Federal obligations exceed world GDP

World Net Daily - Via Drudge ^ | Feb 13, 2009 | Jerome R. Corsi

[Islander7]

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.

[Islander7]

The $65.5 trillion total federal obligations under GAAP accounting not only now exceed four times the U.S. gross domestic product, or GDP, the $65.5 trillion deficit exceeds total world GDP.

[TheThinker]

The Chinese are crazy for subsizing us.

[EQAndyBuzz]

What makes all of this scary is if a 9/11 happened today.

[IM2MAD]

Bush’s fault.

[screaminsunshine]

TX at least someone is getting out the word of the true extent of what the Feds owe. Of course they will monetize it soon.

[Pontiac]

The Chinese are crazy for subsizing us.

Or is it part of a plan.

If they were to stop buying our debt it would our government would have to start printing money by the train load. We would be in hyper inflation in a matter of months.

If they decided to sell their portion of our debt on the open market we would have to devalue our currency and default on our debt. We would be a third world nation the next day.

China only needs to decide when they want to destroy our economy.

Saudi Arabia has the same hold on us.

[Tolerance Sucks Rocks]

Total world GDP is about 45 trillion, IIRC. (Or it was, prior to this economic slump.)

[Son House]

if a 9/11 happened today

point, probably any National disaster will be devastating because our first response funding will be eroded by Democrats spending

New Tag Alert!

National Disasters Will Be Devastating Since Mr. Øbama’s Spending Will Erode First Response Funding

[familyop]

Have a look at the following if you haven’t already. And consider this. As hard as it would be, a default might be the best thing that could happen to us.

The Truth about America’s Debt
FRONTPAGE MAGAZINE.com ^ | Friday, February 13, 2009 | By Vasko Kohlmayer
http://www.freerepublic.com/focus/f-news/2184735/posts

[LuxMaker]

Only Social Security, Medicare, and a ‘new continuing social welfare obligation’ are mentioned as culprits. Strangely absent is the Billions in foreign aid we give out each year with over a billion of it to Egypt alone.

[SkyPilot]

The US Dollar is going to collapse and America will be plummeted into 3rd world status almost overnight.

The only "solution" will be Martial Law, price controls, and a new "global currency."

Then, the entire world will come under the thumb of the Antichrist.

[Jack Hammer]

“As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.”

Who cares; we can always raise taxes on the wealthy, right?

“Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism”

Karl Marx from “Das Kapital”
1867

[G.Mason]

" ... with over a billion of it to Egypt alone."

Yeah ... and that's just so the discovery channel can play the same old tired song about those damn pyramids that they can't seen to get enough of.

[G.Mason]

" ... The only "solution" will be Martial Law, price controls, and a new "global currency." >>>"

That solution will last maybe for a whole month, until the ones enforcing martial law are gone in action, or went home to protect their families.

Forget price controls, and the global currency will be bullets.

[harpu]

later...

[mewzilla]

Rescue Efforts Ding U.S.'s Triple-A Ratinga

[mewzilla]

"By the end of a two year period, the U.S. debt ratios will be higher and moving the country's metrics to the lower end of the pack," said Steven Hess, sovereign credit analyst at Moody's. Mr. Hess said that while the analysis on the U.S. is the current view, "this triple rating isn't assured forever."

[kellynla]

Where are all the WND critics?

“Oh, this is from world nut daily so it's all BS...”

And not one of the clowns in D.C. read the bill before they voted...we can only hope & pray that the Gelding Old Party gets a testicle & spine implant before next year so they can begin to take back the Congress.

Of course, the ONLY real solution is TERM LIMITS!

Unfortunately, with HALF the population depending on the government for their livelihood and HALF the population NOT paying ANY federal income taxes, who says “Communism is dead!”

Prediction: With double digit inflation, interest rates & unemployment by 2012, Hussein will be just another Jimmy Carter...”one & done!”

"Liberalism is just Communism sold by the drink."
P.J.O'Rourke

[Republic of Texas]

“Federal” obligations? No, that is OUR debt, agreed to by the federal government.

[Mr. Jeeves]

China only needs to decide when they want to destroy our economy.

Sure. Financial warfare is a lot less messy than nuclear weapons, and will allow them to achieve the same strategic objectives.