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Why Ron Paul wants to see the Fed go away.. this is not rocket science.. but it will be the death to the country

iamnothere 2012/05/02 13:48:36
When Ben Bernanke was appointed as Chairman of the Federal Reserve seven years ago, the national debt was $7,932,709,661,723.50. For those of you not interested in counting digits, that number is nearly a cool $8 trillion, but still a tough sum to wrap your brain around.

After yesterday’s end of the month $70 billion Treasury debt auction settlement, total US debt is now a record $15.692 trillion dollars, nearly double what it was when Benny became the leader of the Inkjets back in 2005.

To make the seemingly unquantifiable somehow quantifiable - total US GDP is $15.6242 trillion, which is 101.5% of GDP. That’s right; the national debt is now GREATER than the Gross Domestic Product. US politicians, including the White House, Treasury, and the Federal Reserve have just crossed the Rubicon: the point of no return.

Unless the US economy heats up like a furnace, which would drive GDP higher than total debt, we have crossed the Rubicon indeed. Speaking of the Rubicon we are reminded of Caesar and how the Roman Empire once ruled the world. England, France and Spain were also global empires that were brought to end by DEBT. To be sure, there was more
to it than debt but it cannot be denied that profligacy was a major factor in all their declines.

If you aren’t depressed enough, read on at Zero Hedge where the eponymous Tyler Durden writes about the implications of this unfathomable debt figure.

http://www.zerohedge.com/news/total-us-debt-soars-1015-gdp
http://app.bronto.com/public/?q=ulink&fn;=Link&ssid;=17735&id...
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  • S. Gompers 2012/05/10 08:45:15
    S. Gompers
    +1
    We have been borrowing our way to "prosperity" for a long time. The higher the number gets, the quicker it grows.
  • BlueRepublican 2012/05/02 22:07:29
    BlueRepublican
    +2
    @Iamnothere, thanks for posting friend. They call Ron Paul 'dangerous' because he wants to get a full audit of the FED.
  • iamnothere BlueRep... 2012/05/03 02:12:43
    iamnothere
    some here do not think that I pay attention.. sometimes I wish I didnt
  • Kane Fernau 2012/05/02 16:18:08
    Kane Fernau
    +2
    The day the democrats took over was not January 22nd 2009, it was actually January 3, 2007... the day the Democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.

    The Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

    For those who are listening to the liberals propagating the fallacy that everything is "Bush's Fault", think about this: January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At the time:

    The DOW Jones closed at 12,621.77 The GDP for the previous quarter was 3.5% The Unemployment rate was 4.6%

    George Bush's Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH Remember the day...

    January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.

    The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!

    Unemployment... to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!

    Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was financia...



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    The day the democrats took over was not January 22nd 2009, it was actually January 3, 2007... the day the Democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.

    The Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

    For those who are listening to the liberals propagating the fallacy that everything is "Bush's Fault", think about this: January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At the time:

    The DOW Jones closed at 12,621.77 The GDP for the previous quarter was 3.5% The Unemployment rate was 4.6%

    George Bush's Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH Remember the day...

    January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.

    The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!

    Unemployment... to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!

    Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was financially risky for the US economy.

    And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA And who fought against reform of Fannie and Freddie? OBAMA and the Democrat Congress So when someone tries to blame Bush.. REMEMBER JANUARY 3rd, 2007.... THE DAY THE DEMOCRATS TOOK OVER!" Budgets do not come from the White House. They come from Congress, and the party that controlled Congress since January 2007 is the Democrat Party.

    Furthermore, the Democrats controlled the budget process for 2008 & 2009 as well as 2010 & 2011. In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

    For 2009 though, Nancy Pelosi & Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.

    And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete 2009.

    If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.

    If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is "I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th."
    (more)
  • iamnothere Kane Fe... 2012/05/02 20:28:09
    iamnothere
    +2
    can I feel free to plagiarize this?? LOL
  • Kane Fe... iamnothere 2012/05/02 20:45:06
  • Risk 2012/05/02 15:01:27
    Risk
    +1
    I'm buying more gold !
  • Rebel Yell 2012/05/02 14:22:25
    Rebel Yell
    Yep. Start two multiyear wars costing about a billion a month and insist on no new revenue to pay for those wars.... never before done in history.... and monumental debt occurs overnight.
  • iamnothere Rebel Yell 2012/05/02 20:28:53
    iamnothere
    yes you notice that those wars did not go away yet?
  • Chris - The Rowdy One! #187 2012/05/02 14:14:13
  • Striker 2012/05/02 14:08:00
    Striker
    +2
    The death of America is nearly upon us already. The whole sorry house of cards will collapse, and you will blame it all on ending TheFed?

    TheFed played it's role, and our restart will leave them out of the picture, without fiat money. All that's required is to remove the money monopoly established by our Founds and then by Congress creating and empowering TheFed.
  • iamnothere Striker 2012/05/02 20:31:31
    iamnothere
    +1
    blame it on the fed blame it on the debtocraps blame it on the republicans.. and blame it just as much on the american people who dont care enough to know who they keep sending back to washington to destroy us as a nation
  • mk, Smartass Oracle 2012/05/02 13:58:55
  • U-Dog 2012/05/02 13:53:14
    U-Dog
    +2
    Sooner or later the dam is going to give way and prices are going to seek their natural levels. Watch out when that happens.
  • CUDDLY BUT STILL CRABBY 2012/05/02 13:51:15
    CUDDLY BUT STILL CRABBY
    +3
    I'm depressed enough.

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