This clock displayed in the above link (click it…it is very enlightening) calculates not just America’s federal public debt which is 15 trillion, but it also shows total debt including citizen debt, business debt, state and local debt, and other forms of debt like social security and medicare/medicaid. The total debt of our country is approaching 57 trillion. Our GDP is only 15 trillion. Do you mind telling me how our GDP will ever catch up to pay off 57 trillion? Even if we liquidated all our assets we still couldn’t cover our liabilities.
Now, if you extrapolate the situation in America to Europe, the picture is the same. world-debt-clock.html This clock only shows public debt relative to the countries GDP. Look at the European countries relative to China and India. Do you think China and India can bail out the western civilization? Do you think they even care? Shit, they have almost a third of the world population to take care of and don’t have the resources to bail out our bleeding asses. But, when we implode they will also experience hell, but to lesser extent. The changing of the guard is here. Time to start teaching Mandarin, Cantonese, Hindi, and perhaps Spanish in the schools. English, German, and French can become electives.
Inflation is here folks and it is going to get much worse. And when inflation hits hard, the cat will be out of the bag. Inflation is the fuse that will awaken the public to the Ponzi scheme that is paper money printed at will, debt issued at the push of a button, and the electronic casino that is the stock market; and the debt bomb will explode world-wide leading to chaos. Greece is a prelude. I am not alone in this perspective. There is another way my friends for human beings to create our existence without money. Just watch some little kids play a little league baseball game.
“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal – that there is no human relation between master and slave.”
“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.”
“The modern banking system manufactures money out of nothing. The process is, perhaps, the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint and un-mint the modern ledger-entry currency.”
Major L L B Angus.
“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it… The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.”
John Kenneth Galbraith
“Paper money eventually returns to its intrinsic value —- zero.”
“I sincerely believe … that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large-scale.”
“Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.”
“If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.”
John Maynard Keynes
“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”