US Total credit market debt = 59 Trillion dollars That represents all US dollars in existence (paper and digital). Assuming an average interest rate of 3%, US economy pays 1.77 Trillion dollars per year, just in interest costs alone! That's 10% of GDP, that goes to pay bankers for the privilege to use our own money. Seniorage, as the banking douchebags call it in their sophisticated parlance, is why America, like the world, is bled out perpetually like a stuck cow and trapped in a death spiral. Solutions are easy. 1) Nationalize the banking system - distribute 99% of profits generated from banking to citizens. Check in the mail, every quarter, to every citizen of the country. The retained 1% is used to reward performance targets met by the bank, in terms of bad loans (ie, if bad loans are kept under 2%<, executives make 350K instead of losing their jobs etc.) 2) Print Greenbacks to finance the debt - create debt-free money. The idea that money and debt are the same is bullshit invented by the parasitic banking cartel. Money is NOT debt. That's what gold and silver are......debt-free money! That's why they are reviled and hated by bankers and their media shills all around the world - precious metals represent a much cheaper, and more prosperous money solution then debt-backed money!! Restore the greenbacks. Allow the Treasury to print Greenbacks every year to pay deficits. No more national debt. Retire the entire national debt with greenbacks (money not linked to debt). This would save the economy nearly half a trillion a year in interest payments (immediate 2.5% boost in GDP, in perpetuity!). Restore gold and silver as legal tender. This is another form of debt free money. There is no interest accruing to a silver dollar, or gold ounce coin to some dirty banker who did nothing but enter some ones and zeros in a computer. It's just interest free money. The way it was intended. I'll leave you with this - the world is crippled in debt, a prison of our own design. Bankers rule the world because they convinced Governments to give them seniorage, the power of the printing press (perhaps the greatest power of all). With that, they have bought up the world, twisted it and corrupted it to their own design, and made us all slaves to this demonic system which literally feasts off our collective, honest labors while giving us nothing in return, but permission to continue in their system. We have to pay them tribute for our existence, when they are nothing but cockroaches feeding off humanity. They are no better then drug cartels and oppressive tyrants, but here at elitetrader, we revere them. Up is down. Black is white. We can't change the human heart, but we can legislate systems that work against it.
Even if your premise were correct to start with (it's nowhere near), it's your conclusion I find the most astonishing. I never thought you were such a socialist, achilles! More extreme than the French, even! Amazing!
Which Politician would have the courage to risk his position for that? <iframe width="640" height="390" src="//www.youtube.com/embed/R-4Jd0o-Emw" frameborder="0" allowfullscreen></iframe>
No, the Bankers must have their way. It's a debt-based money system, and we are all slaves in the tread wheel! Credit Market Debt Oustanding All Sectors; Credit Market Instruments; Liability, Level <iframe src="//research.stlouisfed.org/fred2/graph/graph-landing.php?g=CK7" scrolling="no" frameborder="0" style="overflow:hidden; width:670px; height:475px;" allowTransparency="true"></iframe>
ha. Ya, I do. The more knowledge, the more grief (Ecc 1:18). Evil is in high places (Eph 6:12). On the flip side, at least we have the foresight to doomsday prep for the coming Depression and/or dollar collapse. The ignorant masses will be trapped in roiling cities.
Its no use Achilles its no use old friend. That's what I tried to do all the time, the ignorant masses simply don't understand that the system is going to DO THEM IN I am past the what will happen to US and American citizens, the war, hunger and death that awaits them. What I find myself thinking about more and more, is the thinking of scum, the people like Martinghoul or Maverick, Pizoe. How does their mind work, is it basic lack of intelligence, or perhaps a malfunction where they have no empathy, or perhaps hints of masochism. Why do they keep doing the job they are doing, defending FED, are they simply evil and there is nothing complicated to it.
Marty is NOT defending the Fed the way I interpreted his posts in this thread and knowing the proclivity of his posts over the years. Marty is simply stating a fact. The idea of nationalizing the banking system would never garner the votes required to make it law. US Politicians, regardless of party affiliation but most notably the "progressive" social program types, would not stand for nationalizing the banking system unless it allowed them to spend dollars on a deficit basis immediately for their own political purposes (buying votes and pandering to their core constituents). Which means you would be printing deficit dollars and auctioning deficit bonds regardless of what name you wanted to call it - the US National Bank, or the Federal Reserve, or whatever. Different name same essential function. If the top 2% of the wage earners in the United States paid a 100% tax rate with no deductions, it would still take 15 to 17 years to pay off the existing national debt. And as a side note, have you seen China's deficit spending ratios ? Expanding their military, grappling with domestic smog and pollution, and transitioning from an export-driven economy to a more consumption-oriented economy is requiring deficit spending.