WarrenJ Posted August 16, 2009 Report Share Posted August 16, 2009 Here follows a quote from a financial newsletter I subscribe to. "Currently, the total debt in the United States is nearly $60 trillion. That’s $186,000 per person in the United States, or $750,000 per family. Looking at the numbers this way should make it obvious to anyone: These debts can never be repaid. And without heavily progressive taxes on the rich these debts could not even be financed. Last year, total debt increased by $3 trillion –roughly eight times faster than GDP. None of these figures include any of the unfunded government obligations, like Medicare or Social Security. And here’s the kicker: Nearly all of these debts were created since 1990 ($45 trillion)." That's about as far as I can go quoting without violating "Fair Use" doctrine. Nevertheless, the substance of my argument is this: our government is killing us economically. It would be charitable to say they do not know what they do. It would ALSO BE STUPID. I've come to understand our politicians care only about their re-election. They know EXACTLY what they are doing. Do you? Sure, I could be wrong, but why are we the greatest debtor-nation on this planet when I can remember, in my lifetime, we were the greatest creditor-nation on this very same planet? Answer?: POLITICIANS! They will bury you. However, I somehow suspect they will make life comfortable for themselves. Whaddayouthink? What do your friends and associates think? I'd like to know. Regards, Warren See: http://www.stansberryresearch.com There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises Link to comment Share on other sites More sharing options...
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