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US debt six times greater than declared - study

06.08.2013 09:12

The United States has accumulated over $70 trillion in unreported debt, an amount nearly six times the declared figure, according to a new study by University of California-San Diego economics Professor James Hamilton.

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Comments (29) Sort by: Highest rating Oldest first Newest first

 

Sonny Crewcut 26.09.2013 00:52

Quotes from our foundling fathers pertaining to the 2nd amendment.
“To disarm the people is the most effectual way to enslave them.” – George Mason.
“Before a standing army can rule, the people must be disarmed, as they are in almost every country in Europe.” – Noah Webster.
“Amer icans have the right and advantage of being armed, unlike the people of other countries, whose leaders are afraid to trust them with arms.” – James Madison.
“A free people ought to be armed.” – George Washington.
“N o free man shall ever be debarred the use of arms.” – Thomas Jefferson.


 

Sonny Crewcut 26.09.2013 00:48

We are already bankrupt but too stupid to know it. I cannot believe that this financial fiasco is not being done deliberately. How can anyone with any type of common sense or education not see what is happening and take action? If you wanted to eliminate our way of life here in the U.S., what better way to do it? It will be over before we even know it. When the economy collapses, the government will send in the military and declare Marshall Law and that is it. The Presidents, especially Obama, have already signed Executive Orders to take effect when this happens.




 

William Driscoll 14.08.2013 23:29

Do not forget that now since "Too Big Too Fail" banks are much bigger since the 2008 implosion, the Obama Administration refusal to prosecute top executives of these banks or to break up the banks, is basically a message they the Federal Government will do everything to bail them out again. So you have to take into consideration the 14 trillion dollars in credit default swaps the "Too Big Too Fail" banks have are still exposed to.

 

Shaun Salvator Thompson 12.08.2013 16:22

More debt no way out government lies

 

Paw Possum 11.08.2013 20:53

$211 trillion. That's the fiscal gap (real federal debt). At what point are we bankrupt?

 

Pegasus 09.08.2013 06:54

@ John ... you're on the right track. The $US is on the precipice of crashing ... badly ! It all stems from the Fed ... they are playing the govt & people like chess pieces ... close them down, let the banks fail instead of making them richer, forgive all debt and start from scratch with Glass-Steagall.

 

FreedomOfSpeech 09.08.2013 01:51

What can you expect of the US, which is full of prevarications and misleading statements and not very truthful ? And is there any gold reserves at Fort Knox, as it has not been audited since 1974 ? Is the US trying to hide something ? browse..."Brad Meltzers: Decoded -Fort Knox"

 

Liam Thornback 09.08.2013 01:46

To Marcel Chagnon

It certanly has alot to do with unfunded liabillities. There are less people paying into Social security and more recieving it then when it was concevied. It in the very nature of social secuirity, your not paying for when you recieve it, your paying for who recievies it at this moment. Why can't people put a fraction of there income into a savings acount (or gold)? why do people need to be forced into paying for someone elses benifits?

 

Jim Tambe 08.08.2013 15:42

US dollar is still not weak and no other country believes that their currency is strong ,What ever debt US has...I don't see any country rejecting Dollar....Its the same too big to fail concept here....no one wants to believe that US economy is getting worst. No country objects why US is printing paper money again n again ...till all rating agency belong to US nothing will go wrong for US even if it is ..........

 

Michael Christopher 08.08.2013 01:31

What we see is just tip of an iceberg. Their debt is already in quadrillions of US Dollars already. Their debt to The Collateral Accounts should also be mentioned but people are deaf and blind but it is understandable because of the secrecy involving this matter, and to gradually solve this but the Americans don't want the solutions to this problem. Someday their future generations is going to suffer because of that. The control of the Elite is very powerful in America. I hope the Americans will change their attitude before its too late.

 

Murray Bernie 07.08.2013 23:43

The Dollar will be worth nothing in 20 years.The USA is also haemorrhaging manufacturing jobs to China 100 000 a year.

she is desperately looking for a way out of her debt.

 

Dominick Sammarone 07.08.2013 03:24

can you say "PONZI?"

 

Fred 06.08.2013 22:17

@Skillz :

NOT anymore ... sorry !

the TWO main things keeping $ afloat =

1° The Fed buying T-Bills (kind of right-pocket filling the left-pocket , if you say "Incestuous Relation" you may be right ... ;-)) )

2° the might of US Army and its natural alliances
(WHY do you think USA alone is spending MORE in military gears than ALL other coutries together ! it doesn't make the world safer , just the opposite ... but without this might ... many ... many would present the final bill without fears !)

 

Skillz 06.08.2013 20:30

Ray Cote 06.08.2013 15:13

<BR>Ob viously it's not worthless now because you can still buy things with it. You still accept a paycheck/welfare check denominated in it. <BR><BR>

  


Th e only thing keeping the US dollar afloat is the Chinese acquisitions of the currency. To this date, it numbers around: US$3.4 trillion in currency reserves "to use as a war chest" to quote the paper where I got the numbers.

 

Ihsan 06.08.2013 18:21

when everyone owes everyone else, debt becomes simply a means of distribution of wealth. The ones who owe more become weaker and more exploited because of the interest charged. The government owes enormous mounts, so they are weak. The general population too. Now if we go to the bankers, defense contractors, media moguls, oil - pharma - biotech companies, the countless billionaires - they do not owe. They own YOU and Me and the Political System. To amass further wealth they spy on us, suppress dissent, falsify media, bribe politician, wage wars and exploit workers. These are the scum of the Earth.

 

Pete Wagner 06.08.2013 17:29

The big problem for the US, is that the debt was created to feed the gluttenous appetites of the parasitic wealth class who continues to enrich itself of the scheme. US debt thus can only be paid at this point by the wealth class it ultimately supports. Will the parasites give back? We should assume not without a fight.

 

k4t434sis 06.08.2013 17:14

Ray Cote 06.08.2013 15:11

Ob viously it's not worthless now because you can still buy things with it. You still accept a paycheck/welfare check denominated in it.

  


An d how long can we keep pretending infinite growth capitalism is working? Telling by your comment...

Ray Cote 06.08.2013 15:11


Ob viously it's not worthless now because you can still buy things with it. You still accept a paycheck/welfare check denominated in it.

  


yo u apparently think within 30 years the majority of Americans have just given up and decide to be lazy and collect welfare. Wake up.

 

Helical 06.08.2013 15:40

And they are still Printing / borrowing even more money.!

 

Ray Cote 06.08.2013 15:13

Carlos 06.08.2013 11:36

Fiduciary currency will be worthless and in fact it is worthless right now.

  


Ob viously it's not worthless now because you can still buy things with it. You still accept a paycheck/welfare check denominated in it.

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