Ron Paul: "The U.S. Government Must Admit It Is Bankrupt"

It appears that Capgemini, who publishes the World Wealth Report in collaberation with Merrill Lynch/BofA disagrees with the Spectrem Group that you cite to. I will not take the time to examine the different methodologies and figure out the discrepency...I think the issue is silly in the first place. However, i note that in the Capgemini report the U.S. has about 1/3 of world "millionaires". If that ratio holds true with the spectrem study it would still only imply world millionaires at something like 30 to 35M if you accept the Spectrem methodology. Where did you get the 75M number. Are you including Turkish Millionaires?

 

The answer is "Redwood Tree". They are some 350 feet tall and massive. If they are burned by fire they grow again. Wind cannot move them.

There are unconfirmed reports of a 380 feet tree that was chopped down in 1912. The biggest Redwood tree size possible is 425 feet. In terms of volume, the biggest is the Lost Monarch. It is 320 feet high with a diameter of 26 feet. Its total volume is 42,500 cubic feet.

http://www.dimensionsguide.com/how-big-is-a-redwood-tree/

 

In India 1 acre of good agricultural land costs $200,000 to $400,000. I think some 1 acre high profile commercial land in Mumbai (India) cost $10 million and more (not sure). China real estate are also sky-high.

1 Kuwaiti Dinar = 3.5 USA Dollar.

1 British pound = 1.60 USA Dollar

I Swiss Franc = 1.2 USA dollar

1 Australian dollar = 1 USA dollar.

 

A ordinary 400 square feet apartment in Mumbai (India) costs some $80,000. Different places have different real estate prices. There are 18 million or 20 million people in Mumbai. China is also similar to India to some extent. But the biggest Indian company today is I think Reliance industries which is worth some $50 Billion. Madoff fraud was for $60 Billion. There is something definately wrong with India.

Rajputs were the true kings/rulers of India. Some Rajputs are strongest and most brave people in the world. Basically rajputs are strong and brave. I think British and Rajputs were good friends. When British left India other people grabbed money and power and today Rajputs are unknown and poor people in India. If Rajputs would have been ruling/leading India then today India would have been the richest and powerful country in the world. Rajputs are located in Rajasthan state which has giant palaces and castles, beautiful landscape, honest and very helpful people. My sincere suggestion is that world people should visit/travel Rajasthan before they leave this Earth.

But when it comes to marriage, majority of Indians behave like mad people. They cannot think properly.

There is Brazil, Mexico, Russia and others.

 

I get out everyday and wonder if the military would ever let someone tell them that their money's no good anywhere.

What would you say?

Your money is worthless, so I can't buy food, right? There's always food stamps, but when hyperinflation occurs passing the check to Osama or the next target makes it easy to see why the US Government will never go bankrupt. Even if it does, it will backdate itself which for obvious reasons means it's not the government's fault that they're bankrupt.

Whose fault is it? I posit a clear and contentious argument to point out how many other worthless paper currencies there are, but as long as the reserve basket must pass through our financial system we're the ones really propping up 3rd world countries that print paper money off and launder ours outside of the financial systems that we control.

 

It is true. The Treasury sold the 3 Billion ounce silver they had in the 1950s, and then the 400 Million ounce silver or so strategic stockpile got sold/used up by the early 2000s.

This shows that the Treasury had 3.28 billion ounces of silver at the end of 1942. Many people claim (a/k/a have fallen for) the U.S. having 5.9 Billion ounce of silver at one time, but that seems to include coinage (or was perhaps simply made up).

http://digicoll.library.wisc.edu/cg...inYB1941.p0081&id=EcoNatRes.MinYB1941&isize=M

http://uscode.house.gov/download/pls/31C51.txt

 

The General Sherman tree in the giant forrest , sequoia national park is the biggest tree in volume....

 

if the rajputs are now poor,who occupies their golden land of rajusthan

 

My knowledge is limited but if I am correct the giant palaces in Rajasthan are now occupied by Indian government. Rajputs are not what they used to be in their golden years.

 

Laurence Kotlikoff: United States is Bankrupt Right Now

Bloomberg, February 26, 2011

Our country is bankrupt. It’s not bankrupt in 30 years or five years. It’s bankrupt today.

Want proof? Look at President Barack Obama’s 2010 budget. It showed a massive fiscal gap over the next 75 years, the closure of which requires immediate tax increases, spending cuts, or some combination totaling 8 percent of gross domestic product. To put 8 percent of GDP in perspective, this year’s employee and employer payroll taxes for Social Security and Medicare will amount to just 5 percent of GDP.

Actually, the picture is much worse. Nothing in economics says we should look out just 75 years when considering the present-value difference between future spending and future taxes. Over the full long-term, we need an extra 12 percent, not 8 percent, of GDP annually.

Seventy-five years seems like a long enough time to plan. It’s not. Had the Greenspan Commission, which “fixed” Social Security back in 1983, focused on the true long term we wouldn’t be sitting here now with Social Security 26 percent underfunded. The Social Security trustees, at least, have learned a lesson. The 26 percent figure is based on their infinite horizon fiscal- gap calculation.

But the real reason we can’t look out just 75 years is that the government’s cash flows (the difference between its annual taxes and non-interest spending) over any period of time, including the next 75 years, aren’t well defined. This reflects economics’ labeling problem. If you use different words to describe the receipts taken in and paid out each year by the government, you produce entirely different cash flows and an entirely different fiscal gap measured over any finite horizon.

Complete article:

http://www.midasletter.com/index.php/united-states-is-bankrupt-right-now/