5 posts tagged “national debt”

“You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that, my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”

--Dr. Adrian Rogers

My thanks goes to Judge Bob for finding this excellent quote!

You often hear about the "$10 trillion national debt". This is a phenomenal sum, to be sure. But it doesn't even come close to what our REAL obligations are.

The "national debt" conveniently leaves out the government's obligations for Social Security, Medicaid and Medicare and similar obligations. Add these figures to the mix and the U.S. is in the hole by about $70 TRILLION!

And this is just the projected SHORTFALL. That puts a different spin on things, now doesn't it?

These obligations are impossible to meet through taxation. And they will never be met by cuts in government spending (the entire government would have to be practically eliminated... which doesn't sound like a bad idea!)

This leaves only two basic options...

Either the U.S. government eventually defaults on foreign loans and obligations to retirees

Or we hyper-inflate the currency and pay back previous obligations with fresh new money created from thin air

Which route do you think politicians will choose? They have already chosen, and the process is now underway.

Is your retirement protected? Are you prepared for the inflation that is inevitable?

BANKRUPT AMERICA: PAYING THE PIPER FOR

US GOVERNMENT BAILOUTS – 2.7 TRILLION DOLLARS

In Loans and Commitments with More to Come!

TARP                                                $700 billion

Bear Stearns                                           29 billion

Detroit Big Three Autos                          25 billion

AIG                                                      150 billion

Fannie & Freddie                                  200 billion

CDO’s                                                  144 billion

FHA Rescue Bill                                   300 billion

JPM for Lehman                                     87 billion

Fed’s TAF program                              200 billion

Commercial paper                                   50 billion

Fed currency swaps                               740 billion

Total:                                                  $2.7 Trillion!

A billion here, a billion there and pretty soon it adds up

To Real Money!

Instead of going into debt of between $700 Billion to Infinity and bailing out the bad investments and investment banks, I would use the same cash to create new banks with fresh balance sheets and auction off the stock of the new banks to repay the initial investment. Then we would have a new healthy financial sector with new banks that have a healthy balance sheet and the people who took the risk would get their just reward.

I think that every taxpayer should file for Bankruptcy next Monday. If the Federal Government is going to allow the spendthrift banks, investment banks and mega insurance company AIG to go bankrupt and have Uncle Sugar transfer their debt to the taxpayers then the taxpayers should return the favor. Frankly I'm disgusted.

A Bubble That Broke the World, by Garet Garrett

Bio of Garet Garrett

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