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Terrifying Rate at Which U.S. Debt Is Accumulating ‘Will Lead to National Ruin’

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posted on Mar, 14 2012 @ 10:46 PM
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Gov. Mitch Daniels: ‘Terrifying Rate’ at Which U.S. Debt Is Accumulating ‘Will Lead to National Ruin’

Governor of Indiana Mitch Daniels said the national debt will lead to
the ruin of the U.S.

The current $15.6 Trillion debt and increases by approximately $4 Billion a day ...


That amounts to around $50,000 each that YOU (and your spouse and your kids too !!!) owe to the debtholders who loan money to the United States !!!

Tomorrow, YOU will owe an additional $13.33.

Next week YOU will owe an additional $93.

That debt that YOU owe will accumulate at a monthly rate of about $400.00 give or take.

A year from now YOU will owe $54,800.00 !!

And of course you can double or even triple that amount for YOU,
because not all individuals will pay



March 13, 2012

(CNSNews.com) – Indiana Republican Gov. Mitch Daniels said Tuesday that the size of the U.S. national debt and the rate at which the debt is accumulating will lead the United States to “ruin” -- and no other outcome is mathematically possible.

“Whether one believes in a large, very active government or something more limited, mathematically, the amount of debt we already have and the terrifying rate at which it is accumulating will lead to national ruin,” Daniels said.

“There’s no other outcome arithmetically possible,” he added.

As of February 2012, according to monthly U.S. Treasury statements, our national debt is $15.48 trillion, about a $130 billion more from the month prior when the national debt was $15.35 trillion...........

You Owe Somebody Money !


U.S. NATIONAL DEBT CLOCK
Tick Tock goes the clock ! ...




posted on Mar, 14 2012 @ 10:52 PM
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reply to post by xuenchen
 


Better get the piggy bank out for this one



posted on Mar, 14 2012 @ 10:58 PM
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Originally posted by BigBruddah
reply to post by xuenchen
 


Better get the piggy bank out for this one


There's just one problem:




posted on Mar, 14 2012 @ 11:02 PM
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So...what happens if we don't pay?

What we owe the Federal Reserve, how much of the debt is their's?

What we owe China?

Just wondering about this...because it really is so large as to be "unpayable".
Most companies and individuals would declare bankruptcy.. or in the housing market, do a short sale.

So, what happens if the citizens of the United States of America decide we do not owe this money?
Or simply and honestly cannot pay this?



posted on Mar, 14 2012 @ 11:03 PM
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The CBO announced that HCR will lower the deficit and I come to ATS and see a thread saying exactly the opposite. Now the same team of folks that push the birther crap, that crap, now give us this. Yes, the US is completely doomed and will be destroyed unless you elect a Republican or something.


This chicken little BS is getting very tiresome.



posted on Mar, 14 2012 @ 11:04 PM
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Originally posted by xuenchen
Governor of Indiana Mitch Daniels said the national debt will lead to
the ruin of the U.S.



Oh my bad, Mitch said it.
That changes everything.
Now I am 100% positive this is fear mongering BS.



posted on Mar, 14 2012 @ 11:11 PM
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good point. . what if we don't pay? what the hell is going to happen? obviously the people behind the scenes know the scenario. If we build a tremendous amount of debt, and something global happens, we don't have to pay it off. That's where our multi billion or trillion dollar doomsday devises (or bunkers, or spaceships. whatever you subscribe to) come in handy!

And if not. .. well, full out war. .. not just the nuclear kind. . economic war, industrial, military, (we would have to sell a lot of stockpiles to make up for this debt) . . but we would never let that happen. . so full out war? Ooooh the choices of some



posted on Mar, 14 2012 @ 11:16 PM
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reply to post by LErickson
 


Those CBO "budget cuts" projections are simply "cuts" to proposed budget increases over 10 years.

Now being the realist I am, the OP stated welfore reform is a solution. I say stop being a partisan caveman.




If you want to save this country, vote for Ron Paul. That is not hyperbole.

FYI the part which is cut says "Security Budget 53%"
edit on 14-3-2012 by lives because: (no reason given)

edit on 14-3-2012 by lives because: (no reason given)



posted on Mar, 14 2012 @ 11:18 PM
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reply to post by xuenchen
 


Uhhhmmm it is already ruined. Things are just catching up to that fact. Wait a while and you will see.

It is just the domino effect happening now.

edit on 14-3-2012 by Egyptia because: (no reason given)



posted on Mar, 14 2012 @ 11:27 PM
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Once upon a time, America was the standard bearer, the example to set. We were the model of a free society.

