U.S. Debt

[UncleJoe]

Taken from: It Is Now Mathematically Impossible To Pay Off The U.S. National Debt



The truth is that the U.S. government is in much bigger financial trouble than we have been led to believe.

For example, according to the report (which remember is an official U.S. government report) the real U.S. budget deficit for 2008 was not 455 billion dollars. It was actually 5.1 trillion dollars.

So why the difference?

The CBO's 455 billion figure is based on cash accounting, while the 5.1 trillion figure in the 2008 Financial Report of the United States Government is based on GAAP accounting. GAAP accounting is what is used by all the major firms on Wall Street and it is regarded as a much more accurate reflection of financial reality.

So needless to say, the United States is in a financial mess of unprecedented magnitude.

So what should we do? Does anyone have any suggestions?

[UncleJoe]

Here's another way of looking at it.

To understand the immensity of one trillion dollars, one would have had to start spending $1 million daily soon after Rome was founded and continue for 2,738 years until today.


Spending America Into Ruin by Eric Margolis

[catsraven]

Im more worried about them selling off all the food reserves. And they have we have no wheat no rice or anything in reserve. If there is a drought we are all screwed. That scares me.

[Dean]

It's all pretty scary. Having it put the way UncleJoe put it makes it very real.

[sailaway]

I don't care about other countries owning our worthless paper, it's the bricks and mortar solid assets that bother me.

[Expeditioner]

What should we do? Keep prepping of course!!! THe snowball has only started rolling downhill!!!!

[UncleJoe]

That's why we're all here.