posted on Nov, 8 2004 @ 12:03 AM
Your entirely correct in your assumtion, but the situation is far worse than you realise.
All money is created into our system with an additional cost of interest, even if every dollar that has ever been created was given back to the banks
tommorrow we would still be massively in debt.
As the interest debt builds up exponentially we will owe far more than the value that the earth can provide, if we havn't reached this piont
All this was realised by scholars as long ago as 600BC in Solon's review of Athens, several Hundred Years Later Aristotle (384-322 Bc) Formulated The
Classical View Against Usury. Aristotle understood that money is sterile; it doesn’t beget more money the way cows beget more cows. He knew that
"Money exists not by nature but by law".
"The most hated sort (of wealth getting) and with the greatest reason, is usury, which makes a gain out of money itself and not from the
natural object of it. For money was intended to be used in exchange but not to increase at interest. And this term interest (tokos), which means the
birth of money from money is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth,
this is the most unnatural." (1258b, POLITICS)
So it's not that this problem is unknown or that it's logical consequence has just revealed itself to us, the truly alarming thing is that WE HAVE
KNOWN ALL ALONG, and we have just blithely advanced toward the impass which we are rapidly reaching.
The answer to date has been just to wipe the debt away with bankrupcy, but what happens when the US reaches a stage where it cannot pay it's debt,
according to the the US Bureau of the National Debt the US owed
$7,429,933,004,818.29 as at 11/4/2004
so it has trebled in the last seven years....
The US National Debt Clock determined the Outstanding Public Debt as of 08 Nov 2004 at 06:01:44 AM GMT is:
The estimated population of the United States is 294,741,085
so each citizen's share of this debt is $25,228.41.
The National Debt has continued to increase an average of
$1.61 billion per day since September 30, 2003
Ugly, isn't it....