Shut Up and Keep Bailing!
Friday, October 3, 2008
This is a week that shall go down in history. It might well mark the beginning of the end of Western Civilization. The months and years that follow portend calamities and human suffering not seen since our emergence from The Dark Ages.
To begin:
The truth of the matter is: The USA is bankrupt and has been since 2003-2004.
The American Corporate Media Establishment (ACME) is largely to blame, ... shamefully co-opted by The Bush Administration and the cartel of rapacious Wall Street financiers. This purported $7-8 billion “Bail Out” is another “Fake Out”, even more egregious than the one that “gas-lighted” Americans into believing invading Iraq was in the best interests of America; a mistake that has cost more than 4000 American lives. This Fake Out fits the classical definition of “The Big Lie”.
Simply stated, the “Big Lie” is that the National Debt of the USA is $10 trillion. This figure has been inculcated into the American consciousness by incessant repetition and made to appear “Official” in just about every source conveniently available to public inquiry. It is cited as:
U.S. NATIONAL DEBT CLOCK
http://www.brillig.com/debt_clock/
The Outstanding Public Debt as of 28 Sep 2008 at 12:41
The estimated population of the United States is 304,806,978
$9,854,152,437,208.21
so each citizen's share of this debt is $32,329.14.
The National Debt has continued to increase an average of
$2.32 billion per day since September 28, 2007!
The $10 trillion figure is bruited with rare exception in everyday economic and financial news sources just as it appears below.
http://www.rushprnews.com/2008/10/02/the-united-states-public-debt-tops-ten-trillion-dollars-for-the-first-time/
“YORK(RUSHPRNEWS)10/02/2008-According to Treasury Direct (a United States Government website, link below), the total public debt outstanding for the United States of America topped ten trillion dollars for the first time as of September 30th, 2008. The total public debt outstanding? $10,024,724,896,912.49 and counting.
The united states is under a big pile of debt - illustration According to Treasury Direct, the total public debt outstanding for the United States of America topped ten trillion dollars for the first time as of September 30th, 2008. The total public debt outstanding? $10,024,724,896,912.49 and counting.”
That is a lie. The household, corporate and public debt, the real Federal Debt of the USA is projected to be more than $53 trillion by year end, 2008; more than 5 times what Washington and ACME are telling the American People. The Debt load according to this Official, but bogus, rendering is about $32,300 per citizen living 'legally' in the US.
The actual debt load, per taxpayer, comes in at 10 times that, in excess of $385,000 based on GAAP, FASB and/or FASAB; take your pick. A 2 income family comes up owning $770,000; three quarters of a million dollars.
This really is not news in the strict sense. In October, 2006, President Bush was made aware of the unsustainable debt load already incurred during his administration.
http://www.gao.gov/financial/fy2005/05gao2.pdf
"Second, the U.S. government’s total reported liabilities, net social insurance commitments [9] and other fiscal exposures continue to grow and now total more than $46 trillion, representing close to four times current GDP and up from about $20 trillion or two times GDP in 2000. Finally, while the nation’s long-term fiscal imbalance continues to grow, the retirement of the “baby boom” generation is closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008. Given these and other factors, it seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the
Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance."
Signed: David M. Walker; Controller General of the United States
That this ineluctable truth has been virtually ignored/suppressed/discounted in the Main Stream Media should give insight into what is behind this Administration's, behind Wall Street's and behind ACME's using the prospect of impending catastrophe to coerce Congress into adding even more debt. It is pure subterfuge; an attempt to buy a little more time with a lot of taxpayers' money for the sole and selfish purpose of escaping exposure and accountability for the disaster they have perpetrated on the US and indeed, the World.
To see things in a broader perspective consider:
The sum of the US household, corporate and public (all levels of gov.) debt is projected to be slightly over $53 trillion at the end of this year; not $10 trillion.
The combined GNPs of all the nations in the world for this year is projected to be around $55 trillion!!! ... and the total Consolidated ND for the planet is going to come in at around $100 trillion.
The projected US GDP for 2008 is $13.8 trillion (current dollars). The average interest rate that applies to the Debt is 3.77% or $2 trillion, ...$14,493 for each of the 138 million American taxpayers. This means that 14.5 cents of every dollar that turns over in the US this year is already committed to interest expense; an expense that must be be deferred (accrued) because the US can't pay it and this Administration knows it; ...not without borrowing abroad or, as it has been doing, capitalizing upon the peoples' retirement funds, home equities, and the future earnings of generations to come, ...converting these assets into the wherewithal to meet the carrying cost on more than $50 trillion.
The alternative is for the Administration to admit that is has driven the country into bankruptcy.
Authorizing an additional $7-$8 billion makes no more sense than bailing water from the Engine Compartment (Debt) to Steerage (Taxpayers' Equity) in a ship whose hull is full of holes.
By refusing to authorize this “Fake Out”, Congress has the opportunity today to distinguish itself by finally confronting the Bush Administration by exposing their fraudulent exploitation of the Public Trust. If Congress authorizes the Bail Out, history will undoubtedly indict them as co-conspirators. and so it should.
It's now 6:30 a.m. my time. I'm not optimistic that Congress will
either see or do its duty today.
