Here’s a write up by Financial Sense University regarding the Financial Report of the United States. Nobody responded to that post yesterday, but I’m going to hit it again:
If we perform the same calculations for the US, however, we find that the official debt stands at $8.507 trillion or 65% of (nominal) GDP but when we add in our “off balance sheet” items the national debt stands at $53 trillion or 403% of GDP.
Now that’s horrifying. Staggering. Whatever you wish to call it. More than four hundred percent of GDP(!). And that’s just at the federal level. We could easily make this story a bit more ominous by including state, municipal and corporate shortfalls. But let’s not do that.
I think this write up is a worthy read. It means that your “savings” have been wiped out (everyones) and you’re all bankrupt.
Bits of News has a blurb on the financial situation that’s worth reading. After you read this, consider this:
The firm reported an increase in quarterly earnings of 93 percent and will distribute some $16.5 billion in bonuses to dozens of its bankers and traders. The top “rainmakers,” as they are called, will each take home as much as $20 to $25 million just in bonuses, “while traders who booked big profits will take home a chunk of those profits, up to $50 million apiece,” according to a December 13 article in the New York Times. The report cited the comment of one New York-based investment firm, “Anyone at the bonus line at Goldman Sachs died and went to bonus heaven. It doesn’t get any better than this.” Wall Street Awards Itself Billions
I’ve long argued that our civilization and society is way out of whack. The insanity of it all is the greed factor, found throughout every segment of society. The pendulem is swinging very far and wide these days, what happens when the rope breaks?