It’s Halloween of 2011, and in-between handing out frozen candy to the kiddos (frozen candy is the best) I decided to get a head start on this week’s article. I don’t have kids and I’ve never really been around them much, so it’s pretty cool to see how excited they are when they get the chance to ‘grab one handful’ from the candy bowl. The sad part is that, unlike most people tonight, when I see that joy I actually get pretty sad. The America that they will grow up in will be much different than the one I grew up in.
My generation came to age at the peak of America’s power and prosperity; my first twenty years were spent between 1985 and 2005, arguably the most wealthy 20-year period in the history of humankind. We never had to worry about our parents being able to afford food; no, all we needed to worry about was how to beat the Last Boss in the latest video game that was bought for us. These kids though…shit, at this pace by the time they’re 16 the state of the economy will make the Great Depression look like the Good Ole Days. You see, I’m not joking when I say that the entire economy is on the verge of total and utter collapse. If and when that happens, hundreds of millions of kids will die of starvation all across the world; while I don’t expect it get to cannibal-level mass starvation here in the US, there will be tens of thousands of children who will die of malnutrition and disease. Millions of those who survive will be relegated to a life of abject poverty and suffering, no better off than their ancestors were in the Dark Ages. Of course, the powers that be won’t let it get too bad…eventually they will roll in with a plan: A One World Currency controlled by a One World Government, which will save us from The End Times. That they created. On purpose.
You know what though? When you see the faces of the happy little kid in a Spiderman costume, and then you realize that it’s quite possible that he will go through more suffering and hardship over his lifetime than you will in yours, it’s pretty good motivation to try and fix this shit. I have a few different ways in which I try to defeat the psychopaths who are in control of our planet, but I think that my most effective method is writing this blog, an effort that I hope will expose the Banksters and their financial fraud to the general public. This is my ninth post thus far and if you are a new reader I encourage you to head back to my homepage and read many (if not all) of the previous entries to get a more fleshed out explanation of the economic maelstrom that’s approaching. A hundred posts aren’t enough to cover every angle and issue at hand, so you can be assured that you will learn something in every article. Now that I’ve dispensed of the shameless self-promotion, may I present, without further ado, the scariest thing out there this All Hallows’ Eve: Bankster Debt, also known as The Black Hole of Debt (Death).
Everyone has heard about “The Debt Crisis”, but what does that term really even mean? When the average person refers to their level of ‘debt’ they will generally add up all of the credit card and student loan balances and state that figure. A more through calculation may combine these types of obligations with all future ‘promises to pay’, such as mortgages and auto loans. As with personal finance, when one is referring to a country’s level of debt it is important to be specific and to look at the data using both of these perspectives. The thing is, if one wants to really understand the issues facing our economy it is imperative that a third, much less intuitive perspective be analyzed as well. This third level of debt exists above all other forms of debt. It also serves as the crux of the Banksters’ heist of Free-Humanity. I’ll cover the two ‘regular’ types of debt first; hopefully after finishing this article you will have a solid understanding of these two forms of debt, as well as a firm foundation from which to further investigate (and fight) the third and most insidious type of bondage: Fraudulent Bankster Debt (again, known as the Black Hole of Debt (Death)…there are many great names for it).
The first and most basic level of ‘debt’ refers to the amount already owed to creditors for prior ‘full and final’ transactions. In the most general sense, I’m referring to the type of debt a person owes once they have already received the good or service, in full, with no realistic opportunity for repossession. If you run up $10,000 in credit card bills after a shopping spree that included everything from Apple iPads to Zippo lighters, the collection agency isn’t going to pay you a visit with a list in hand that has 328 items they are going to . They’re just going to want their money — or a few big ticket items that can be easily liquidated. This first type debt is what you will probably hear the most about on XYZ Conglomerate’s Nightly News. When the newscaster states that the 2011 Federal Budget Deficit will “likely surpass $1.5 Trillion” or that “America is currently $14.9 Trillion in the hole”, they are referring to this type of debt. This most basic level of debt represents what we owe on things that we’ve already purchased and ‘consumed’; while that PlayStation 3 is still working and allowing you to cause mass havoc in Battlefield 3, it’s already been consumed in the economic sense of the word.
