Is the National debt ($20 Trillion Est. 2018)? really the most “Crushing” Debt?
Did you ever know of:
- A farmer who lost a farm
- A neighbor who lost their home
- A merchant that lost a store due to the current National Debt?
NO!
Farms, homes, businesses are lost because of the Private Debt ($40+ Trillion Est. 2018)
Applying the total M-2 money supply ($13 Trillion est. 2017) to the $20 Trillion National Debt would destroy the entire money supply, leave $7 Trillion National plus $40 Trillion Private debt would leave $47 Trillion of debt growing with time and no money.
Why all the debt? Debt is what we use for money!
American Citizens and their government in Violation of our 13th Amendment are forced into debt to get money created. We’re not Free! We’re in ECONOMIC SERVITUDE!
It gets worse! The Interest charged on this HUGE and unpayable debt is added to and increases the costs of living while reducing the purchasing power of your money!
HOW COULD THIS BE?
“Money is Created when loans are issued and Debts incurred. Money is extinguished when loans are re-paid.” -Congressional Research Service
Russell L. Munk, Assistant General Counsel, U.S. Treasury explains it well. He wrote, “New money is created by offering loans to customers. A private commercial bank…can make roughly six dollars in loans for every one dollar in reserve…It simply makes book entries for its loan customers saying, “you have a deposit of six dollars with us.” Since the bank owns the new money while the customer has merely borrowed the money the bank does indeed get the benefit of the new money…money for paying interest on borrowed money comes from the same source as other money comes from…”
” MONEY THAT ONE BORROWER USES TO PAY INTEREST ON A LOAN HAS BEEN CREATED SOMEWHERE ELSE IN THE ECONOMY BY ANOTHER LOAN.”
– John M. Yetter Attorney-Advisor Dept. of the U. S. Treasury
The total debt, in (1990), was $13 trillion, this includes the household (consumer) debt, the business debt and the federal, state and local government debt. It did not include the huge un-funded government liabilities.
Currently, (2018) America’s total debt is $60+ trillion dollars.
The total debt has grown $47 trillion, or $1.7 trillion per year since 1990.
It has become very clear that we can’t borrow our way to prosperity, even when FORCED TO.
It’s sad but the majority of Americans don’t understand the (SINISTER NATURE OF DEBT SERVITUDE and INTEREST). Many understand they pay interest directly when making house, car and other installment plan payments. Most don’t realize that:
- that payment is only a small part of the interest bill they pay.
- most businesses have huge debts and the interest on those debts is passed on to the consumer though higher prices.
- the federal, state, county, city governments and school districts have huge debts and that the interest on those debts is passed on to the consumer though higher taxes and fees.
“If all the bank loans were paid no one would have a bank deposit and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit, If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture the tragic absurdity of our hopeless position is almost incredible, but there it is. It (the banking problem) is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.” Robert Hemphill Federal Reserve of Atlanta
The defects in our money system are that “The actual creation of money always involves the extension of credit by private commercial banks”. –Russell Munk U.S. Treasury
Therefore there is no way to create the money needed to pay the interest, which is charged, on the extensions of credit. People clearly do not understand that all interest increases the debt owed, but does not increase the money supply! Therefore, this makes the total debt unpayable. The best we can do is, pass greater debt on to the next generation. Do you care about freedom, justice, your children’s future, America’s future?
As this debt, and the interest on it, grows it is obvious that the consumer has less and less discretionary income and businesses have less profit and more individuals, businesses, state and local governments will be forced into filing bankruptcy.
Pass the AMERICAN TRANSPORTATION ACT