It would be interesting to know what the outstanding debt held privately by
Americans is. I am almost positive it has gone down in the last four or five
years which is the reason why government spending has risen. Until
people understand that Money is Debt and that money only comes into existent as
debt, can we actually have a debate and real solutions, like monetary reform.
For Fabian socialists this is a planned event and not a subject of concern.
Obama only criticized Bush for using the Chinese credit card as irresponsible
and unpatriotic when he was campaigning in 2008. That was quickly forgotten when
he came to power. When the debt service consumes all of our disposable income we
will owe the government everything and they will give us what they determine we
need. It's called taking over the government by legislation and not by
With the debt under BO spiraling out of control, is it any wonder BO focuses on
Big Bird?Shaun,I suspect a significant reduction in private
debt the past couple years has been due to bankruptcy. Some has been paid down,
but a lot was discharged in bankruptcy.I do not agree that money
comes as a result of debt. Money is only a medium of exchange, whereby one
trades goods and/or services for different goods and/or services. Rather than
saying 2 bags of potatoes are worth three hours of a laborer's time, etc,
money became the common medium. Gold and silver used to back our currency, but
now it is backed by "the full faith and credit of the US". Debt arises when one has nothing to give, other than a promissory note, in
exchange. The person accepting the promissory note expects more in the future
than the value they currently surrender in excahnge for the note - that is known
as interest.Most people get money by my labor. I would not say my
labor is debt or the money I get for my labor arises from debt.
Since the 1960s and LBJ's so called War On Poverty, the taxpayers of this
country transferred over $16 Trillion of their hard earned money to the poor and
low income through means tested welfare programs. We have over 70 such
programs. We now have a huge poverty problem and are $16 Trillion in debt. I
guess all that taking and giving didn't work out very well. Maybe we
should try giving away another $16 Trillion. Maybe it will work better the
second time around.