Congressman Lemke: "....This nation is bankrupt; every State in this Union is bankrupt; the people of the United States, as a whole, are bankrupt. The public and private debts of this Nation, which are evidenced by bonds, mortgages, notes, or other written instruments about to about $250,000,000,000, and it is estimated that there is about $50,000,000,000 of which there is no record, making in all about $300,000,000,000 of public and private debts. The total physical cash value of all the property in the United States is now estimated at about $70,000,000,000. That is more than it would bring if sold at public auction. In this we do not include debts or the evidence of debts, such as bonds, mortgages, and so fourth. These are not physical property. They will have to be paid out of the physical property. How are we going to pay $300,000,000,000 with only $70,000,000,000?" Congressional Record, March 3, 1934, footnote #10 Nevertheless England has been kind because US is still useful for them. Congressman McFadden: "I hope that is the case, but I may say to the gentleman that during the sessions of this Economic Conference in London there is another meeting taking place in London. We were advised by reports from London last Sunday of the arrival of George L.Harrison, Governor of the Federal Reserve Bank of New York, and we were advised that accompanying him was Mr. Crane, the Deputy Governor, and James P. Warburg, of the Kuhn-Loeb banking family, of New York and Hamburg, Germany, and also Mr. O. M. W. Sprague, recently in the pay of Great Britain as chief economic and financial adviser of Mr. Norman, Governor of the Bank Of England, and now supposed to represent our Treasury. These men landed in England and rushed to the Bank of England for a private conference, taking their luggage with them, before even going to their hotel. We know this conference has been taking place for the past 3 days behind closed doors in the Bank of England with these gentlemen meeting with heads of the Bank of England and the Bank for International Settlements, of Basel, Switzerland, and the head of the Bank France, Mr. Maret. They are discussing war debts; they are discussing stabilization of exchanges and the Federal Reserve System,I may say to the Members of the House. The Federal reserve System, headed by George L. Harrison, is our premier, who is dealing with debts behind the closed doors of the Bank of England; and the United States Treasury is there, represented by O. M. W. Sprague, who until the last 10 days was the representative of the Bank of England, and by Mr. James P. Warburg, who is the son of the principal author of the Federal Reserve Act. Many things are being settled behind the closed doors of the Bank of England by this group. No doubt this group were pleased to hear that yesterday the Congress passed amendments to the Federal Reserve Act and that the President signed the bill which turns over to the Federal Reserve System the complete total financial resources of money and credit in the United States. Apparently the domination and control of the international banking group is being trengthened.... Congressional Record, June 14, 1934
See forex for today's situation http://www.elitetrader.com/vb/showthread.php?s=&postid=255054#post255054
The Real Estate value of the US alone is worth more than the whole of England's ENTIRE ECONOMY + LANDMASS + ANYTHING YOU CAN SEE FEEL OR TOUCH THERE. nitro
Value in what currency ? Dollar ? As I said in another post you want to demonstrate that A is worth A ? All rigth then if A is worth less and less what's the value of Real Estate ? Are you ignoring that same cause same effect when there is a stock market bubble the real estate bubble will follow a few years after ? A related Interview radio here on virtual Bankruptcy: http://www.financialsense.com/Experts/2001/Williamson.htm
"There are too many people who imagine that there is something sophisticated about always believing the best of those who hate your country, and the worst of those who defend it." Margaret Thatcher
.....Im still waiting for England , france and the rest of Europe to pay back the debts to the U.S. from WWI and WWII....If you applied simple interest to it form about 1946 on......it would probably be equal to the GDP of england
I think you don't understand what I mean. It is perhaps that I don't have ideas that any others have so you try to map mine with what you are accustomed to here . So listen to this http://www.financialsense.com/Experts/2001/Williamson.htm it will give you a better idea. Now as for WWI and WWII debts I suppose you talk about moral debt : I am talking about economy here not moral, you can wine as you want about morality if England and German or France hasn't any official recognition of debts ... and WWI has permitted US to become a super power but as I said you miss the point because this appearance was given to you by England. England has been a very big empire that they never wanted to give up: the colonies in the whole world (same for others but it was England who was the leader). But they know that time has changed and that slavery is no more accepted so they used another mean. England is still the true super power but not through military power directly but through finance, it has been so since hundreds of years and it still continue and there are only two countries that are out of any block : England and Swiss because their play is to make the two blocks to oppose : America and Europe. Why has to do with very old and very classical geostrategy and that I will show with documents because I don't affirm opinion, I never got one or another to defend by ideology: I don't have political nor religious particular belief.