16 TRILLION on the DNC's Big Tuesday

16 TRILLION on the DNC's Big Tuesday

theliberatortoday.blogspot.com

Sunday, September 2, 2012
National Debt Crossing $16 Trillion
Congratulations kiddos, the national debt clock to the right will likely cross the $16 trillion mark in the next few days. Happy trails. To quote the Joker in the Dark Knight, "It wasn't cheap. You oughta know, you bought it!"

(visit the link for the full news article)

Well, with the beginning of the DNC, it looks like tuesday will be a big day for democrats... when they can tout their many great achievements from the past four years.

One political accomplishment which will probably receive little attention at the DNC will be the great 16 TRILLION DOLLAR debt clock turnover...due to take place sometime on tuesday.

How ironic that we reach 16 TRILLION on the day after Labor Day...and during the first big day of Obama's democratic convention! LUCKY for the dems that they decided NOT to also put up a giant National Debt Clock at their convention.

theliberatortoday.blogspot.com
(visit the link for the full news article)

Sucks that there is no way to reverse a $16,000,000,000,000.00 debt. This country is gonna collapse real soon.

reply to post by FidelityMusic

It's simple...just stop spending money we don't have.

As long as countries keep on buying US bonds, and the US dollar is connected to oil - then we have a little bit more in the gas tank. But when the bond bubble pops (and according to some, the FED has already started QE3) and oil goes to a currency peg - hold on tight cause the ride is going to get bumpy

(and whatever god you worship, start praying, cause your going to need it)

Can't even take a decent vacation with that kinda money these days....












I've been hoping to sunbath on Rigel 7 for a few years now....

Originally posted by IAMTAT
reply to post by FidelityMusic

 

It's simple...just stop spending money we don't have.

do you mean the defence budget?,

if you look at exponential expansion in maths,
and you relate that concept to debt expansion,

YOU REALISE its the way the system was designed,
not your position in the system.

ie if the system is based on debt,
then removing ever increasing amounts of debt,
destroys the system.

exponential expansion,
is the problem NOT WHOS IN OFFICE.

xploder

who's to say there isn't some bank account somewhere with a spare 16 trillion to back it up?

no one knows what will happen.

reply to post by outsidethesquare


acually there is 16 trillion hidden tax free in offshore accounts al over the world,
there called tax havens for the rich.

pay it all of in one go

xploder

My Three Step Program:

1) Wait until China has bought all US Bonds that support the debt
2) Declare national bankruptcy, cancel all the bonds
3) Profit!

I had a professor once who, after someone asked about the trade deficit (the issue of the day back then,) said it was a great thing -- all of these countries were giving us their resources and were receiving worthless pieces of paper in exchange.

Trust me, there are some in power who have my three step program well in mind

Originally posted by IAMTAT
reply to post by FidelityMusic

 

It's simple...just stop spending money we don't have.

That is the cheapest, most proliferated one liner stated by every conservative.

Who has the financial muscle to buy the bonds in quantity? The same wealthy who do NOT pay the taxes they should. In other words if you buy enough bonds you lower your tax bracket!

A government that pays a trillion or so per year just for defense. A government that needs to give more handouts because people are out of jobs, because the wealthy convinced the government to allow offshoring and non-existant tariffs.

A system that introduces money via a private central bank to commercial banks at a profit, then those commercial banks relend the money to everyone else. Only 10% of the money must stay in the bank in case lots of people choose to withdraw. Many of the Federal Reserve stockholders are stockholders in the big commercial banks and the government simply advises them without any authoritarian means.

Then foreign countries buy bonds as investments PRETENDING not to know that eventually america will default, much like all those "too big to fail" companies rescued at the last moment dictatorially.

What a sham!

reply to post by FidelityMusic


all nations economy's are about to collapse just ask your banks why they brought them down through their greed and mismanagement of the banking system that they control and why they bought our governments silence through our national debt that they so easily lent to our governments knowing full well that the man could never repay it ,so where did the controls on these banks disappear to ,,oh just ask your governments who politely removed them and said police them your selves to the bankers ,,oh what a mess they have all left and they have no idea how to fix their own f&%#$^ups.
i believe the words TRAITORS TO YOUR NATIONS should now apply to all of them.

“Debt is the slavery of the free.”
- Publilius Syrus (Roman author, 1st century B.C.)

One of our founding fathers, Ben Franklin, strongly believed that credit was also a form of slavery.

With the democrats so obviously silent about the ballooning national debt, it seems that we no longer just ignore the lessons of the past...(as in the warnings of our founding fathers). We now ignore the obvious signs in the present...as in that giant national debt clock at the Republican National Convention...(today turning over at 16 TRILLION!).

I find it amazing that there are posts here defending high debt...as 'part of the system'.
Do people realize how much the U.S. pays simply on yearly interest on 16 TRILLION dollars? The last I heard it was something like 270 BILLION per year....on INTEREST...alone...most of which goes directly to CHINA!

But But But there is a graph on the Internet that says Obama hasn't spent any money! How is this possible?

$16 trillion is inaccurate. One must also count the $120.5 trillion in unfunded liabilities.

Also, China only owns 7.5% of US debt. Individual Americans are on the hook for over 40%.

Originally posted by METACOMET
$16 trillion is inaccurate. One must also count the $120.5 trillion in unfunded liabilities.

Also, China only owns 7.5% of US debt. Individual Americans are on the hook for over 40%.

Good points.
STILL...7.5% of the yearly interest on $16,000,000,000,000.00...ain't chump change!
Maybe THAT is the 'change' in "HOPE & CHANGE" Obama promised in 2008.

The US brings in several trillion dollars a year. To reverse the debt, cut the spending. Simple math. The country is broke, the country has a spending problem.

reply to post by IAMTAT


You know... Im not a Democrat and I was NOT a fan of Bill Clinton during his presidency but as I get older and look back, his terms in office were entertaining and he actually did a great job on our budget.
There are still many other things that I didnt like about his presidency but still, its really hard to dislike the guy.

To our current situation... Cut some of the defense spending, nearly 700 BILLION dollars is ridiculous.

Originally posted by princeofpeace
The US brings in several trillion dollars a year. To reverse the debt, cut the spending. Simple math. The country is broke, the country has a spending problem.

Cut spending and grow the GDP to $25 Trillion over the next 8 years.

President Mitt Romney will have to do some financial gymnastics at first but we

can grow our way out of this mess by putting Americans back to work.