Cost of Government bailout hits $8.5 Trillion, is a sum that represents 60 percent of the nation's gross domestic product.
The corporate news media is pretending this is not happening on such a gigantic scale, but this is going to affect your life.
First it is important to get a concept of the colossal amount we are speaking about, how much money is 8.5 Trillion dollars?
If dollars were seconds, how long is 8.5 trillion seconds?
The corporate news media is pretending this is not happening on such a gigantic scale, but this is going to affect your life.
First it is important to get a concept of the colossal amount we are speaking about, how much money is 8.5 Trillion dollars?
If dollars were seconds, how long is 8.5 trillion seconds?
One billion seconds is 31 years, 259 days.
One trillion seconds is 31,709 years 288 days.
8.5 trillion seconds is 269,533 years. Measured in time 8.5 trillion seconds would be from the year 267,525 BC until now!
If you lay 8.5 trillion one dollar bills end to end, that's 6.2 inches x 8.5 trillion / 12 inches in a foot/ 5,280 feet in a mile / 24,901 length of the equator in miles, which equals 33,402 times around the earth!
Or, think of it as a carpet of dollar bills which is 7,237 feet wide by 24,901 miles long.
If your mind hasn't been boggled you're not paying attention.
One wonders if most of this bailout will be added to the US national debt. This occurred after the savings and loan bailout. Recently, almost unnoticed, the national debt has already skyrocketed past the $10 Trillion mark!
Or measured in another way, the bailout so far equals $27,838 for every man, woman and child living in America! That's in addition to the $34,621 which is already your share of the national debt!
Sincerely William Peery
Kleptocracy [klep-tok-ruh-see] A government or state in which those in power experience recurrent urges to exploit national resources and steal from the citizenry; rule by a thief or thieves.
Excerpt from the 2008 Republican Platform: The Economy -- "Rebuilding Homeownership"
"...We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all. We encourage potential buyers to work in concert with the lending community to educate themselves about the responsibilities of purchasing a home, condo, or land."
http://www.gop.com/2008Platform/Economy.htm#6
Watch the Real news. http://therealnews.com/t/index.php?option=com_content&task=view&id=31&Itemid=7&jumival=2860
Article from the San Francisco Chronicle.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/MNVN14C8QR.DTL
Cost Of Bailout Hits $8.5 Trillion
Paul Joseph Watson
Prison Planet.com
Wednesday, November 26, 2008
The total cost of funds committed to the bailout in its various guises has now hit $8.5 trillion dollars, up from $7.7 trillion in just two days after the federal government committed an additional $800 billion to two new loan programs on Tuesday.
The total amount of funds now committed equals a figure that represents 60 per cent of the U.S. gross domestic product.
Millions of Americans with savings accounts and pensions will ultimately pay the price because, as the San Francisco Chronicle admits today, "The Fed lends money from its own balance sheet or by essentially creating new money."
You'll also find this little snippet in the article, "Most of the money, about $5.5 trillion, comes from the Federal Reserve, which as an independent entity does not need congressional approval to lend money to banks or, in "unusual and exigent circumstances," to other financial institutions.
Just another reminder that the private, run for profit, Federal Reserve has the printing presses cranked on overdrive in order to bailout Wall Street and the big banks, while the homeowner and the middle class see their savings devalued out of existence.
"If you print money all the time, the money becomes worth less," warns Diane Lim Rogers, chief economist with the Concord Coalition, but its an empty threat to delirious traders and investors drunk on a record stock market rally after the government pumped more fake liquidity into the bloated bubble.
Veteran investor Jim Rogers echoed the sentiment, predicting the dollar is "going to lose its status as the world's reserve currency," adding, "It will be devalued and it will go down a lot. These guys in Washington, they want to debase the currency."
"They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term," said Rogers.
How long will it be before Americans realize the looming specter of hyperinflation spells disaster for their life savings? How long will it be before we see rioting in the streets on a par with the scenes witnessed in Iceland over the weekend, where the Icelandic krona has lost half its value in a matter of weeks?
Meanwhile, over in the UK, the government assured the vast majority of the population that they will "tax the rich" in order to pay for the bailout on the other side of the Atlantic, with whopping 61 per cent tax bands being levied on those earning over £100,000 a year.
Since when was £100,000 a year "rich"? After tax, even if someone was able to save half of their remaining income, it would take them around 30 years to save a million pounds, adjusting for inflation. That is not rich.
The reality of course is that it is the middle class who will once again foot the bill for everything, leaving the elite to prolong their con game of fiat money and imaginary credit , once again suckering the poor in for a lifetime of indentured financial servitude.
No comments:
Post a Comment