Does $65.5 trillion debt terrify anyone yet? Possibly as high as 99.2 TRILLION

Federal obligations now exceed world Gross Domestic Product.

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.

www.liveleak.com...

And now for the second link:

The Truth about America’s Debt

There are, however, some experts who estimate that the actual figure is larger still. One of them is Richard W. Fisher, the head of the Federal Reserve Bank of Dallas, who said in a speech before the Commonwealth Club of California: Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon. Traditional Medicare composes about 69 percent, the new drug benefit roughly 17 percent and Social Security the remaining 14 percent.

frontpagemagazine.com...

You know I actually heard today from another source that it was really 78 trillion but...

Don't worry guys. It will be alright. Our government has us covered. Nothing to fear. Nothing to see here.



It's nothing at all.

We'll all be ok. I'm glad we have a government that cares for us.




Edit to add another article/link

[edit on 16-2-2009 by David9176]

[edit on 16-2-2009 by David9176]

LOL,

choices choices... will Gold and Silver really be worth anything or is Lead & Tin a better investment.

Guess it all depends how bad it will get and it is hard to tell if this will be a "larger than normal moderate" recession, full blown depression, or worse.

reply to post by David9176


David, you are doing a wonderful job, thanks for daring to keep bringing awareness on the mess that we now call our government and our nation.

Is nice to see somebody with such passion about our nations incoming demise.

reply to post by marg6043


Thank you Marg6043.

I can't believe that with all these numbers out there people still think it will get better.

We have to change NOW or we are done for.

lol the government is acting in the same irresponsible manner that the common consumer was...

Buy anything you want... Use your Amex/visa/mastercard...

It'll be ok...

Until the bill comes at the end of the month...

The sad thing is that it's actually higher than this. Today I heard that it was 78 trillion. Our debt is higher than the ENTIRE worlds GDP for 1 year which i believe is somewhere around 74 trillion. I don't have the links to back this up though.

Think about that for a second.

Our Debt is higher that the GDP of the entire world for 1 year.

That's crazy!

Crazy indeed my friend. Sadly, most people will just "hope" that things will get better, without actually doing any reading or research on the subject. Any economist with integrity will tell you that we are screwed with a capital "S" right now. More debt. than one year of the world GDP...that is absolutely terrifying for sure! I'm not investing in gold and silver, i'm investing in LEAD baby, lots of it. Also, canned goods, water, tools, hunting and survival gear. It just might get that bad....I'm thinking probably instead of "might" actually.

[edit on 16-2-2009 by mpriebe81]

reply to post by mpriebe81


And to think people are actually wanting our government to do more.

Haven't they done enough?

They've already pushed us in our grave. Now they are just tossing dirt in our faces and burying us in so deep there will be no possible way to get out.

Originally posted by David9176
Our debt is higher than the ENTIRE worlds GDP for 1 year which i believe is somewhere around 74 trillion.

So if everyone would just hunker down and work for a year, we would get this thing payed off? Doesn't sound that bad!



It's getting harder and harder to put a positive spin on government economics.

I think the thing to realize is: the system is not comparable to personal finances. The government is in a unique position with regard to currency - it's not like household finances. Now, the really worrisome thing is that, from that position, they do not seem to be serving the American public's best interests.

reply to post by David9176


Spot on man!
The founding fathers are rolling in their graves as we speak, and soon many of us will likely join them. It'll be easier and easier for the gov't to finalize their system of control over us once we're all broke and hungry. And most of us just go about their lives, even in these ever-worsening times, with no thought to what may really be coming. It sickens me.

reply to post by mpriebe81


It's all just pure insanity.

I'm not sure why or how they can keep doing this type of spending.

No one even addresses it in Congress. They act like it's not there.

Somehow this all has to stop..I don't know how it will happen.

We are either going to completely collapse, a new currency will be announced, or we are taxed into the equivalent of slaves along with our children and grandchildren.

i think what there doing now is just running up the credit before they declare bankruptcy
just like when a person declares bankruptcy
and goes and buys a new car before same kinda of thing

the government has no intention of paying any of the money back

i mean do the math its cheaper to just declare war on who we owe alot cheaper

Edit.


Added article link to first post.

