Interesting. I’m in my early 30s and remember when I was a child during the Reagan years, and on the politicians and commentators mentioned something costing in the tens or hundreds of millions and people were amazed at the expense. Now, it seems people are desensitized with the numbers. A billion, ten billion, a hundred billion, half a trillion, and even a trillion. The American people just no longer care. This creates an environment where when someone hears of a pork project in some congressional district costing $50 million, they just don’t care because $50 million seems like nothing compared to the billion and trillion numbers I just mentioned, that get thrown around in budget talks like it’s nothing.
What’s funny is NONE of this money exists in reality. It’s all a bunch of IOUs back by the federal reserve printing a bunch of worthless paper.
YES, we ARE headed for hell in our hand basket. Call your congressman and thank them.
“What’s funny is NONE of this money exists in reality. It’s all a bunch of IOUs back by the federal reserve printing a bunch of worthless paper.”
Where this money exists; and where it is NOT worthless...is in the net borrowings of the US Treasury. Without going into the specifics of whom is (or is not) printing, whom is borrowing...intense borrowing is indeed going on. And it is impacting the value of the dollar, as we are seeing in the relentless purchasing-power decline of the USD.
For the sake of bailing out the Wall St and money center banks; the losses from their egregrious speculative activity is gradually but relentlessly being imposed upon taxpayers in the form of vicious price inflation. The 3+ points opened up between the Fed Funds rate and prevailing mortgage rates has benefitted the typical homeowner maybe 1/2 point, at best.