That’s a lot of money, and it’s your family’s share of the total debt supported by the US economy – assuming that you are in the US. Granted, there are more than just US citizens supporting the US economy, so maybe we could shave off a little here, and maybe a little there. But, still… if you add up all the debt in the United States, everywhere… it would come to about $56 TRILLION.
And, you thought that GOVERNMENT debt was bad.
The point is that debt in general is only sustainable if there is an economy that’s growing, and if there are those willing to lend to that growing economy. The problem is that the US economy is not growing, and the biggest lenders of record, China and Japan, aren’t going to be interested in continuing to throw good money after bad – because they’re less and less confident that they’ll get their money back.
In fact, I think that it should be clear to everyone by now that they will not be getting their money back. No one will.
The question is when it will all end, and I don’t really know the answer to that question. Some are saying that the first quarter of 2012 will see it all start unraveling. Others are saying 2013. Some seem to think that the US will hold out for a bit longer.
The point is that everyone with two brain cells to rub together is saying the same thing. The US economic system is going to crash, and crash hard.
You need to be prepared for that. Really. You do.
Oh, and just to give you an idea of how little we are dealing with just the Federal Deficit, here’s a neat little video that I saw today:
I’d laugh if I wasn’t already crying.
Here’s more fuel for the flames from Michael at The Economic Collapse blog.
We have all been lied to. For decades, the leaders of both major political parties have promised us that they can fix our current system and that they can get our national debt under control. As the 2012 election approaches, they are making all kinds of wild promises once again. Well you know what? It is all a giant sham. The United States has gotten into so much debt that there will be no coming back from this. The current system is irretrievably broken. 30 years ago the U.S. debt was a horrific crisis that was completely and totally out of control. If we would have dealt with it back then maybe we could have done something about it. But now it is 15 times larger, and we are adding more than a trillion dollars to the debt every single year. The facts that you are about to read below should set America on fire with anger. Please share them with as many people as you can. What we are doing to our children and our grandchildren is absolutely nightmarish. Words like “abuse”, “financial rape”, “theft” and “crime” do not even begin to describe what we are doing to future generations. We were the wealthiest nation on earth, but it wasn’t good enough just to squander all of our own money. We had to squander the money of our children and our grandchildren as well. America has been so selfish and so self-centered that it is hard to argue that we don’t deserve what is about to happen to this country. We have stolen the future of America, and yet we strut around as if we are the smartest generation that ever walked the face of the earth.
All of this prosperity that we see all around us is just an illusion. It is a false prosperity that has been purchased by the biggest mountain of debt in the history of the world.
Did you know that if you added up all forms of debt in the United States and divided it up equally that every single family in the country would owe more than $683,000?
We are a nation that is absolutely addicted to debt, and the U.S. debt crisis threatens to destroy everything that our forefathers built.
Yes, everything may seem fine for the moment, but what do you think would happen if the federal government suddenly adopted a balanced budget?
1.3 trillion dollars a year would be sucked right out of the economy and we would be looking at an “economic readjustment” that would be mind blowing.
Enjoy this false prosperity while you can, because it is not going to last.
Debt is a very cruel master, and our day of reckoning is almost here.
The following are 34 shocking facts about U.S. debt that should set America on fire with anger….