2006-07-31 05:03:55 · 12 answers · asked by tgr_fsh 2 in Business & Finance ➔ Credit
United States Congressional Record - March 17, 1993 - Vol. #33, page H-1303 - Speaker- Rep. James Traficant, Jr. (Ohio) addressing the House:
"Mr. Speaker, we are here now in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner's report that will lead to our demise."
The swindle of the system is simple. The Federal Reserve Bank hires the US Treasury to print up some money. The Federal Reserve only actually pays the treasury for the cost of the printing, they do NOT pay $1 for each 1$ printed. But the Federal Reserve turns around and loans out that money (or credit line) to banks at full face value, those banks which have exhausted their deposits then loan that Federal Reserve fiat money to you, and you must repay it in the full dollar value (plus interest) in work product, even though the Federal Reserve printed that money for pennies, or created it out of thin air in a computer. Need I say more?
And by how much are we in bankrupt? That's your answer. The number is toooo large for even any of our representatives to mention.
2006-07-31 05:16:59 · answer #1 · answered by Patience S 3 · 2⤊ 0⤋
America is not bankrupt. It has a high budget deficit, which means it owes a lot of money compared to how much it makes.
But it is the same with people. Rich people can borrow more money. If Bill Gates owed $1B, doesn't mean he's bankrupt. However if you or I owed $1B, and it doesn't look likely that we can ever pay the money back, then technically and effectively we could be considered bankrupt.
Americas economy is one of the most powerful in the world. Could it have borrowed itself into a hole it cant dig itself out of? Maybe. But only time will tell. But right now i believe America is ok.
2006-07-31 12:10:03 · answer #2 · answered by dinocruz53 2 · 0⤊ 0⤋
A person with credit card debt isn't bankrupt. As long as America makes the minimum payment on its credit card, it is not bankrupt.
2006-07-31 12:06:59 · answer #3 · answered by Tones 6 · 0⤊ 0⤋
Well if China wanted to invade a little country near by all they would have to do to stop us from stopping them is pull up the notes we owe them and boom bye bye economy. The dollar value has dropped 12% since 2002.
You should get a answer that the U.S. debt has gone down but the truth is that last year we took in more taxes because multinational corporations made more money like oil companies etc.
2006-07-31 12:12:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Morally or Financially ? Financially... Nine Trillion Dollars and counting....
2006-07-31 12:06:13 · answer #5 · answered by jim 6 · 0⤊ 0⤋
over 8 trillion
2006-07-31 12:05:49 · answer #6 · answered by K T 2 · 0⤊ 0⤋
no, sorry to disappoint U but, we still give lots of money to all the nations in the world!
2006-07-31 12:07:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Absolutely more then we're gonna get out of!
2006-07-31 12:06:10 · answer #8 · answered by Nader 3 · 0⤊ 0⤋
totally -
we just don't have enuf' 'non-drugged' citizens to recognize this --- everyone's on Prozac, or Paxil, or ????
2006-07-31 12:07:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
trillions of dollars of deficit.....nuf said
2006-07-31 12:06:20 · answer #10 · answered by hawkeyes 3 · 0⤊ 0⤋