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“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”
Originally posted by roadgravel
Worth $25 Billion Dollars
Doesn't that just show how crazy and bogus the economy and financial numbers are?
Someone just bumped the numbers from millions to billions.
Originally posted by Wrabbit2000
Reality is all relative I guess. The value of money when you use the word 'currency'? Well, it's a fiat currency base, as opposed to a gold base. That changed when Nixon took the US off the gold standard and at this point, there is no real going back