Americans could be in for a rude awakening in coming months when they discover the true scope of the massive national debt racked up by the U.S. government.
In fact, the $1.6 trillion deficit expected for 2010, which is above 10% of gross domestic product (GDP), is only the beginning.
Since the current economic crisis began in late 2007, the U.S. Federal Reserve has tripled the size of its balance sheet, creating enormous amounts of new money by lending to hundreds of ailing banks and buying up more than $1 trillion of questionable asset-backed securities.
But that's only a small part of the story. Since the beginning of the crisis, the Fed has lent, spent, or guaranteed $11.6 trillion, including underwriting the entire system of mortgage finance in the United States, a system that currently shows a nearly $1 trillion loss.
LINK HERE
Er-uh-mah-nah... actually I think the Govt is in for a rude awakening when they try to collect taxes on people who have no money and no jobs...
ReplyDeleteThat's going to be hilarious! The Joke is going to be on them!
LOLMAO!
And the score is
ReplyDeleteBanksters- 11.6 trillion
Average Joe- zero
God Bless America
Back when I saw the banksters holding the taxpayers hostage for billions of dollars I was really expecting a big FU. Instead the criminals got what they wanted and they will continue to get everything they want.
ReplyDeleteRight out in the open no less.
They fully controlled our media to a tee. When the Rothschilds bought out Reuters in the 1880s that is when the truth started sliding on a slippery slope off into the abyss.
Kill your TV. Meaning STOP watching all corporate news. That includes STOOGES and liars like Bill Mayer, Daily Show, Colbert, Glenn Beck and others that are there to deceive you.
ReplyDeleteThey are there to humor you and play to your bias while dragging lies past your nose.
Glenn Beck at least puts people on that tell the truth sometimes about what is coming.
ReplyDeleteWe are screwed with consumer debt at the level it is the game of extend and pretend is almost over and we will be entering a prolonged depression which will be even worse than it would have been since they chose to bail out the their banker friends.
A trillion here, a trillion there, what's the big deal? After all, the government is here to help us. According to those Fox financial babes, you know, the 25ish looking girls with $1000 hair styles and $3000 outfits, they say everything is ok, economy is recovering, no more recession, unemployment going up. What's there to worry about?
ReplyDeleteThe real worries are if the Cowboys can win or if UT can be competitive with Alabama? Or if those poor millionaire and billionaire PGA golfers can survive without Tiger?
There is no reason to worry about the economy, the govt will take care of that for us!
Here's what Professor van Creveld had to say about America: "The United States is another large, multi-racial society where weapons are widelyavailable and that has a tradition of internal violence second to none. During mostof its history, abundant natural resources, an open frontier, and - later - globalexpansion enabled Americans to raise their standard of living. As they did so, fromtime to time they fought a war in which their aggressions found an outlet." "However, none of these factors any longer exist - The frontier was closed long ago.America's economic viability has been on the decline since about 1970. Partly as aresult, so has its ability to dominate the rest of the world, a process that the recenteclipse of the USSR is unlikely to halt. As Americans found it took running fasterand faster just to stay in place, social tensions have mounted and so has escapism -the use of drugs; President Reagan described it as 'our number one war'. America'scurrent economic decline must be halted; or else one day the crime that is rampantin the streets of New York and Washington, D.C. may develop into low intensityconflict by coalescing along racial, religious, social, and political lines, and runcompletely out of control"
ReplyDeleteWhen the dollar collapses chaos will reign in the strrets. gangs,militias will battle each other. the military will no longer listen to the govt so they will plead to the UN to restore "order" it will be a civil war with mini wars in cities across the nation. we will have grozny type urban battles.when the UN comes in. they will use divide and conquer on the various divisions in the nation. if u live near a military base you are not safe. if you a proximity of one again you are not safe. i leave with an artillery's distance from Fort Hamilton. So if an urban battle happens blood will be spilled. We all whats coming and we need to prepare.Its been planned and will happen. We will collapse. harder then the ussr. we are multiethnic and there will be many divisions and mini wars.
ReplyDeleteORDER THRU CHAOS --- economic chaos and the best part is that they can blame it on everyone else that they have brainwashed into depending upon the government. Divide and conquer. They have us fighting each other. Amazing that people never learn from history and thus are doomed to repeat it.
ReplyDeleteThe people of the United States need to also read, understand, and use the 10th Amendment to the Constitution.
@ 11:23 I wholeheartedly agree!
ReplyDeleteJust as soon as the people of the United States learn how to read then the first thing they should read is the Constitution. Then their states Constitution and so on and so forth... until finally they read the 10th Amendment.
But they must learn to read first!
The FED's are printing money out of thin air. The money is not taxpayer money.
ReplyDeleteBlah blah blah... FEMA Camps coming, worship the constitution (rag the government uses to wipe their ass), gangs will run the world. Hey, what use is it going to be to read the constitution when a) the country is no longer a semblance of what it was b) it is placing you in FEMA camps and C) there will only be gangs running the streets? I see a lot of contradictions here, but mostly no real point in sentimentalizing about the past, that is the years between 1776 and 1777 when supposedly this once great nation was free and prosperous for all.
ReplyDeleteBut also, so what if the bankers are 11.6 trillion richer. They are rich in worthless dollars. They stopped using gold reserves long ago. The economy is collapsing for everyone, period.