Sure, we have our faults, but with time, those were being corrected.

Now?

The radicals, the progressives, the socialists, communists, haters of freedom are in charge.

They will do everything they can to see America beaten and defeated. Whether from the outside or from within.



posted on Mar, 14 2012 @ 11:39 PM
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Here is a list from a CNN article (July 2011)


by percentage -- smallest to largest


Hong Kong: $121.9 billion (0.9 percent)
Caribbean banking centers: $148.3 (1 percent)
Taiwan: $153.4 billion (1.1 percent)
Brazil: $211.4 billion (1.5 percent)
Oil exporting countries: $229.8 billion (1.6 percent)
Mutual funds: $300.5 billion (2 percent)
Commercial banks: $301.8 billion (2.1 percent)
State, local and federal retirement funds: $320.9 billion (2.2 percent)
Money market mutual funds: $337.7 billion (2.4 percent)
United Kingdom: $346.5 billion (2.4 percent)
Private pension funds: $504.7 billion (3.5 percent)
State and local governments: $506.1 billion (3.5 percent)
Japan: $912.4 billion (6.4 percent)
U.S. households: $959.4 billion (6.6 percent)
China: $1.16 trillion (8 percent)
The U.S. Treasury: $1.63 trillion (11.3 percent)
Social Security trust fund: $2.67 trillion (19 percent)
CNN


Notice how the article swings the attention away from China.

China is the single largest foreign government debtholder (8%)


Truth is elusive. But it's a good thing we have math.

Our friends at Business Insider know this, and put those two principles to work today in this excellent and highly informative little slideshow, made even more timely by the ongoing talks in Washington, D.C. aimed at staving off a U.S. debt default.

Here's the big idea:

Many people — politicians and pundits alike — prattle on that China and, to a lesser extent Japan, own most of America's $14.3 trillion in government debt.

But there's one little problem with that conventional wisdom: it's just not true. While the Chinese, Japanese and plenty of other foreigners own substantial amounts, it's really Americans who hold most of America's debt.

Here's a quick and fascinating breakdown by total amount held and percentage of total U.S. debt, according to Business Insider:



posted on Mar, 14 2012 @ 11:45 PM
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Originally posted by LErickson
The CBO announced that HCR will lower the deficit and I come to ATS and see a thread saying exactly the opposite. Now the same team of folks that push the birther crap, that crap, now give us this. Yes, the US is completely doomed and will be destroyed unless you elect a Republican or something.


This chicken little BS is getting very tiresome.


Are you suggesting that the National debt of $15.6 Trillion is somehow fabricated ?

Interesting for several reasons.

Hmmm.....

Let me think about that.

Maybe it's all "roundhouse" creative financing ?



posted on Mar, 15 2012 @ 12:00 AM
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Originally posted by LErickson
The CBO announced that HCR will lower the deficit and I come to ATS and see a thread saying exactly the opposite. Now the same team of folks that push the birther crap, that crap, now give us this. Yes, the US is completely doomed and will be destroyed unless you elect a Republican or something.


This chicken little BS is getting very tiresome.


The OP is certainly not endorsing any political side in this National debt issue.

However, the author of the CNS article may very well be suggesting it.

As you know, The CNSnews slogan is

"The Right News. Right Now."
(obviously not a "Left Wing" agenda)


And I would assume that all their "authors" are RW.

And of course, Media Research Center is CNS's parent Company.

"About CNS"


This issue is the debt and who gets to pay it off !!!



posted on Mar, 15 2012 @ 12:01 AM
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We will continue to have elected officials saying we need to stop spending, yet they all continue to support military occupations, wars and the numerous bases we have overseas. It's a lot of hot air and none of them want to make the hard decision to stop this enormous amount of military spending and using this money to pay down our national debt.

The U.S. claims terrorists and the middle east are a threat to the United States. We are a threat to ourselves! The decline and ruin of the U.S. will be at our own hands. The Soviet Union collapsed because of their enormous amount of military spending during the cold war.

All this fear mongering about countries that are a threat will only end up bankrupting the U.S.. These small domestic cuts candidates propose will only put a small dent into the overall U.S. deficit. You have to ask yourself what is the true threat to the U.S.? The alarm bells are ringing, yet the voting public are ignoring the hard facts. Voters are willing to stay on the same destructive course instead of making the difficult decision to force American politicians to re-tool and focus on our internal problems.

