Posted on 09/22/2010 2:40:20 PM PDT by tired1
Government and international organizations are lying effectively lying to us, there is no question about it. The present value of the difference between spending and revenues from the CBO is $200 trillion."
(Excerpt) Read more at zerohedge.com ...
However we're not bankrupt, our private central bank (the Fed) can always print more bucks.
Print more debt don’t you mean, FRiend ??
DUH. The U.S Government has been bankrupt for decades. Nothing new here except the number..
Ask the old Reich about printing money in hopes of printing prosperity.
At one point during a certain war, one could haul several trillion worth in reichmarks to a store in a basket, and the basket was worth more than the money it held.
U.S. Is Bankrupt and We Don’t Even Know It: Laurence Kotlikoff - Bloomberg.comOf course, the correct answer is, "Yes. Congress has no management standards and very few ethical standards.""Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future."
INSERT CONGRESSMAN'S NAME HERE, this is exactly why the people operating Enron went to prison. Do you believe that Congress is held to a lower standard than corporate management?
That happened immediately after the Allies took over control and left the Reichbank to print money as it wished.
And it’s getting out .... notice the price of precious metals lately?
You are correct. And technically (unfortunately) the US will not go bankrupt because it is the world’s reserve currency.
However, the debt remains to be dealt with.
While we’re at it, the Federal reserve note is NOT fiat currency - it is a debt instrument.
Not so, closing days of the war right before Berlin got steamrolled.
After that was the usual chaos of post hostilities rebuilding.
The “Great War” saw something similar where the D-mark got devalued heavily towards the end of the war.
It may have been devalued, as a normal consequence of a war lost, however the hyperinflation didn’t begin until the peace began.
Considering how the Obama admin rails against capitalism, I’m betting they won’t do that, but instead will purposefully default and go bankrupt to usher in a different economic and political form altogether.
bump
I’ve read/heard estimates from various experts ranging from $50 to $200 trillion of debt including unfinded liabilities. Whether it’s $50T or $200T, I would agree with Kotlikoff, we’ve been bankrupt for a long time. Most folks just haven’t realized it yet. When that critical mass of people do, then is when things really get to steamrolling.
“We will eventually end up doing the same thing in the USA to neutralize the lethal obama debt forced on our children.”
Correct.
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