American capitalism gone with a whimper

[eudamonia]

Google Perpetual Traveler or Perpetual Tourist. From wikipedia:

Whether to minimize governmental interference (via taxes or otherwise), or to maximize privacy, the theory proposes that you arrange for each of the following to be in a separate country:

1.Passport and Citizenship - in a country that does not tax money earned outside the country.
2.Legal Residence - in a tax haven.
3.Business Base - where you earn your money, ideally somewhere with low Corporate tax rates.
4.Asset Haven - where you keep your money, ideally somewhere with low taxation of savings interest and capital gains.
5.Playgrounds - where you spend your money, ideally somewhere with low consumption tax and VAT.

[TygerKrane]

Where is the smiley for taking the Red Pill?

{The Matrix}

[es/pip]

DETROIT (AP) -- The U.S. government would have to sell its General Motors stock for $133.78 per share to recoup the nearly $50 billion it spent bailing out the Detroit automaker, according to a watchdog of government bailout funds.



last print yesterday

drum roll .....................................................

.36

nice trade OSAMA !!!!!!!!!!!!!!!!!!!

f'n retards

http://finance.yahoo.com/news/Govt-need ... et=&ccode=

[es/pip]

THE actual figure of the US' national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post.
"The Government is lying about the amount of debt. It is engaging in Enron accounting," said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America's Economic Future.

"The problem is we're seeing an explosion in spending," added Andrew Moylan, director of government affairs for the National Taxpayers Union.

In 1980, the debt - the accumulated red ink incurred by the Federal Government - was $US909 billion.

This represented some 33 per cent of gross domestic product, according to the Congressional Budget Office (CBO).

Thirty years later, based on this year's second-quarter numbers, the CBO said the debt was $US13.4 trillion, or 92 per cent of GDP.


The CBO estimates the debt will be at $US16.5 trillion in two years, or 100.6 per cent of GDP.


But these numbers are incomplete.

They do not count off-budget obligations such as required spending for Social Security and Medicare, whose programs represent a balloon payment for the Government as more Americans retire and collect benefits.

In the case of Social Security, beginning in 2016, the US Government will be paying out more than it is collecting in taxes.

Without basic measures - such as payment cuts or higher payroll taxes - the system could be on the road to bankruptcy, according to officials.

"Without changes," wrote Social Security Commissioner Michael Astrue, "by 2037 the Social Security Trust Fund will be exhausted. There will be enough money only to pay about $US0.76 for each dollar of benefits."

Mr Kotlikoff and Mr Moylan agree US national debt is much more than the official $US13.4 trillion number, but they disagree over how to add up the exact number.

Mr Kotlikoff says the debt is actually $US200 trillion.

Mr Moylan says the number is likely about $US60 trillion.

That is close to the figure quoted by David Walker, the US Comptroller General from 1998 to 2008.

He launched a campaign to convince Americans that the federal spending and debt is a greater threat than terrorism.

But whichever figure is accurate, all three agree that the problem has worsened in the last few years.

They say it is because Congress and the Administration, whether Republican or Democrat, consistently overspend.

http://www.blacklistednews.com/?news_id=10626

[ajaymein]

Check these videos out when u get a chance es/pip...it is regarding the US Federal Reserve system and the never ending debt the US will always have. Its pretty interesting and eye opening.

http://www.youtube.com/watch?v=hEZfMruL ... re=related

[bredin]

ajay,
check out the thread here "Important Viewing"

This is not a problem isolated to the USA....

G.

[tmanbone]

http://www.usdebtclock.org/ Disclaimer: Please don't hold me responsible for computer crashes. lol

[TheRumpledOne]

Gangsta Government Rap

http://www.youtube.com/watch?v=AmBjG7ALvjc

[ZEN]

Please allow me a few words. Unfortunate but true, from some time eastern europe's country are trying to build up capitalism but it seems USA it's trying to build the socialism. Strange world!

In the above statement I've made a little mistake, sorry. I wanted to tel that fortunately the EEU are building capitalism but sad that USA is building socialism.

[Humble]

In Oz (and I assume most countries) the Govt. prints a $100- bill for a cost of approx. 5 cents and lends it to the banks at a rate of approx. 3%. That's an annual return of say $3- for a one off cost of 5 cents.

Of course the value of my existing $100- bill depreciates slightly, but so long as the amount of new money printed remains well below the countries increase in gross domestic product, we do not suffer the problems of the PIIGS.

The US Govt. on the other hand can not print it's own money. Rather it gets it's bankers to print a $100- bill, then it has to borrow $100- to pay the bankers for it.