If the country of USA is indeed in that much debt, what would happen to the debt if the USA no longer existed? It would b gone right? There is a thing happening, well was happening i dont now, but it was the SPP. It was a union of USA, Canada, and Mexico. If they sorta combined, the debt would b gone. Go to this website for more on the SPP.
SPP LINK

reply to post by David9176

You know I actually heard today it was really 78 trillion but ... Don't worry guys. It will be alright. Nothing to fear. Nothing to see here.

The wild range of estimates of the value of the CRASH shows that no one knows what was happening nor what is happening. No one.

reply to post by Marg6043

David, you are doing a wonderful job, thanks for daring to keep bringing awareness on the mess that we now call our government and our nation. Is nice to see somebody with such passion about our nations incoming demise . .

This is the consequence of Reaganism, the Reagan Revolution fulfilled! Say hello Bernie Madoff! Say thank you, Ronnie.

Discourse. What’s next? Or, how’s it end? Looking back in history I spot the young Maximillen de Robespierre (1758-1794), founder of the Committee of Public Safety and perhaps the most ironic man of the French Revolution. He was instrumental in beginning the Reign of Terror was the last man to be beheaded by it! A victim of his own success!

Aside: King Louis XVI (1754-1793) and his wife, Marie Antoinette were beheaded by the Reign of Terror. America owes a great debt to King Louis XVI. He was first to recognize the fledgling United States. He was our major lender, he supplied arms and munitions in war making quantities. He sent us 1000s of soldiers and his fleet blocked the British attempt to evacuate Lord Cornwallis from Yorktown, VA. Historians say Louis bankrupted France and that caused the shortage of bread in Paris which precipitated the riots. End.

Resume. Here’s what we’ll have to do. Like it or not. The G20 will meet and nominate the BIG 3. See Note 1. The PRC, Japan and India. The world’s #2, #3, and #4 economies. The US as the ROOT cause of this calamity is OUT of the FIX business. The BIG 3 will be granted plenipotentiary power! That means DO WHAT YOU HAVE TO DO.

All world currencies are declared WORTHLESS. A new currency called the YYR - Yuan, Yen and Indian Rupee - will be printed and issued. No coins. All paper. The NEW YYR will be initially valued at 50 YYR per gram of .999 gold. This Is for a reference point only. Specie will not be legal tender. Only YYR will be legal tender.

All things of value and evidence of assets shall be delivered over to the BIG 3. Failure to do so promptly or any attempt to secret assets will result in 10 years living in tents under the close eye of the loony-tunes Maricopa County Sheriff Joseph M. Arpaio, in the Gobi Desert with the nearest city being Ulan Bator. And working on the Trans Siberian Railroad.

Every executive of every company in bankruptcy will be under suspicion. On proof of innocence, he or she may continue to engage in business. Failing to show such proof, the person is banned from white collar work for 10 years. Only blue collar work will be allowed. Selling assets or living off others will not be allowed. For those who participated in destroying the results of 500 years commerce and industry, this shall be their punishment.

Everyone who accepted a bonus equal to or greater than his or her salary, after January 1, 2007, shall be forfeit of all his or her wealth and assets. Anyone who authorized such bonuses shall be confined in a prison for 5 years. In close confinement. Time for reflection. Time to resolve to lead a better life WHEN (and IF) you are released.

Wages and working conditions will be made uniform on the planet. Prices will be fixed. Black markets? Buyer and seller both get a free trip to the Gobi Desert. And time to absorb its natural beauty. Like 10 years.

Allocation of natural resources will likewise be make uniform. Americans for example will be down from today’s THREE gallons of crude oil per day, per person, to a HALF GALLON per day, per person. Example: if you use 60 gallons a month now, you will get 10 gallons under the BIG 3. But with nowhere to go and nothing to do when you get there, you may use even less gasoline!

WATER will be more important than crude oil. Las Vegas will be closed and the people have 6 months to vacate the premises. The Imperial valley Colorado River water will be cut in half, the other water going to Mexico where it properly belongs. No one can own personally any natural resource, food or electric energy. Speculation will be a crime. 10 years on the Gobi with the goofy Sheriff Arpaio.

Yes, we will all make it. But it will be a vastly different world AFTER the grand debacle.


