Dear U.S.A.: Your Account is Overdrawn By Charles Smith January 12, 2012 Dear U.S.A.--your overdraft protection is about to be pulled. Dear United States of America: We regret to inform you that your withdrawals exceeded your deposits last year by $1,600,000,000,000 ($1.6 trillion), including your "supplemental appropriations" spending. Your account does have an overdraft protection, and so bonds were sold to cover your $1.6 trillion overdraft. While we value your business, we feel obligated to remind you that this is the third year that your overdraft protection exceeded 10% of your gross national product (GDP), and it seems your account is on course to register yet another $1.6 trillion overdraft in fiscal year 2012. Currently, your overdraft account exceeds your GDP of $15 trillion. Quite frankly, we are worried that you have become dependent on extensive overdraft protection--a feature designed to tide the account holder over for a short period of time in near-term expectation of higher deposits or lower withdrawals--and that relying on large-scale overdraft borrowing to cover your basic expenses is now your standard operating procedure. This violates the intent of the overdraft feature, and as a result we must seriously consider modifying the terms of the overdraft protection on your account. Current conditions enable us to provide this overdraft, but the feature was not designed to be permanent nor on this scale. In order to give you sufficient time to bring your deposits and withdrawals back into alignment, we will maintain the current low-interest overdraft protection on your account through fiscal year 2012. Beyond that, however, please be aware that to maintain the integrity of the system, we will have to raise the rate of interest on your overdraft and scale back the size of the overdraft line of credit. We regret informing you of these modifications, but the overdraft protection was not intended to be permanent nor near-infinite in scale. Yours truly, The Global Bond Market http://www.oftwominds.com/blogjan12/US-overdraft01-12.html
Congress doesn't even read the spending legislation it passes. I doubt they would read such a letter if it was ever delivered to them.
I agree. But they'll be forced to take notice when the markets turn on them which is inevitable if they stay on the same path.
Dear Creditor, Thank you for your thoughtful letter, your concerns will be taken into consideration at our next management meeting. We would like to point out, however, that since we mainly owe the money to ourselves, and assuming you are one of us, that you're talking to yourself. Sincerely, I.R. Calm
Sounds like what America needs is representatives who will cut spending. Where to find such representatives...
The markets will eventually step in anyway because government has become a parasite on such a grand scale, it's going parabolic. What naturally occurring parasite can suck blood out of the future? So why do you think government can outdo anything in nature?
Well, if you literally have zero assets, then it will have to come out of revenue. You're still working?