The Old People Bankrupted America
November 22, 2011
– Comments (12)
When the Old People started working in 1980, the total public and private debt in America was about $5 Trillion dollars. In just 30 years, the Old People mushroomed that debt 10X to over $50 Trillion dollars. The Old People had a lot of fun spending the money they borrowed. Everything seemed like it was booming and growing for 30 years. Ironically, about the same time frame Madoff operated his Ponzi Scheme.
It was this borrowed money that became the assets in the Old People's retirement, pension, savings, and investment accounts. It was this same borrowed money that made the Old People feel rich.
In 2008, the Old People had finally borrowed so much money they bankrupted America....and the world for that matter. So in 2009, instead of fixing things, the Old People borrowed TRILLIONS more from the Young People simply to keep their financial assets solvent so they could keep feeling rich.
The Old People didn't care if they could NEVER pay this money back to the Young People. They thought they were entitled to this money. After all, they are the Old People and they want to retire and force the Young People to be their slaves.
The Old People were scared. If the Old People didn't borrow trillions from the Young People, ALL of the financial assets in the world would have gone bankrupt. The Old People would have been broke.....JUST like the Young People that they borrowed the money from and bankrupted.
Only one Old People was kind enough to acknowledge this fact and thank the government for borrowing this massive amount of money from the Young People....his name was Warren Buffett and he said it in the New York Times in 2010.
http://www.nytimes.com/2010/11/17/opinion/17buffett.html
But after the Old People took all the money, there was no opportunities for the Young People because the jobs vanished after the Old People bankrupted the economy. The Young People were frustrated. Not only was all their money borrowed away by the Old People, but they were convinced to borrow massively themselves to get an education so the Old People could make lots of money teaching subjects that were meaningless in their jobless world.
And to add insult to injury, when the Young People started protesting PEACEFULLY about this injustice....what did the Old People do? They started mocking the Young People and spraying poison into their faces while the Young People were just sitting there:
California protest incident sparks debate on pepper spray use
So here we are...The Old People Bankrupted America and The Young People have little opportunity in a bankrupt system. At this point, there is only one reasonable choice...scrap the old system and create a new one from scratch. A system that is solvent. A system that is sustainable. A system that is fair and just. A system based on a rule of law where justice is applied to everyone....or else there is no justice.
This is the system that we will be building at www.udderworld.com
It is time for the Old People to stand aside....it is now the Young People's time to build THEIR future.
RSS Headlines
Fool UK