Alstrymous Lesson #1
Between Government, Corporations, and Individuals.....America NOW collectively borrows between $4 to $5 trillion dollars each year. MORE THAN THE ENTIRE GDP OF CHINA.
If any other nation borrowed and spent that much, its economy would resemble ours in short order. IT IS THE PRIMARY REASON THAT OUR ECONOMY APPEARS SO ROBUST relative to other nations of the world.
We are simply borrowing this money from ourselves through the sale of government bonds, corporate bonds and bank lending primarily to our retirement/investment accounts. If we weren't lending this money to each other.....we really would have much of an economy.
The problem is we are running out of money fast due to the fact we are trying to service an unsustainable amount of debt......and if we are not servicing that debt we are broke because the net worth of our nation is based on that debt being serviced.
It is strange to watch Fools make fun of Greece.....we are in much worse shape if you factor our private debt....which you must factor if you are going to be intellectually honest.
In the end, Wall Street shoved this down our thoat.....and we Fools more than willingly swallowed up every dime of debt they squirted.....and now our bellies are plum full of debt and can swallow no more.....as our federal government, cities, counties, states, hospitals, schools, families and businesses are running out of money.
And just think, it was about a year ago we bailed out those that infected us in the first place, and did NOTHING about the debt overhanging the nations.......while bankrupt Wall Street gave their employees massive bonuses from YOUR money as they foreclosed on our property.
In case you didn't know, when the nation you live in is broke....generally you are broke too....but you were too busy watching the ticker Wall Street was manipulating to even notice.
We will get through this period of change.....as we head into the Digital Age.
Welcome to the Digital Age.....it began on 5.5.10.