Thursday, November 12, 2015

Easy Solution to the Debt Crisis - Don't pay it Back

Check this out.

"Public Debt Is Soaring
Global debt has soared to $199 trillion dollars.

The debt to GDP ratio for the entire world is 286%.  In other words, global debt is almost 3 times the size of the world economy. (William Banzai sarcastically suggests we send out a space beacon asking aliens tobail us out.)

The Hill reports:
The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion.
Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.
***
If you end up adding to that $18.5 trillion the unfunded civilian and military pensions and retiree healthcare, the additional underfunding for Social Security, the additional underfunding for Medicare, various commitments and contingencies that the federal government has, the real number is about $65 trillion rather than $18 trillion, and it’s growing automatically absent reforms ….
But former Senior Economist for the President’s Council of Economic Advisers and current Boston University economics professor Laurence Kotlikoff says that – when unfunded liabilities are taken into account – the fiscal gap for the U.S. is actually 3 times higher … $205 trillion."

http://www.globalresearch.ca/shocking-little-known-facts-about-debt-private-debt-exploding/5488356

Who is all this debt owed to?  It isn't me.  It's not to any of my family or friends or anybody that I know.  I imagine it's not to anyone who might read this article or the linked article. 

Who is all this debt owed to? 

Rich people.  Well. some might say the banks or this or that, but in the end it's people, rich people.

Fuck that.  Really, why should we tolerate this situation where the world is going to literally bust apart because everybody on earth owes the rich people money, 

Fuck the rich and fuck their debt, it's that simple. 

Simple solutions to simple problems. 

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