The second, more ‘forward-thinking’ level of debt takes into account all of the first type of debt as well as the future payments you have locked yourself into through the purchase of an asset which serves as its own collateral. The most basic of examples is more relevant than ever to the millions of people being foreclosed upon: The home mortgage. When you sign your name on the dotted line at the realtor’s office you really haven’t done much more than assumed a massive amount of debt for the use of a house. Sure, eventually you may own it outright, but for a couple of decades, if you are unable to keep up on your promise to pay, the house is simply taken from you (at gunpoint if necessary) and is returned to the bank.
Notice how I didn’t use my favorite term ‘Banksters’ here: I am not attacking Capitalism, Free-Markets, or even banks in this blog; rather I am attacking the Crony Monopolism that continues to be perpetrated by the Federal Reserve and the MegaBanks. The International Monetary Fund (IMF) and World Bank are included in this rant as well. It is my firm belief that a system of Capital, Credit, and, yes, Interest, is the best form of economics mankind has developed to date. It’s certainly not perfect, but history has shown that no other form of trade can produce such wealth for everyone, from the bottom 1% to the top 1%. Go ask a North Korean eating tree bark how well Communism is working for her if you doubt Free-Markets. The further you get from fair, open markets, the worse it gets. It’s just a fact.
With all of that said, looking at a country’s level of debt from this ‘second perspective’ takes a bit of imagination; remember, the main thing we are focusing is the amount tied up in ‘future promises to pay’. So instead of using a home as an example we will use Medicare, Social Security, military pensions, and other government-funded obligations that are to be paid in the future. The money associated with this future spending cannot be repossessed like a car or house, but programs can certainly be reformed, pared back or eliminated, all without a technical default taking place. This level of debt is still ‘in the game’ so to speak; it should be up for debate and should be part of the national dialogue. We need to get our financial house in order and we need to do it quickly. At this time the value of this type of debt in the US is about $65 Trillion, or $186,000 per man, woman and child in the country. Quite a daunting amount, but it’s nothing compared to the level of the third form of debt: Scumbag Bankster Rape Your Country Senseless Debt, also known as The Black Hole of Debt (Death).
Obviously I have an issue with Bankster Debt. Why is it so bad? Well, there are a few reasons. First and foremost, WE DON’T OWE IT. This is what happened, and what will continue to happen, until we do something about the Banksters:
- The Banksters rig the system to get everyone sucked into the Ponzi scheme
- The Banksters destroy said system and threaten a total economic meltdown unless they get bailed out
- The Federal Reserve/IMF wing of the Banksters bails out the MegaBank wing…of the Banksters
- The American People are told they are on the hook for all of the debt
- The Banksters smoke a cigarette
To be honest, it really is that simple. You can boil down all of the derivatives, special instruments, rampant speculation, and stock market fraud into the first two bullet points. The bailouts of 2008 and 2009, as well as the current situation in Europe, are shining examples of the last four. Simple.
Besides the fact that this type of debt is totally fraudulent, there is one other major reason I despite Bankster Debt: The amount out there mind-boggling. So much so that it is just totally retarded that we even acknowledge it in the first place. Did you know that Bank of America recently had over $70 Trillion in Derivatives insured by the Federal Depository Insurance Corporation (FDIC)? Yes, the same FDIC that insures your bank account. Yes, that’s the correct figure: $70 with a T Trillion. Wait wait wait. How the Fuck is that level of debt to be insured? How is that level of debt even possible? Every year the United States’ entire economic output is a whopping $15 Trillion…you’re saying Bank of America is being insured for 5-years’ worth of America’s production? And JP Morgan is being insured by the FDIC for more than $65 Trillion worth of ‘bad bets’ too?
WHERE THE HELL AM I???
It’s totally ridiculous. It’s a total Black Hole of Debt (Death). There are $1.5 Quadrillion worth of derivatives out there. Yes, that’s the correct figure, $1.5 with a Q Quadrillion. That’s $1,500 Trillion, or about 1,000 years of American production. Good luck supporting that with some budget cuts and tax hikes.
This Bankster Debt cannot be paid off, and even if it could be paid off, WE DON’T OWE IT. As soon as people realize this, we are out of the Bankster’s grip. They will disappear like a vampire at dawn. Until then, they’re going to suck the life out of you and your children. Once we shrug off this Bankster Debt we can get to work on fixing the other two types of debt. Now who wants some candy? This guy.