Thread: It took 38 years to destroy our economy

It took 38 years to destroy our economy

In 1971 we went off the Gold Standard backing currency and converted to fiat currency. Fiat currency is money whose usefulness results, not from any intrinsic value or guarantee that it can be converted into gold or another currency, but instead from a government's order (fiat) that it must be accepted as a means of payment What has transpired since?

1. Our funded National Debt has increased from 371 Billion to the current need for a ceiling of $11.3 Trillion, an increase of 3045% over 38 years, or an average of 80.14% per year. As a benchmark, the National Debt increase for the 20 previous years was 69% or 3.45% per year.

2. The U.S. went from the world’s largest creditor nation to the world’s largest debtor.

3. Oil production in the U.S. decreased by 40% and consumption increased by 40%.

4. The total amount of dollars in circulation has risen from approximately $500 Billion to more than $10 Trillion or a 2000% increase. And backed by what? Taxes!

“To this point, I have been speaking about the funded National Debt. I have not included the unfunded debt or the private debt. America’s unfunded debt (promises made for government retirements, Social Security, Medicare etc.), run the number up to $75.1 Trillion.

“And then there is the private debt of some $42 Trillion which rounds up America’s total debt to $117.1 Trillion. This is equal to $386,091.00 for every child in the U.S. After all, that is who we expect to pay for our exploits against balance is it not?

“The U.S. has reached what I refer to as the “maximum debt level.â€

See Zeezil's Earlier Post at

http://www.alipac.us/ftopic-133056-0.html