Who will lend to us?
Readers of these pages know that the country is bankrupt.
Not just bankrupt, but eighty trillion dollars below bankrupt, as you will see:
According to Stephen Moore of Human Events, [former] Treasury Secretary John Snow recently announced that the total unfunded liabilities of the United States government add up to eighty trillion dollars. “Ouch!” Moore wrote. “That’s a debt load equivalent to about six times our current GDP. It is almost twice as much as the value of all goods and services produced everywhere in the world last year. And it is more money than has been earned by every American cumulatively since the Mayflower landed here [400] years ago.” [taken from Bankrupt—and Losing International Influence.]
Since then, Federal Reserve Chairman Ben Bernanke, known as “Helicopter Ben,” because he had said he could drop money from helicopters, has been running the printing presses overtime, printing fiat money. Want to know what fiat money is? It’s money that is only money because someone says it is. Who says? It could be Bernanke — or President Obama, or Harry Reid or the group of “moderates who are trying to whittle down Nancy Pelosi’s version of the president’s stimulus package.” And that’s all it is: paper money with nothing behind it. There used to be gold behind it, but FDR fixed that. Had we still been on the gold standard all the economic suffering of recent months, including the appalling unemployment numbers would have been avoided.
The point of this little exercise is that our worthless dollar is the 800-pound gorilla in the living room that no one wants to talk about. And when is the last time you heard anyone on government talk about our debt? Deficit yes, debt no.
The country is broke, and worse than that, it is eighty trillion dollars under water, because successive devil-may-care Congresses (both parties) have put us there — an absolutely horrible burden to lay on the shoulders of our innocent children.
What would be laughable if it weren’t so serious is the thought that we can borrow the money needed for the Obama-Pelosi Reed stimulus package, as “moderate” Senators wrestle to whittle a hundred billion or so off the package. This not to be critical of these moderate senators…doing the best they can.
With that eighty trillion dollar black mark on our national financial statement, who in their right mind would loan us the money? Answer nobody, no country.
Solution?
A fresh congress. Get rid of the career politicians. Now.
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