$33.1 TRILLION!
Mark Sonnenblick
US Can't Pay Its Debts - It Is Hopelessly Bankrupt
Wed Jul 17 21:03:10 2002
http://www.rense.com/general27/hopeless.htm" The US Can't Pay Its Debts - It Is Hopelessly Bankrupt
By Mark Sonnenblick
PressStaff@LaRouchePub.com
Executive Intelligence Review 7-16-2
http://www.rense.com/general27/hopeless.htm
This will be one of the topics of Jeff's radio program on Tuesday, July 16 with EIR editor Lonnie Wolfe.
Many people who had believed that there could be an upturn in the U.S. economy lost their delusions after reading a study which appeared in the July 5 EIR, especially after seeing its dramatic graphics. They realized that the U.S.A. is hopelessly bankrupt. Nobody before put together such a comprehensive study of the size of the debt, how it came about, and the impossibility of paying it. EIR economists Richard Freeman and John Hoefle gently walk the reader through how they added up statistics on household debt, corporate debt, and government debt. Freeman spoke with a dozen statisticians inside the Federal Reserve and other public and private entities, who provided data on separate pieces of this bubble, and who sometimes thought EIR's calculations were "too conservative."
A free copy of the whole July 5 EIR will be sent to anyone who calls
1-888-347-3258 and says "I saw it on Rense.com."
The study begins:
The spiralling growth in U.S. debt, and thus the requirement to service or roll over the debt, is creating the conditions, in the United States and globally, for the eruption of a hyperinflation of the type that ravaged Weimar Germany from March through November 1923. By the end of 2001, total U.S. debt had reached $31.12 trillion. On average, over the last four years, U.S. debt has surged at the rate of $2.2 trillion per year, or almost $200 billion per month.
The debt pyramid has grown so large, that it is unsustainable, and all attempts to service it will not work. Moreover, every such attempt further destroys both the underlying U.S. physical economy, and its bankrupt financial system. EIR's economics staff has determined, preliminarily, that by the end of 2001, on this outstanding debt, America's annual debt service--the interest payment, plus re-payment of a portion of the principal--had reached an unprecedented $7.36 trillion. This is equivalent to a staggering 72.1% of Gross Domestic Product....
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United States Congressional Record, March 17, 1993 Vol. 33, page H-1303
Speaker-Rep. James Traficant, Jr. (Ohio) addressing the House:
"Mr. Speaker, we are here now in chapter 11.. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner's report that will lead to our demise.
GO HERE FOR FULL STORY:
http://www.apfn.net/DOC-100_bankruptcy.htm
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TO WATCH C-SPAN COVERAGE GO HERE... CHECK LIST ON RIGHT SIDE OF PAGE:
THE MOST IMPORTANT IS EVENING SESSION PART 2
http://www.cspan.org/capitolspotlight/
C-SPAN COVERAGE OF: Rep. James Traficant, (D-Ohio)
Political Targeting:bills.