by Electronz / Issue # 349 –
(December 22, 2003) — According to the US. National Debt Clock, the outstanding Public Debt at 7-42 AM on 6th December, 2003, amounted to $6,924,430,499,873.99 cents. The estimated total population of USA at the same time was 292,700,664 people..
That means that each citizen’s share of the outstanding debt is $23,657.03.
Since September 30th this year, the outstanding or net debt has continued to increase at an average of $2.12 billion or $2,120,000,000, per day!
Bush’s Gift to the Banking Industry: A $2.12 Billion a Day Debt
As virtually all this debt was created out of nothing by computers — not against the banks’ collateral but against assets of central and local governments, communities , businesses and private individuals — it will be charging interest, payable to the relevant banks.
As governments pass on their debt-servicing charges in taxes and rates, and business passes on its interest charges in its costs, all interest has finally to be paid by the consumer.
To illustrate the actual load that this net debt puts on the average taxpayer, we could assume that a typical wage earner in USA had a wife and two dependent children. This means that on top of all their living expenses, plus rent, or servicing their own house mortgage, plus any HP on a car and or furniture, etc, that family has to pay on average $94.60 every week, just to cover the family share of the government’s net Public Debt — and virtually all of it to the privately owned banking system.
Abe Lincoln’s Warning: Eschew Private Banks
Before he was assassinated, Abraham Lincoln, like a few other highly perceptive individuals has asserted that sovereign countries should use their inherent credit-creating capacities with their own bank and never ever borrow from the private banking fraternity. No question that new money to match expanding production and infrastructures has to be created, so should it not be created on behalf of national communities rather than as a debt on them owing to the banks?
It is the charade and shambles of the status quo that motivates the monetary reformers around the world to push their hardest for a better system. Apart from all the other possibilities, maybe their initial goal may only be to liquidate the Public Debt. Do you know any real working families who couldn’t make good use of $95 every week of extra spending power?
Be warned though. It won’t just happen if people like you and I don’t work at it. So if you are one of the lucky wage slaves who can actually switch off your machine and spend some relaxing hours with family over Christmas, be grateful that you still do have some time to do that. If you can convince yourself that this debt-finance lark run by the private banking sector is the road to Utopia, then switch off.
But if you think there must be a better option, then make a Resolution for 2004 to become more active in supporting and pushing a little harder for real political and economic reforms. :
Copyright Electronz. Electronz is a weekly international Ezine focusing on the New Economics
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