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Conspiracies & Cover-ups
Money, Banking and the Fed
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<blockquote data-quote="CaryP" data-source="post: 8361" data-attributes="member: 34"><p><strong>Money, Banking and the Fed</strong></p><p></p><p>I have no idea who Glen Beck is.</p><p></p><p>Current U.S. govt. debt is just under $7.4 trillion. The last estimate for number of "households" in the U.S. that I've seen was 73 million. Given these numbers, total existing U.S. debt per household would be $101,370 more or less. </p><p></p><p>Unfunded Soc. Sec. and Medicare liabilities are conservatively estimated at $42 Trillion, with the high end of the range coming in at $59 Trillion. These estimates are in current day dollars. Actual future dollar outlays are much higher. So given a range of $42 Trillion to $59 Trillion in unfunded liabilities plus $7.4 Trillion of existing debt, divided by 73 million households results in total debt per household of (drum roll here)</p><p></p><p>$676,712 on the low end to (really big drum roll here) $909,589 per household!!! (cymbal crash here)</p><p></p><p>Good luck folks. Unless the govt. repudiates its debt (an Argentine style default) this debt will not be paid off by any number of generations into the forseeable future. But don't worry, the govt. will react when the crisis hits critical mass, and millions who were depending on the govt. for most of their retirement needs (Soc. Sec. and Medicare) will be cut to minimal survival levels, if anything at all. Also expect, at some point in the future for 1) the default on debt by the U.S. govt. with interest rates spiking to unseen levels in this country OR 2) the total debasement of the currency (dollar crash or the dollar becomes worthless) in a Weimer Republic style hyper-inflationary nightmare. Mark Twain said it best. Something about Congress eventually doing what is right after all else fails. We should be so lucky.</p><p></p><p>Cary</p><p></p><p>P.S. Oh yeah, we're screwed.</p></blockquote><p></p>
[QUOTE="CaryP, post: 8361, member: 34"] [b]Money, Banking and the Fed[/b] I have no idea who Glen Beck is. Current U.S. govt. debt is just under $7.4 trillion. The last estimate for number of "households" in the U.S. that I've seen was 73 million. Given these numbers, total existing U.S. debt per household would be $101,370 more or less. Unfunded Soc. Sec. and Medicare liabilities are conservatively estimated at $42 Trillion, with the high end of the range coming in at $59 Trillion. These estimates are in current day dollars. Actual future dollar outlays are much higher. So given a range of $42 Trillion to $59 Trillion in unfunded liabilities plus $7.4 Trillion of existing debt, divided by 73 million households results in total debt per household of (drum roll here) $676,712 on the low end to (really big drum roll here) $909,589 per household!!! (cymbal crash here) Good luck folks. Unless the govt. repudiates its debt (an Argentine style default) this debt will not be paid off by any number of generations into the forseeable future. But don't worry, the govt. will react when the crisis hits critical mass, and millions who were depending on the govt. for most of their retirement needs (Soc. Sec. and Medicare) will be cut to minimal survival levels, if anything at all. Also expect, at some point in the future for 1) the default on debt by the U.S. govt. with interest rates spiking to unseen levels in this country OR 2) the total debasement of the currency (dollar crash or the dollar becomes worthless) in a Weimer Republic style hyper-inflationary nightmare. Mark Twain said it best. Something about Congress eventually doing what is right after all else fails. We should be so lucky. Cary P.S. Oh yeah, we're screwed. [/QUOTE]
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