Always good to have a little perspective. But debt and deficits don’t matter we are told. So don’t worry.
Except it's not $65 trillion, it's over 100 trillion...read this speech from 2008 by Richard W. Fisher who has been the President and CEO of the Federal Reserve Bank of Dallas since April 2005. http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm
It looks like its going to take the reality of another collapse for all of the uniformed voters out there to finally wake up to the fact that good intentions of helping everyone own homes, big screen TV's etc, not does change the reality that its not sustainable.
Look folks, we don't "borrow" from China. China bought our bonds. China could sell those bonds on the open market if they so chose. The reason they don't, is because they know that the U.S. will pay the coupons. They view U.S. Treasuries as a safe, secure investment. If they didn't, they wouldn't have bought them. We did not go to China with our hat in our hand and ask for a loan. What actually happened was we said "Shit! We need to raise a bunch of money. Lets issue more Treasuries on the bond market." Then China saw that and said, "Hot Damn!! The safest most secure investment in the world is increasing the opportunities to invest? And the increased volume means more supply which means lower prices to buy that investment? YES siree! More sir! More!"
No more lobbyist no loopholes. Government people in office have to have the same insurance as employe workers. Start shooting them maybe that will work. Lol
We bomb them. They can't survive without us. We are building up their economy and work force. We want them to have a middle class because there is a BILLION OF THEM to buy American products.
Bad news folks, he has borrowed money ( a lot of money) from China to be able to keep spending on losers. What do we do when China asks for payment in full?
Not sure which is worse: our economic mess or the ignorant and misinformed neocons fingerpointers here. In either situation the only reasonable response is execution of our leaders for letting this happen and their supporters for selfishly cheering it on.
We need a balanced budget ammendment, lower taxes for everyone via a flat tax with no loopholes. Asmaller govt. that dpends less on "entitlements". The only "loophole" aka tax incentive should be for 50% of charitable contributions. Then we would have a public/private partnership in helping the needy but the govt. would not be running or mismanaging it and wasting taxpayer money.
Oh tony the kool aid run strong in you. It was Darth Cheney who said that no president Obama. but then again we've always been at war with East Asia?
Kurt there has not been a balanced budget since Andrew Jackson. Clinton nearly had one, a year later his budget had gone up again. And that was during an economic boom.
Hey Tony Williams, that was actually Vice President Dick Cheney who said that deficits don't matter. Try not to blame every fuck up of the Bush administration on Obama.
Okay, first of all, I am a hardcore libertarian, I hate the deficit, I hate the debt, I hate Obama. That said, this is not a fair characterization. He is comparing a number "all obligations over the next arbitrarily large number of years" to "the economic output over one year". Debt is out of control. His number is $65 trillion, federal receipts per year are closer to $2 trillion. But, that one and a half zeroes is not comparing apples to oranges. It would be more fair to compare to federal receipts over the next 20 years... which is still not enough, but still. There is enough damning facts and information to win all these fights with honesty, there is no need to use tricky statistics and false comparisons to win these arguments, it just gives the statists more ammunition.
what states or nations are going to the gold standard? Most central banks have heavily sold off gold reserves. Do you get you info from InfoWars?
All debt from the printing of currency should be written off the books, which would immediately lower our debt significantly. This was wealth stolen from the citizens of this country, as evidenced by the devaluing of our money, the dollar now has about 3 cents purchasing power it had in 1913 when the fed began "managing" our money. Also all the IOU's from congress stealing the social security trust should be written off, WE don't need to be paying the FED interest on money we owe ourselves.
These guys don't care. They are in the "moment" or the current time and figure that others can take care of the future. It doesn't seem to matter about anyone but themselves. What a bunch of selfish, self-centered, anti-American jerk.s
Clinton sucked to but the guy after him (bush) was worse. We will be never go down our economy and power controls most if the world. Without us there would be no china.
This ought to really fry those little tea bag brains of yours: They don't actually bother to print the money. The Fed just credits the accounts of the financial institutions. Then the institution can access those electronic funds and transfer them, electronically, however they see fit. It's all electronic. The currency they credit to the accounts doesn't really exist yet. Bwahahaha!
Government debts and budgets are nothing like, nor should they be treated as, how business or household finances are run. Businesses and households cannot issue their own currency. Most governments, issue their own currency, therefore, can deal with their debt. Those that don't issue their own currency, cannot manage deep debt obligations. That is why Greece and other EU countries have continued to struggle.
Makes a great point, but we have to keep in mind that GDP is an annual number, while the obligations are spread over many future years. So, it is somewhat unfair to stack the bars next to each other. Still, liberal politicians have screwed us six ways from Sunday with their spending.
Let’s face it, the federal reserve is essentially a government myth. What it is necessary to know about our money is that we have the unalienable right to individually earn, own and control the supply of our money in our own independent and individual sovereign space. To be a sovereign, you are a male or a female. A male sovereign requires the existence of a female sovereign, and a female sovereign requires the existence of a male sovereign. Neither exists without the other. A sovereign operates at his or her own expense, not the expense of another, by consent without any force. All money is individually earned and owned this way. Every word of the Constitution matters and is not "outdated."
you people don't seem to remember, but your teachers were right. foul language, misspellings and poor grammar does detract from any argument you attempt. Maybe you're not so much, but at least, attempt to approach intelligent communication. It really would help whatever you say and maybe in many cases, make it seem more agreeable.
11 states are going to the gold standard, and guess what the banks are buying, gold, they are so broke they are buying gold, pathetic audit the looters get the money straightened out and jail them.
yeap now consider it was done on purpose, right now the central banks are pouring money into the stock market to prop it up and buying gold. if they were broke and needed a bail out where is the money coming from, second the private federal reserve bank took 14 trillion at least to euro banks, thats public record public congressional hearings thats about 23+ of our debts? get that 14 trillion back and restore it and the banks debt is 3 trillion. this is so they can have their one world economy and just drain the non billionaire and trillion - are's of their wealth or what wealth the common people have. Its disgrace and here comes the bit coin. As far as im concerned the Private federal Reserve is in debt not the country, a private banks ruins us and somehow thats our fault, not for me.