BTW: "The total national debt of The United States on a fully realized basis, inclusive of federal, state, county and local debt stood at a record $20.613 trillion (83.73% of said debt having been created from 1981-92 and from 2001 to present.) The total public and private indebtedness of the United States ended the year 2003 at $39.384 trillion. The total public and private assets of the United States ended the year 2003 at $26.134 trillion. Thus, the United States by the end of 2003 has a negative net worth of approximately $13 trillion. The total debt service of the United States ended the year 2003 at 309.4% of GDP (Gross Domestic Product). These are numbers never before seen. This is a higher debt to gross domestic product ratio than any other country on earth, which still services its debt."
These figures are from 2004!
Go to the link and read the comments - they're outstanding!
I think a larger perspective may be helpful. The United States and, indeed, all industrialized societies face a fundamentally unsolvable problem. Our economic model, including fractional reserve banking, perpetual government debt, rising equities markets, etc., require unending economic growth to remain viable. It is my view that the US and indeed the world is bumping up against the carrying capacity of the planet, especially with regard to the growing demand/supply imbalance of fossil fuel energy sources.
Peak Oil, defined as when the production capacity of oil reaches its maximum is in sight. New oil projects coming on line have not kept pace with the rise in demand and depletion of existing fields for some time now. Production capacity is at about 85 million bbd. I will be interested to see is world oil production will keep pace with demand growth. If total average production in 2006 drops below that of 2005, then one must conclude that we are at the crest of the Peak Oil production bell curve.
What I am saying is that once this reality becomes widely accepted, all world fiat currencies will devalue relative to commodities and massive economic contraction is guarantied. So, the game becomes for the government to borrow or print as much currency as they need without concern for paying it back. The dollar is doomed.
There will be no return to a "pre-911" world. The leaders of the US have decided that military control over energy transit choke points and resource rich areas of the globe will continue under the guise of "The War On Terror". This is how they are planning to deal with resource depletion; to forestall the inevitable economic collapse for as long as possible.
It's not a question of if, but when. Perpetual economic growth that is dependent upon finding ever increasing amounts of cheap energy (oil) is simply not possible. It matters not how many billions of barrels of oil in the form of tar sands, heavy crude and deep water conventional oil are in the ground. It is the slow rate of extraction and processing that leaves these alternatives inadequate to avert the meltdown.
More information is available at the following link: http://video.google.ca/videoplay?docid=8677389869548020370&q=smoke%20oil%20and%20mirrors
A very interesting post. The data just reinforces the fact that this is a unsustainable economic system and the collapse is inevitable. With regards to the moneylenders, I have read enough. I know it's not much but I'm going to pull my $$$ out of the bank and also going to advise my family and friends to do likewise. It's a small step but a necessary one.
This is what a reader at Ming the Mechanic had to say about the post I quoted, above in a comment:
"14 Jan 2004 @ 11:04 by sharie : $ paid to the Rich, billed to the poor To refer to this as *U.S. debt* is a lie.
This *debt* is money *owed* to the rich because of the way the *rich* manipulate the media, the politicians, and the mass population.
$500 billion a year to weapons companies, for example, for what?
What country is a threat to us?
Who is a threat to us?
The weapons makers!
They're the threat.
The military and CIA is there to protect us?
Obviously not.
So why pay them?
Their perspective on the *debt* needs to be adjusted.
The U.S. people don't *owe* the rich *any* money.
Those who've swindled, and embezzled, and funnelled the money, distorted evidence and lied to the press in order to manipulate the federal budget funding... they owe *us* the money they embezzled and swindled.
Come on, Ming, don't look at it from *their* perspective.
*THEY* owe *US* ...
$20 trillion.
Divide $20 trillion by the 100 million U.S. adults (ballpark figure) and we might expect a refund of ...
let's see where's my calculator ...
20,000,000,000,000 divided by 100,000,000...
= 20,000,000
$20 billion to each of us.
Sounds about right."
The math may be a little off, but in principle, I couldn't agree more.
Abu Zainab, said: "I'm going to pull my $$$ out of the bank and also going to advise my family and friends to do likewise. "
Absolutely! You should only have enough money in the bank to handle your most essential checking affairs. If you have extra cash - lend it to your family and friends interest free - cut out the usurer!
An excellent article on the theme of the global casino and "simulated money" -- http://from-the-catacombs.blogspot.com/2006/10/this-weeks-must-read-article.html
Caryl
Monday, October 16, 2006
Comment deleted
This comment has been removed by a blog administrator.
I haven't written about it in some time, because so much other sh*t has been happening in the world - incidentally, financed by the same people (without money and energy, wars are not possible) - but, it doesn't mean that 'it' is not on my mind.
'It' is the single, most unnoticed, yet destructive force in the world and was the raison d'etre for this blog when I first launched it.
If you haven't seen From Freedom to Fascism, Monopoly Men, or other assorted documentaries about the biggest scam on earth - you probably don't understand, or realize the explosive power of 'interest' on our personal and collective debts - literally, it's a ticking TIME-BOMB.
America is dangerously close to a debt explosion that will make the 'Big Bang' look like fireworks.The numbers for fiscal 2006 are in, and the bleak prospects of our exponentially escalating interest expense bodes particularly ill toward any hopes of balancing any future budgets. Interest expense on our debt for fiscal 2006 totaled 405 billion, blowing away the next highest interest expense total in 1998 of 363 billion. At 405 billion, interest expense for 2006 composed a whopping 70% of our total on-budget deficit for the fiscal year.
[Image] What will happen to this debt now that higher average interest rates are required to service our national debt, following 14 consecutive Fed rate hikes? Average issued debt maturity is just 55 months (and getting time shorter).
