Posted on 09/12/2010 6:06:10 PM PDT by Bhoy
At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world.
Global GDP in 2008? Also about $60 trillion. Meaning that the optimistic view is that our federal obligations outpace the entire annual economic output of human civilization.
(Excerpt) Read more at gatewaypundit.firstthings.com ...
It’s ok, he can just print more!
Unbelieveable.
He gon’ pay it outta his stash.
I feel sick. : /
puke be upon them
hey, if you want to destroy a Country, the best way is to bankrupt it....
MISSION ACCOMPLISHED!!!
Meltdown the system by making it unsustainable.
That’s the plan, folks...
Then the ‘new system’ will be put in place post-USA.
“...Inherited....Bush’s fault.....could have been worse.....unexpected.....”? /s =.=
“It’s ok, he can just print more!”
How potentially disastrous is this situation for those who have dared to save for retirement or who will be dependent on fixed incomes? Inflation...
Oh, it would be disastrous to all, but I look at my parents who have busted their keisters who secure their retirement, and to see this nonsense looming... Not good.
And how would you protect yourself from something such as this other than buying in gold and into foreign currencies?
Not a bad idea to park $10 grand or so in Swiss Francs soon... If nothing happens, you can always enjoy a nice ski vacation...
Perhaps, because it isn't true.
If you look at the Forbes article cited, where the $70 trillion figure comes from, you'll see that it uses a rather expansive definition of “debt”.
If “debt” means what you actually owe to creditors, today; then the figure is about $16 trillion (still too much). The larger figure includes “unfunded obligations”, such as social security and Medicare payments.
I once figured how far out dollars bills would go, end to end, to equal the total debt. You start from the sun and it goes out past Pluto!
Yup, that’s the conundrum. Those of us who have played by the rules and are fairly close to retirement are likely screwed. Not sure how this will play out, maybe we will work until we drop dead. Or, maybe we should buy a really good fridge and keep the box to live in later.
Anything that can’t continue, won’t.
as a Christian, I don’t like to use ugly words, but right now, I’m thinking ugly words aboout this obamination...!
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