Saturday, February 6, 2010

It is now mathematically impossible to pay off the US national debt

The Economic Collapse blog explains why: the United States government owes more dollars than actually exist. The only way it can print money is to get a loan from the Federal Reserve Bank, which in turn increases the debt, which it can only satisfy by getting another loan from the Federal Reserve Bank ... well, you get the idea. It's an endless cycle.

By the way, The Economic Collapse observes that, according to the 2008 Financial Report of the United States Government, issued by the General Accounting Office, the FY 2008 deficit according to generally accepted accounting practices (GAAP) was not the "official" $455 billion, but $5.2 trillion!

Watch for more zeroes in your wallet, coming soon... and buying less.

Virtual buckeye to Ben Sariwatta

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