Note 1. The G20, per CIA World Factbook. 1 United States, 2 People's Republic of China, 3 Japan, 4 India, 5 Germany, 6 United Kingdom, 7 Russia, 8 France, 9 Brazil, 10 Italy, 11 Mexico, 12 Spain, 13 Canada, 14 South Korea, 15 Indonesia, 16 Turkey, 17 Iran, 18 Australia, 19 Republic of China (Taiwan), and 20 Netherlands.
en.wikipedia.org...(PPP)

[edit on 2/16/2009 by donwhite]

It appears Europe is even worse off than we are:

www.telegraph.co.uk...

Highlights:

"A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna. Unfortunately, that is about to happen.

The European Bank for Reconstruction and Development (EBRD) says bad debts will top 10pc and may reach 20pc. The Vienna press said Bank Austria and its Italian owner Unicredit face a "monetary Stalingrad" in the East.

Almost all East bloc debts are owed to West Europe, especially Austrian, Swedish, Greek, Italian, and Belgian banks. En plus, Europeans account for an astonishing 74pc of the entire $4.9 trillion portfolio of loans to emerging markets.

They are five times more exposed to this latest bust than American or Japanese banks, and they are 50pc more leveraged (IMF data).

Whether it takes months, or just weeks, the world is going to discover that Europe's financial system is sunk, and that there is no EU Federal Reserve yet ready to act as a lender of last resort or to flood the markets with emergency stimulus.

The sums needed are beyond the limits of the IMF, which has already bailed out Hungary, Ukraine, Latvia, Belarus, Iceland, and Pakistan – and Turkey next – and is fast exhausting its own $200bn (€155bn) reserve. We are nearing the point where the IMF may have to print money for the world, using arcane powers to issue Special Drawing Rights.

Europe is already in deeper trouble than the ECB or EU leaders ever expected. Germany contracted at an annual rate of 8.4pc in the fourth quarter.

If Deutsche Bank is correct, the economy will have shrunk by nearly 9pc before the end of this year. This is the sort of level that stokes popular revolt.

The implications are obvious. Berlin is not going to rescue Ireland, Spain, Greece and Portugal as the collapse of their credit bubbles leads to rising defaults, or rescue Italy by accepting plans for EU "union bonds" should the debt markets take fright at the rocketing trajectory of Italy's public debt (hitting 112pc of GDP next year, just revised up from 101pc – big change), or rescue Austria from its Habsburg adventurism.

So we watch and wait as the lethal brush fires move closer.
If one spark jumps across the eurozone line, we will have global systemic crisis within days. Are the firemen ready?

reply to post by donwhite

All world currencies are declared WORTHLESS. A new currency called the YYR - Yuan, Yen and Indian Rupee - will be printed and issued. No coins. All paper. The NEW YYR will be initially valued at 50 YYR per gram of .999 gold. This Is for a reference point only. Specie will not be legal tender. Only YYR will be legal tender.

If this is a possibility, how could they possibly print up enough cash for the entire world?

You'd think it would take a very long time.

I don't really know what is going to happen...all i know is that something IS going to happen.

Time will tell.

reply to post by infolurker


That's some alarming stuff.

The world economy is in a tailspin.

Watching the whole thing unfold is going to be something else.

I better get my popcorn ready while I can still buy it.

Originally posted by dean007
i think what there doing now is just running up the credit before they declare bankruptcy
just like when a person declares bankruptcy
and goes and buys a new car before same kinda of thing

the government has no intention of paying any of the money back

i mean do the math its cheaper to just declare war on who we owe alot cheaper

Winner, winner, chicken dinner.

The fat lady is warming up, my friends, and the song she is singing is HYPERINFLATION. You have debt and you happen to own the most powerful military in the world? Just print some freaking bucks and pay it off, man. Off course, then you are done as an effective economic force in the world, so then what are going to do? Well, some guy named Hitler figgered that one out. Just remember, that particular version of the Ponzi scheme has been tried over and over, and it has never worked, from the Romans (and probably before them) down to the Nazis in the 20th Century. You see, you have to make sure that you conquer the whole damned world so that there is no one left to challenge you.

I have had a good life. I feel very sorry for my son.

I wonder if it would be possible to figure the total debt for the entire world in US dollars... That would put a needed global perspective on this economic collapse.

If the US debt can exceed the global GDP, imagine what the final figure of global debt is.

Great OP... flag and star.