Posted on 12/19/2009 12:24:10 PM PST by GVnana
The answer is simple.
You have to go after sources of real wealth.
Watch Obama/Geithner/Bernanke pass a law that every pension plan, IRA or 401(k) has to contain at least 20-30% of special U.S. Government “Pension Bonds”.
Just watch.....it is already being talked about in pension circles......
The “debt to the penny: for December 17, 2009:
12,097,698,782,543.93
http://www.treasurydirect.gov/NP/BPDLogin?application=np
The debt 12/31/08:
10,699,804,864,612.13
The 7T number is close to the “debt held by the public” 12/17/2009 of 7,732,874,151,767.92 but that number is not including the “intergovernmental debt”
http://www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm#DebtOwner
What is the Debt Held by the Public?
The Debt Held by the Public is all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities. Types of securities held by the public include, but are not limited to, Treasury Bills, Notes, Bonds, TIPS, United States Savings Bonds, and State and Local Government Series securities.
What are Intragovernmental Holdings?
Intragovernmental Holdings are Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities. A small amount of marketable securities are held by government accounts.
China finances a major customer. The day comes that we fold or we stop buying their junk they collapse.
It is the ultimate co-dependent relationship.
If their economy fails then the rulers will have to turn their army on the citizens. A few million pissed of peasants can do much.......
And this is going to force a lot of pain here in the US and abroad. People have been living in denial for too long thinking you can spend hundreds of billions on a military, hundreds more on SS, hundreds more on Medicare as well as the credit card debt our government is running up.
At some point soon the choices will be reduced to guns or Grandma.
It’s the economic version of MAD - Mutually Assured Destruction
I see axes and pitchforks.
Wow.. I see fireworks and chopsticks too!
You can only bleed an onion so much..
Yet liberals don’t care..
Look at California.. used to be the 5th largest economy or such.. now poof.. Zimbabwe here we come..
This seems like good news to me.
Nelson probably raised his poll numbers by doing this, at least among younger NE voters.
Obviously this means we must make more things here but the jobs are going to pay crap. But at least they would be jobs.
They can’t call the debt at this point, at least not a large portion of it. The securities haven’t matured yet. All they can do at the moment is sell them or borrow against them.
Now that we have spent all of our money—lets give away China’s Money too! Give them worthless pieces on paper we can repudiate in the future. China will have no choice but to loan us the money we will never pay back? What will they do? Nuke us? Have a war? Heck we are their biggest buyer. We have them by their chop sticks. (sic)
This SOB is purposely over extending the American Financial System because when it collapses then he will step forward and claim America to be a Collectivist State Controlled System of Government (Socialist) because that was the “only” choice.
This country simply can not withstand the debt he has a great zeal for increasing AND this doesn’t count yet for his glorious Health Care Program he is now putting the finishing touches on.
Poverty for All - will be the new American slogan and 0bama will think it best because then, at least, it will be FAIR.
>You have to go after sources of real wealth
Can you say national property tax?
I knew you could:(
Gee, that’s to bad about grandma...
I don’t see why there shouldn’t be a international property tax too.
Time will tell. The younger voters might take a different view when they find themselves indentured servants.
Not if we just stiff ‘em on the debt and “close” the country to trade with hostile economies like China’s. In other words, hunker down and give China the finger. Of course, zero doesn’t have the cojones to do anything remotely like that. He’s too caught up in bowing and mewling “Yes, Venerable Master, whatever you say, Venerable Master” to the likes of the ChiComs, the Saudis, Yugo Chavez, Fidel and the Nutjob.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.