You owe $455,000

michaelr · 07-17-2008, 01:21 PM

Quote:

If you opened your credit card statement and it said that you owe $455,000, you would be quite concerned, right?

If you got a letter from the IRS saying you owe $455,000, you'd be upset, right?

Well, I'm sorry to tell you, but you really do owe $455,000.

According to the Government Accounting Office, each American household owes $455,000. This is your share of the $53 trillion in of long-term liabilities held by the U.S.

You may have heard that "deficits don't matter" or that these huge liabilities will be paid off during future boom economic times.

But listen to the words of non-partisan government experts on these issues:

Blog here.............

We will never pay this back, we can't. This is the reason for the upcoming police state, get it, it's all about the raping of this nation by the fuckers that own the Central Banks. The NWO!!

Djinn · 07-17-2008, 02:06 PM

Quote:

Originally Posted by michaelr

... We will never pay this back, we can't. This is the reason for the upcoming police state, get it, it's all about the raping of this nation by the fuckers that own the Central Banks. The NWO!!

Considering the nature of the preceding post, this link is provided as a courtesy for Political Hotwire members.

michaelr · 07-17-2008, 02:49 PM

Quote:

Originally Posted by Djinn

Considering the nature of the preceding post, this link is provided as a courtesy for Political Hotwire members.

Oh boy that was witty...I will give you a history lesson.

POLICE FORCED TO CLUB BESIEGING DEPOSITORS

No back to modern day.......Hundreds line up to demand money from failed bank

Now we are just starting to see the crash of 08, WTF do you think people will do when they find their pensions are gone, or the banks are shutting down?

Djinn · 07-17-2008, 05:26 PM

Quote:

Originally Posted by michaelr

... Now we are just starting to see the crash of 08, WTF do you think people will do when they find their pensions are gone, or the banks are shutting down?

I dunno.... Probably something similar to what happened during the S&L scandal of the 1980s, when thousands of banks were shut down.

michaelr · 07-17-2008, 05:40 PM

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Originally Posted by Djinn

I dunno.... Probably something similar to what happened during the S&L scandal of the 1980s, when thousands of banks were shut down.

Yep I remember the great Bush/McCain bank robbery, well that time the government bailed then out, now there picking what banks to save and which will fail. GM employees just lost their health care, wait till they try to retire.

anonnymous · 07-17-2008, 06:23 PM

Quote:

Originally Posted by Djinn

I dunno.... Probably something similar to what happened during the S&L scandal of the 1980s, when thousands of banks were shut down.

That cost about 500 billion, this bill could go as high as 15 trillion or more if you count the pensions that will be lost.

Latherty · 07-17-2008, 06:27 PM

Quote:

Originally Posted by michaelr

Oh boy that was witty...I will give you a history lesson.

POLICE FORCED TO CLUB BESIEGING DEPOSITORS

No back to modern day.......Hundreds line up to demand money from failed bank

Now we are just starting to see the crash of 08, WTF do you think people will do when they find their pensions are gone, or the banks are shutting down?

Hmmm, cant help but wonder, given the $455k per household figure in the OP, how that number would be affected by also adding in:
Fannie Mae and Freddie Mac off-balance sheet (Enron style?) "guarantees", and
Federal Deposits Insurance pay-outs in the event of a run on the commercial banks...

Nerv14 · 07-17-2008, 06:39 PM

This is just a thought... but I heard on an interview with Bob Barr, when the host said that we can't pay off this debt and that is why the government is trying to cause inflation to make the debt worse.

So... that may mean that this inflation is actually a good thing overall because even though it is destroying the confidence in the dollar, it is also going to make it easier to repay the debt.

I mean, we are either going to have to repay it with much larger taxes (or huge government cuts of course) or by just having insane inflation. I am no ecomomist, but George Bush may know what he is doing (there is a first time for everything, well maybe not for that...).

I also have another new thought... not everything is a globalist world-feds conspiracy theory, sometimes it is just economics... those things seem to get confused alot...

michaelr · 07-17-2008, 06:46 PM

Quote:

Originally Posted by Nerv14

This is just a thought... but I heard on an interview with Bob Barr, when the host said that we can't pay off this debt and that is why the government is trying to cause inflation to make the debt worse.

So... that may mean that this inflation is actually a good thing overall because even though it is destroying the confidence in the dollar, it is also going to make it easier to repay the debt.

I mean, we are either going to have to repay it with much larger taxes (or huge government cuts of course) or by just having insane inflation. I am no ecomomist, but George Bush may know what he is doing (there is a first time for everything, well maybe not for that...).

I also have another new thought... not everything is a globalist world-feds conspiracy theory, sometimes it is just economics... those things seem to get confused alot...

Destroying the dollar only makes the debt harder to pay. These guys have played kick the can with the economy, well it just isn't working. We need to strengthen the dollar and drastically cut spending. But even if you did that this money is still owed, banks will close, the raped pension funds will still exist. I am no economist thats for damn sure, but common sense says it's over. I have been trying to get the figures about the recent stock market manipulation, it may take another day or two. Thank god for alternative media.

Nerv14 · 07-17-2008, 06:51 PM

Quote:

Originally Posted by michaelr

Destroying the dollar only makes the debt harder to pay. These guys have played kick the can with the economy, well it just isn't working. We need to strengthen the dollar and drastically cut spending. But even if you did that this money is still owed, banks will close, the raped pension funds will still exist. I am no economist thats for damn sure, but common sense says it's over. I have been trying to get the figures about the recent stock market manipulation, it may take another day or two. Thank god for alternative media.

I also agree with you right now that cuts in spending and a strong dollar are the answer, but we have to look at all our options.

We do need to recognize that with inflation, the debt will effectively shrink in the cost that it is worth in gold.

and how will the banks "close" on us if we owe them money? Isn't that good, because if China stops accepting our payments for their debt then won't we just have huge inflation but the debt wil dissapear...

That also sounds like a way to make our currency worthless... If any economist has any info about this I would be thankful for any help.