$23.00 donated in past month
From the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay FeatureRelated Categories: U.S. | Global Justice and Anti-Capitalism
To fight off poverty
The total debt of the U.S. alone is 17 trillion dollars! It's hard to even conceive of how much money that really is. Well, that is precisely how fragile and shaky the present dollar-based capitalistic system is. It is so delicate and artificial that almost anything could cause it to come tumbling down.
America's behaving like a drunk, all right.The official national debt of the U.S. is over $17 trillion now, an unimaginable amount! And that's only the "official" national debt; the unofficial national debt is much more, not to mention the many more trillions that U.S. businesses and consumers owe. It took 150 years for the U.S. to reach the first trillion dollars of national debt.
How long do you think it will take the rest of the world to wise up to the fact that those growing trillions will never be repaid? So the U.S. can't go on living on borrowed money forever. As one economist put it, "Things that can't go on forever, don't." The crash will come, and those who've been "living deliciously" may find themselves struggling to fight off poverty. It's gotten to the point that even the IMF is issuing warnings to the U.S. about the state of its economy!
Ted Rudow III, MA