[Image] With total U.S. debt at 8.506 trillion dollars, this resulted in an on-budget deficit for 2006 of 574 billion, the second largest in our nation's history, just 22 billion under the all time record deficit set in 2004. The very next reported day - the first day of the new fiscal year (October 2, 2006) - U.S. debt increased by over 42 billion dollars.[!!!] If this had been added to the reporting day before, the total deficit for 2006 would have shot up to 616 billion, blowing away the former all time record deficit of 2004 by 20 billion dollars.
[Image]We're being set up, both as a nation and as individuals, for the biggest bank heist in history - but, it's the banks that will do the robbing - when they call in all their 'loans' and seize all our property.
And keep in mind - more often than not, they didn't even earn the money they loaned US, they either borrowed it from someone else at a lower interest rate (aka, the carry trade), or they collected it from someone else, through extortion.
Such is our cannabalistic money system - literally, a dog-eat-dog world - where the first canine is a lender and the second is a borrower.
8 Comments
Close this window Jump to comment formBTW:
"The total national debt of The United States on a fully realized basis, inclusive of federal, state, county and local debt stood at a record $20.613 trillion (83.73% of said debt having been created from 1981-92 and from 2001 to present.) The total public and private indebtedness of the United States ended the year 2003 at $39.384 trillion. The total public and private assets of the United States ended the year 2003 at $26.134 trillion. Thus, the United States by the end of 2003 has a negative net worth of approximately $13 trillion. The total debt service of the United States ended the year 2003 at 309.4% of GDP (Gross Domestic Product). These are numbers never before seen. This is a higher debt to gross domestic product ratio than any other country on earth, which still services its debt."
These figures are from 2004!
Go to the link and read the comments - they're outstanding!
Sunday, October 15, 2006
I think a larger perspective may be helpful. The United States and, indeed, all industrialized societies face a fundamentally unsolvable problem. Our economic model, including fractional reserve banking, perpetual government debt, rising equities markets, etc., require unending economic growth to remain viable. It is my view that the US and indeed the world is bumping up against the carrying capacity of the planet, especially with regard to the growing demand/supply imbalance of fossil fuel energy sources.
Peak Oil, defined as when the production capacity of oil reaches its maximum is in sight. New oil projects coming on line have not kept pace with the rise in demand and depletion of existing fields for some time now. Production capacity is at about 85 million bbd. I will be interested to see is world oil production will keep pace with demand growth. If total average production in 2006 drops below that of 2005, then one must conclude that we are at the crest of the Peak Oil production bell curve.
What I am saying is that once this reality becomes widely accepted, all world fiat currencies will devalue relative to commodities and massive economic contraction is guarantied. So, the game becomes for the government to borrow or print as much currency as they need without concern for paying it back. The dollar is doomed.
There will be no return to a "pre-911" world. The leaders of the US have decided that military control over energy transit choke points and resource rich areas of the globe will continue under the guise of "The War On Terror". This is how they are planning to deal with resource depletion; to forestall the inevitable economic collapse for as long as possible.
It's not a question of if, but when. Perpetual economic growth that is dependent upon finding ever increasing amounts of cheap energy (oil) is simply not possible. It matters not how many billions of barrels of oil in the form of tar sands, heavy crude and deep water conventional oil are in the ground. It is the slow rate of extraction and processing that leaves these alternatives inadequate to avert the meltdown.
More information is available at the following link: http://video.google.ca/videoplay?docid=8677389869548020370&q=smoke%20oil%20and%20mirrors
Sunday, October 15, 2006
This is a debt which can only be paid in the currency of blood.
Sunday, October 15, 2006
A very interesting post. The data just reinforces the fact that this is a unsustainable economic system and the collapse is inevitable. With regards to the moneylenders, I have read enough. I know it's not much but I'm going to pull my $$$ out of the bank and also going to advise my family and friends to do likewise. It's a small step but a necessary one.
Sunday, October 15, 2006
actually, it's an illegitimate debt.
This is what a reader at Ming the Mechanic had to say about the post I quoted, above in a comment:
"14 Jan 2004 @ 11:04 by sharie : $ paid to the Rich, billed to the poor
To refer to this as *U.S. debt* is a lie.
This *debt* is money *owed* to the rich because of the way the *rich* manipulate the media, the politicians, and the mass population.
$500 billion a year to weapons companies, for example, for what?
What country is a threat to us?
Who is a threat to us?
The weapons makers!
They're the threat.
The military and CIA is there to protect us?
Obviously not.
So why pay them?
Their perspective on the *debt* needs to be adjusted.
The U.S. people don't *owe* the rich *any* money.
Those who've swindled, and embezzled, and funnelled the money, distorted evidence and lied to the press in order to manipulate the federal budget funding... they owe *us* the money they embezzled and swindled.
Come on, Ming, don't look at it from *their* perspective.
*THEY* owe *US* ...
$20 trillion.
Divide $20 trillion by the 100 million U.S. adults (ballpark figure) and we might expect a refund of ...
let's see where's my calculator ...
20,000,000,000,000 divided by 100,000,000...
= 20,000,000
$20 billion to each of us.
Sounds about right."
The math may be a little off, but in principle, I couldn't agree more.
Abu Zainab, said: "I'm going to pull my $$$ out of the bank and also going to advise my family and friends to do likewise. "
Absolutely! You should only have enough money in the bank to handle your most essential checking affairs. If you have extra cash - lend it to your family and friends interest free - cut out the usurer!
Monday, October 16, 2006
An excellent article on the theme
of the global casino and "simulated
money" --
http://from-the-catacombs.blogspot.com/2006/10/this-weeks-must-read-article.html
Caryl
Monday, October 16, 2006
This comment has been removed by a blog administrator.
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