Posted on 04/22/2011 7:41:54 PM PDT by John Semmens
While Standard & Poor’s reclassification of theUSFederal Government’s debt situation from “stable” to “negative” shook financial markets around the globe, Credit Suisse offered a contrary perspective.
“If you confine your analysis to the resources currently available to the US Government things do, indeed, look perilous,” observed Credit Suisse spokesman Pierre Petit. “Default seems inevitable. However, there is more than sufficient wealth in private hands to cover the outstanding obligations.”
Petit laid out the “math.” “Outstanding debt is in the $14 trillion range,” he pointed out. “There is no way this can be serviced, much less paid off under existing tax rates. But who says tax rates cannot be changed? Right now, there is an estimated $57 trillion worth of assets in private hands in theUnited States. A 25% capital levy on these assets would net the Government about $14 trillion—enough to wipe out all of the current debt.”
The Credit Suisse input was warmly welcomed by President Obama. “It supports what I’ve been saying and polls have been confirming, the rich aren’t paying their fair share,” the Present asserted. “A one-time levy of 25% on everyone’s net worth would wipe out the debt and give us a fresh start.”
The President touted the fairness of such a levy. “Folks who don’t own any assets or who owe more than they’re worth wouldn’t have to pay,” he explained. “Only those lucky enough to have a positive net worth—home owners with real equity, people with stock or mutual fund portfolios, IRAs, 401ks, business owners and the like—would have to chip in. What could be fairer than that?”
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http://azconserv1.wordpress.com/2011/04/22/nlrb-assumes-control-over-business-location-decisions/
ping
Damn yer humors gettin dark John! This aint funny!
This is a joke, right? Or has the Moron-in-Chief finally gone off the deep end completely?
All the communists have to do now is confiscate “private wealth”.
You're supposed to put some satire in your news! And I'm supposed to try to figure out when it switches from news to satire.
But this one doesn't have any satire! NO FAIR!!
ACK! I got that far before realizing this was a parody!
Being of sound mind, I spent half of my wealth on wimmen and booze. The rest, I wasted. Turnip, meet rock.
/johnny
I heard from “financial experts” that US is not broke because they can print money
I referenced one of your previous pieces on a local board to tweek a self-learned believer in debt-based economies that lurks there.
He heartily agreed with everything Heather Higginbotham had to say and he’s already pushed the idea you have here.
I look forward to the day the world returns to sanity and you are out of a job. ;)
/johnny
I can no longer laugh at satire because it has become prophecy.
There are no limits to the insanity of the Obama administration. They are capable of absolutely every stupid and evil thing imaginable.
That is some good satire.
LOL, you're gettin' scary, John.
Actually with the coming inflation I could pay off the national dept myself with the proceeds from the sale of my 1985 Ford F150.
Thx for volunteering.
I've been 'judgement proof' since the 3rd ex-wife. I live in a house that belongs to a relative's estate, I don't own any of the vehicles in my driveway. I do have a pot to p!ss in, but no window to throw it out of, and some hand tools, but those are protected in judgement proceedings.
So far.
But you are correct, the coming inflation is making my liberal neighbor bitch about who the pubbies will run in 2012. And cringe when I say "Palin, of course" ;)
/johnny
If we could get access to all the politicians Swiss bank accounts, I bet we could find a few trillion there.
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