Posted on 01/02/2010 9:27:03 PM PST by FromLori
Americans could be in for a rude awakening in coming months when they discover the true scope of the massive national debt racked up by the U.S. government.
In fact, the $1.6 trillion deficit expected for 2010, which is above 10% of gross domestic product (GDP), is only the beginning.
Since the current economic crisis began in late 2007, the U.S. Federal Reserve has tripled the size of its balance sheet, creating enormous amounts of new money by lending to hundreds of ailing banks and buying up more than $1 trillion of questionable asset-backed securities.
But that's only a small part of the story. Since the beginning of the crisis, the Fed has lent, spent, or guaranteed $11.6 trillion, including underwriting the entire system of mortgage finance in the United States, a system that currently shows a nearly $1 trillion loss.
(Excerpt) Read more at moneymorning.com ...
ping
Also
US dollar loses luster in turbulent decade
http://www.busrep.co.za/index.php?fArticleId=5299884&fSectionId=552&fSetId=662
"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 a 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
lets have obama, pelosi and reed take on the responsibility for this debt. let them spend their own money
I’m not paying anything if they come knocking. I didn’t approve of them voting for all this crap. Start with all the perks and pensions and crap the senators and representatives have.
We are the new Aztecs-our wealth plundered by the Conquistadors.
What do they call that?
The bill is coming due and yet Obama and crew spend more. This does not bode well. But what the hell the great one eats snow cones in paradise at our expense. Welcome to the brave new world.
“…the massive national debt racked up by the U.S. government;” for friends of government.
Why wait, just go here to see the debt in real time: http://www.usdebtclock.org/
I don't know what "they" call it. But I call it fraud.
Goldman-Sucks recommends going long the BRIC nations and shorting the US...this AFTER they take billions in US Taxpayer bailouts to compensate their losses.
Effing bastards. Every last one of them.
The international banking cartel raped Europe, then England, and is now raping America.
They next want to rape the Asian countries. “BRIC” and “emerging markets” are cover-terms for shifting the next boom to the Asian region so that they have a nice fat cow to slaughter.
The world ought to turn on these central banksters with pitch forks.
Agree with both your posts!
I am not paying either, there are ways of just squeaking by, without attempting to make a profit.....I am on that track.
Actually, the Dems and Barry will be in for a rude awakening...............
I’m right there with you — I no longer accept any work that involves sales tax (graphic art - outsource the printing, etc).
Services only, discounted.
Not good timing for a census.
I do not think any one of these three could even balance their checkbook. They are absolutely clueless, careless, and incorrigible.
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