– US is Bankrupt: $89.5 Trillion in US Liabilities vs. $82 Trillion in Household Net Worth & The Gap is Growing. We Now Await the Nature of the Cramdown. (Biderman’s Money, Aug 4, 2014):
There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. There’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the deposits…all at today’s valuations. But let’s cut straight to the bottom line and add it all up…$89.5 trillion in liabilities and $82 trillion in assets. There. It’s not a secret anymore…and although these are all government numbers, for some strange reason the government never adds them all together or explains them…but we will.
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I think whoever came up with this particular spin is avoiding a few parts. $82T assets, and $89.5T in debt.
Lets get real here.
Financials make up over 70% of US GDP and their numbers are as trustworthy as Chinese estimates of their GDP. In 1995, financials made up 16% of US GDP. By 2010, it was over 70%. If anyone is stupid enough to believe the money changers, I have no more time to devote to this subject.
It is standard business practice to take $100 million and leverage it to $100 Billion……by financials and government both…….1000:1 leverage.
The entire world GDP is made up of $50-65 Trillion, and the US generates more than the entire world? Who pays these fools for their diatribe? Whoever it is ought to be fired. The US doesn’t generate anything but paper, paper that fewer and fewer nations even accept.
What a joke.