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As I've said elsewhere, I have no intention of spending a lot of time discussing politics and economics since others do it so well. (See my post #47 about The Third Lens [with a tip of the hat to Joel Rosenberg] ) .
However, this linked article is very startling and important, since it puts America's true debt all on one page for once. America is obligated to pay more that the entire annual domestic production of the entire world!
I urge you to read it, and then to do whatever you can do to stem this alarming ocean of debt that will eventually drown America.
The article is called "Falling for the great lie"
http://www.frontpagemag.com/Printable.aspx?ArtId=35993
Please comment!
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Have you got any info regarding the debt of other countries? I have heard that there are other countries that already have higher debt than the U.S. may be looking at. Obviously, it has not resulted in their fall...yet.
ReplyDeleteAnon, I've read a lot of articles, posts, emails and blogs about other countries debt, and as you say some countries are worse -- but I've never kept such articles to refer back to them.
ReplyDeletePart of the danger to America is that there may be nobody to lean on if and when America goes under -- even if somebody would let us lean on them (so to speak). We'll just need to keep our eyes open.
One of the things we should watch for is phase one: China buying fewer treasuries; phase two: China no longer buying treasuries, and phase three: China selling treasuries.
Phase one is already happening this month.
I just read on CNBC business that Japan holds almost as much U.S. debt as China does -- but with only 1/10th the population. So each Japan citizen holds almost 10 times as much U.S. debt as the average Chinese citizen.
ReplyDeleteRemember, what the government owes the people owe, and what the government owns the people own (although hardly any country recognizes that fact). In America, it is usually said in this way: "the Government has no money".