen representing the wealthiest.
There's Hope . . . If We Wake Up
There is hope. But it won't come from tinkering with the current
financial system.
We need a new, transparent government and financial system which
lives within its means. As people like Congressman Ron Paul have
repeatedly pointed out, governments which use "fiat currencies"
always spend more than they have and get in trouble.
This decades-long charade must end, and we must get back to sound
economic policy. If America is to survive, we must wake up and start
practicing true economics once again.
Posted by George Washington at 8:29 AM
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