This is a week that shall go down in history. It might well mark the beginning of the end of Western Civilization. The months and years that follow portend calamities and human suffering not seen since our emergence from The Dark Ages.
To begin:
The truth of the matter is: The USA is bankrupt and has been since 2003-2004.
The American Corporate Media Establishment (ACME) is largely to blame, ... shamefully co-opted by The Bush Administration and the cartel of rapacious Wall Street financiers. This purported $7-8 billion “Bail Out” is another “Fake Out”, even more egregious than the one that “gas-lighted” Americans into believing invading Iraq was in the best interests of America; a mistake that has cost more than 4000 American lives. This Fake Out fits the classical definition of “The Big Lie”.
Simply stated, the “Big Lie” is that the National Debt of the USA is $10 trillion. This figure has been inculcated into the American consciousness by incessant repetition and made to appear “Official” in just about every source conveniently available to public inquiry. It is cited as:
U.S. NATIONAL DEBT CLOCK
http://www.brillig.com/debt_clock/
The Outstanding Public Debt as of 28 Sep 2008 at 12:41
The estimated population of the United States is 304,806,978
$9,854,152,437,208.21
so each citizen's share of this debt is $32,329.14.
The National Debt has continued to increase an average of
$2.32 billion per day since September 28, 2007!
The $10 trillion figure is bruited with rare exception in everyday economic and financial news sources just as it appears below.
http://www.rushprnews.com/2008/10/02/the-united-states-public-debt-tops-ten-trillion-dollars-for-the-first-time/
“YORK(RUSHPRNEWS)10/02/2008-According to Treasury Direct (a United States Government website, link below), the total public debt outstanding for the United States of America topped ten trillion dollars for the first time as of September 30th, 2008. The total public debt outstanding? $10,024,724,896,912.49 and counting.
The united states is under a big pile of debt - illustration According to Treasury Direct, the total public debt outstanding for the United States of America topped ten trillion dollars for the first time as of September 30th, 2008. The total public debt outstanding? $10,024,724,896,912.49 and counting.”
That is a lie. The household, corporate and public debt, the real Federal Debt of the USA is projected to be more than $53 trillion by year end, 2008; more than 5 times what Washington and ACME are telling the American People. The Debt load according to this Official, but bogus, rendering is about $32,300 per citizen living 'legally' in the US.
The actual debt load, per taxpayer, comes in at 10 times that, in excess of $385,000 based on GAAP, FASB and/or FASAB; take your pick. A 2 income family comes up owning $770,000; three quarters of a million dollars.
This really is not news in the strict sense. In October, 2006, President Bush was made aware of the unsustainable debt load already incurred during his administration.
http://www.gao.gov/financial/fy2005/05gao2.pdf
"Second, the U.S. government’s total reported liabilities, net social insurance commitments [9] and other fiscal exposures continue to grow and now total more than $46 trillion, representing close to four times current GDP and up from about $20 trillion or two times GDP in 2000. Finally, while the nation’s long-term fiscal imbalance continues to grow, the retirement of the “baby boom” generation is closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008. Given these and other factors, it seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the
Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance."
Signed: David M. Walker; Controller General of the United States
That this ineluctable truth has been virtually ignored/suppressed/discounted in the Main Stream Media should give insight into what is behind this Administration's, behind Wall Street's and behind ACME's using the prospect of impending catastrophe to coerce Congress into adding even more debt. It is pure subterfuge; an attempt to buy a little more time with a lot of taxpayers' money for the sole and selfish purpose of escaping exposure and accountability for the disaster they have perpetrated on the US and indeed, the World.
To see things in a broader perspective consider:
The sum of the US household, corporate and public (all levels of gov.) debt is projected to be slightly over $53 trillion at the end of this year; not $10 trillion.
The combined GNPs of all the nations in the world for this year is projected to be around $55 trillion!!! ... and the total Consolidated ND for the planet is going to come in at around $100 trillion.
The projected US GDP for 2008 is $13.8 trillion (current dollars). The average interest rate that applies to the Debt is 3.77% or $2 trillion, ...$14,493 for each of the 138 million American taxpayers. This means that 14.5 cents of every dollar that turns over in the US this year is already committed to interest expense; an expense that must be be deferred (accrued) because the US can't pay it and this Administration knows it; ...not without borrowing abroad or, as it has been doing, capitalizing upon the peoples' retirement funds, home equities, and the future earnings of generations to come, ...converting these assets into the wherewithal to meet the carrying cost on more than $50 trillion.
The alternative is for the Administration to admit that is has driven the country into bankruptcy.
Authorizing an additional $7-$8 billion makes no more sense than bailing water from the Engine Compartment (Debt) to Steerage (Taxpayers' Equity) in a ship whose hull is full of holes.
By refusing to authorize this “Fake Out”, Congress has the opportunity today to distinguish itself by finally confronting the Bush Administration by exposing their fraudulent exploitation of the Public Trust. If Congress authorizes the Bail Out, history will undoubtedly indict them as co-conspirators. and so it should.
It's now 6:30 a.m. my time. I'm not optimistic that Congress will
either see or do its duty today.
posted by 00Buck at 4:27 AM
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