In 2011, Exxon/Mobil shares rose 20%, profits surged 35% to $41.1 billon |
Real
debt is truly $20 trillion
Huddie Ledbetter's 'Bourgeois Blues'
Ready to rumba?
“I
call that burden the wages of sin because the effort to cover our
country's current expenses with debts that will be borne by
generations of Americans is simply evil.” - Porter Stansberry
The celebrated $1 trillion platinum coin |
A
Financial Analyst's view
Washington
– Granted, the official net public debt of the U.S. is more than
double what it was when Barack Hussein Obama got himself elected
President. ($5.03 trillion)
Increased
since 2008 by $5.5 trillion to $11 trillion, it's 80% of the gross
domestic product, but the truth is, if you add in the stuff that's
not even on the balance sheet - $5 trillion in obligations such as
Fannie Mae's or Freddie Mac's, and $4.8 trillion in debts carried by
various government departments – but upon which we the people pay
the interest carry - you're looking at a $20 trillion anvil chained
to the ankles of future generations, as yet unborn.
That's
not the end of the story.
There
is no end to it, but here goes.
Americans
have paid nearly $200 billion interest for these obligations – and
they aren't even on the federal balance sheet.
No
one has the slightest idea how many trillions of dollars in debt the
Federal Reserve has created – out of thin air – to manipulate the
market rate of interest lower during this period.
One
thing for sure, it appears that there is an unlimited source of
credit based on the full faith and credit of the U.S. Treasury, and
it means one thing - and one thing only.
All
of us will certainly experience a lower standard of living, much
lower, in fact, than that which the average person experiences on a
daily basis at present.
An
investment banker estimates that if a 4 percent interest rate were
applied to this figure, it would take $34.3 trillion to repay what we
the people owe right now.
Tomorrow?
Next year?
Fugeddaboudit!
But
it's not that big a deal, according to M.I.T. Economist Paul Krugman,
author of a “New York Times” column called “Conscience of a
Liberal.”
The
problem of the national debt could be easily solved, thusly:
“There's
a legal loophole allowing the Treasury to mint platinum coins in any
denomination the secretary chooses. Yes, it was intended to allow
commemorative collector's items – but that's not what the letter of
the law says. At any time, by minting a $1 trillion coin, then depositing it
at the Fed, the Treasury could acquire enough cash to sidestep the
debt ceiling – while doing no economic harm at all.”
Ho.
Ho. Ho.
Tee.
Hee. Hee.