US National Debt Will Default

http://www.usatoday.com/news/washington/...

 $650,644 per household as of May, 2008

 Back of the envelope here, but that would put it at around $666K now. 

hi there, I live in canada. I have been waiting for this period in the US and CAN economics to play out for a VERY long time. Now its so close I can taste it...

But the question still loom, how close in weeks/months is a REAL collapse?

Cheers

BTW, does anyone know if the government is restocking the Strategic Petroleum Reserves with the price of oil  temporarily cheaper? 

I thought it looked familiar, a US Alice in Wonderland Monetary Policy!

“Nothing would be what it is. Because everything would be what it isn’t. And contrary-wise — what it is, it wouldn’t be. And what it wouldn’t be, it would. You see?” — Alice in Wonderland.

It should be clear to all that the Fed sees inflation as the only politically acceptable “solution” to the problems it created.

They are simply damned if they do, and damned if they don't. Or is it the other way round...?

If the Fed Res is just a greedy private business, that is raping our country anyway, why don' we just default on everything we owe them?  What are they going to do, sue us?  Ha Ha Ha.

Or. is it true that they also control the military?  How else are they going to "get blood out of a turnip?"  My household sure as heck ain't gonna pay off our share of the debt.   In fact, we didn't even want to borrow the money from them in the first place. 

I say "default, default" and let's start our own "public" system, with money based on something that has value. 

Ben,

Your comments segue nicely to comments made by constitution scholar Dr. Edwin Vieira at NewsWithViews.com, A "Missouri Plan" to Contract the Debt Bubble  Link http://www.newswithviews.com/Vieira/edwi...

Dr. Vieira says.

"As complicated and confusing as are America’s present financial woes, her fundamental problem is simply stated: This country is staggering towards economic perdition under a gargantuan load of debt that is unpayable in terms of real wealth. (It may be “payable” in the merely nominal sense that the required number of “dollars” will somehow change hands, even though those “dollars” will be substantially depreciated in purchasing power from the “dollars” in circulation when the debts were initially contracted.) And either a sizeable part of that load of debt will be lifted from her shoulders, or America will collapse economically, politically, and socially in the not too distant future." 

 "The accelerating expansion of this burden of debt over the last two decades has exhibited the classic characteristics of a “bubble”—or, perhaps more descriptively put, a veritable “feeding frenzy” among the insatiably avaricious loan-sharks and speculators of high finance. To be sure, had not all too many common Americans become all too extensive borrowers all too quickly, this problem might not have occurred—or at least not have emerged as early and as devastatingly as it has. Yet, no matter how unprincipled, imprudent, and just plain greedy the borrowers may have been, such financial lemmings—both amateur and professional—could never have been assembled in such masses had not a sufficiency of willing lenders been available to accommodate them. And sufficient lenders willing to lend to such an exorbitant degree could not have emerged unless they had been able to lend—and the lenders could not have been able to lend with such reckless disregard for the consequences without access to a never-emptying reservoir of so-called “liquidity” to float their loans. In short, this bubble could never have been inflated to such monstrous proportions without the constant pumping of that mammoth hot-air machine of debt-currency and bank-credit, the Federal Reserve System. So this problem is not one that arose only during the Bush years, or the Clinton years, or in any other sorry Administration of recent memory, but instead is one that traces its true origin back to the “Christmas present” that Congress foisted on this country in December of 1913."

We will see as Chris Martenson has said so well that the next 20 years will not look like the past 20 years and see the total and complete collapse of the US as we know it.

Gary

Whilst production is collapsing?  And oil companies are hitting the wall, firing people and closing down unviable oil projects due to the price collapse?

I doubt it....

Welcome to Peak Oil.

Mike 

It sure is heart warming to see more and more people seeing things my way.....

Bring on the revolution.  The bastards in charge know not what they are doing.

Mike

As I thought..... 

"“Thank God they’re doing it at reasonable prices,” said Peter Beutel, president of Cameron Hanover, an energy consulting company based in New Canaan, Connecticut. “But 12 million barrels is a drop in the bucket. It’s not going to have a big impact on prices.”"

As the artticle states, the capacity of the reserve is 727 million barrels.

12 million barrels is barely half the US' daily consumption.

Mike