This is why Ron Paul supporters like myself feel he was the last hope for America. He has proven he can't be bought by lobbyists, he hasn't swayed from his convictions like the rest of these candidates, and he wants to stop the out of control military spending that is destroying our economy. Unfortunately, I feel the voting public will learn the hard way when the dollar crashes and our economy takes a nose dive.



posted on Mar, 15 2012 @ 12:11 AM
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Originally posted by lives
I say stop being a partisan caveman.


Did you read the source material? I have a long way to go to be that partisan.


If you want to save this country, vote for Ron Paul. That is not hyperbole.


Then you tell me to vote for a Republican.



FYI the part which is cut says "Security Budget 53%"
edit on 14-3-2012 by lives because: (no reason given)

edit on 14-3-2012 by lives because: (no reason given)


You seem to have something specific you want to say about cuts but I am not sure what it is.



posted on Mar, 15 2012 @ 12:24 AM
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While this is an enormous problem to us regulars, it is not a problem to the people who print and spend the money.

First, our creditors aren't going to recall all our debts at once, nor do I think that is even allowed. We can easily afford the monthly and yearly payments on our total debt.

Second, the FED, even though it is not technically part of our government, can simply print $16 trillion and give it to our creditors and wipe our debts clean. That will obviously cause massive inflation, or would it? In 2008, they printed trillions and trillions and added a couple of zeros and commas to hundreds of bank's bottom lines across the U.S. and Europe to fix the financial crisis. We are starting to see that inflation now but nothing unbelievable as interest rates have stayed at 0%.

Third, we can always default and declare war on over half our creditors, freeze their assets in our global banking cartel, and then raid their countries for resources to repay our friendly creditors.

Plus, as long as Saudi Arabia and the other main in-operation oil fields accept only dollars for oil, the dollar will stay powerful.

Don't get me wrong our spending is insanely out of control and if it continues it will be all of us that is left holding the empty buckets.



posted on Mar, 15 2012 @ 12:54 AM
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reply to post by tooo many pills
 


So, perhaps this is just business as usual ?

And the debt will be paid for by printed money from new loans (bond issues) as needed.
(assuming the debt can be continuously sold to new buyers week by week, month by month, etc.)
 



Does this long time low interest rates indicate a:

"the longer the water boils, the higher the lid blows" scenario.
(as in: inflation will quickly skyrocket eventually ?)



posted on Mar, 15 2012 @ 01:07 AM
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Originally posted by beezzer
Once upon a time, America was the standard bearer, the example to set. We were the model of a free society.

Sure, we have our faults, but with time, those were being corrected.

Now?

The radicals, the progressives, the socialists, communists, haters of freedom are in charge.

They will do everything they can to see America beaten and defeated. Whether from the outside or from within.


I have to admit, the US runs it's business' like a scam, and their banks steal money, in terms of charges and over draft fees etc.*. I wouldn't mind the return of honest capitalism, and the end of "*" after each offer.


*Stealing money only available for new customers. See terms and conditions of service at your local branch.
edit on 15-3-2012 by badconduct because: (no reason given)

edit on 15-3-2012 by badconduct because: (no reason given)



posted on Mar, 15 2012 @ 01:35 AM
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To me...
Inflation means double your electric bill, double your gasoline prices, double your food bill, double your internet bill, double your cable bill, double your cell phone bill, double your garbage collection bill, double your water bill. and sadly a lot more unemployment as companies cut back on their expenses which have also doubled.

"They" intend full well to inflate away the debt. There is no possible way to repay it in todays dollars any more than I could survive today on my 1972 wages. If you think times are tough now, we ain't seen nothin yet.. IMHO, that is...



posted on Mar, 15 2012 @ 01:38 AM
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Originally posted by beezzer
Once upon a time, America was the standard bearer, the example to set. We were the model of a free society.

Sure, we have our faults, but with time, those were being corrected.

Now?

The radicals, the progressives, the socialists, communists, haters of freedom are in charge.

They will do everything they can to see America beaten and defeated. Whether from the outside or from within.


The radicals, the reactionaries, the progressives, the conservatives, the socialists, the fascists, the communists, the politicians, the corporatists, the bureaucrats, the profiteers, the banksters, the haters of freedoms, the loathers of liberties, they're all running their part of the show for their benefit and most of America is behind at least some of them with their full support.

If you're going to point the finger and lay blame might as well include all the perps. Can you think of a few more to add to the list?


edit on 15-3-2012 by Erongaricuaro because: (no reason given)



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