We See Debt People

Tuesday, 13 March 2012 00:00

It's ugly out there, the world is flooded with fiat currency and in debt to its eyeballs. Global governments have done an excellent job hiding their insolvency and keeping the people they represent in the dark. Remember, the government is technically 'the people,' so the gold at Fort Knox (if there is any) is our gold and the debt the government has accumulated, is our debt. We find it sad that so many Americans go to the government for help after the government is the very entity that put them in a personal mess. Prior to the government entering our housing market, the max you would see for a home mortgage was 7 years, however, in order to make homes more affordable, the government started backing 30 year loans. The government's definition of affordability is you making a payment for life and not actually having ownership. Every government program designed to help has driven costs up through inflation, direct taxation, regulations, and or course the redistribution of wealth.  Recently, Lew Rockwell posted some ugly facts about Americans' personal debt. Please note that it is the Federal Reserve that sets interest rates, this is the key factor in what a debt payment will be, so the lower rates are, the more Americans are encouraged to load up. If the rates aren't low enough for you, state and local governments have special deferred payment plans and government backed loans. The result of all this help is 16.5 trillion in official national debt, over 100 trillion in debt liabilities, and an entire class of debt slaves. Debt Slaves Student loan debt in the U.S. is nearing 1 trillion dollars With government support, colleges can raise tuition to whatever they want, and they have. The only thing rising faster than college tuition is our government health care system. Two-thirds of all college students graduate with student loan debt Borrowing for college students is up 100% in the past 10 years Today, 46% of all Americans carry a credit card balance month to month Americans have 600 million active credit cards in the U.S.

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