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But first consider the economic backdrop for this swindle:
$1.9 trillion in this year's extra spending; "unfunded" liabilities (e.g. promises to pay social security & Medicare benefits for every American now alive) are soaring past $56 trillion, with the personal family share of this total future indebtedness now amounting to $438,000. Plus bailouts, tax cuts and stimulus spending that have now got us burning through an eye-popping $200 million an hour. And all this is on top of the huge annual interest payments on our $12 trillion national debt, the vast majority of which was bequeathed to us by Ronald Reagan and the two Bushes. All by himself, Bush43, the great "W," doubled the national debt from $5 to $10 trillion as of 9/30/08!
Now, to capsulize the great swindle before we explore it in detail:
* In the simplest terms, it's a government-backed
shell game that cheats us in three separate ways:
* The "triple-swindle" starts when bureaucrats prop up their fake"recovery" with tax-funded bailouts and huge "cash advances" from foreign lenders...
* Our Fed secretly funnels billions of dollars to foreign lenders, and then borrows it back again just to keep the scam from collapsing...
* Finally, the "swindle" goes public as Washington openly BUYS BACK their own debt using hundreds of billions more, that they create out of thin air.
Some time ago, people in Washington and on Wall Street got together and started carving up America's future financial security, essentially selling it off to the highest bidder. And they continue to sell off huge chunks of that wealth & security (namely the collective savings of all Americans). How do they do it without you noticing? Mainly they do it by way of "scheduled U.S. Treasury Securities Auctions," better known as "bond auctions." Mutual funds and pension funds, state governments, Wall Street banks, and foreign central banks are the buyers at these auctions. And the seller is our Treasury Department, which essentially gives away shares of our future (i.e. our eventually redeemable savings) -- in exchange for huge cash loans to Uncle Sam and the American consumer, redeemable today.
This provides the cash our government uses to prop up and pay for our economy's fake "recovery," by way of economic stimulus, immense bank bailouts, "cash for clunkers," etc. But it's cash that you and your grandchildren will have to pay back further down the line -- out of the personal savings you thought you were setting aside.
Who are some of the folks we owe ever increasing amounts of this money to?
* Little Luxembourg, no bigger than Rhode Island, has so far loaned us $104.2 billion. Russia has us on the hook for another $120 billion. Brazil, nearly $140 billion. Secretive banks in the Caribbean, nearly $190 billion...
* And what about those thugs that run Iran, Iraq, Libya, Nigeria, Indonesia, and Venezuela? So far -- along with a half-dozen other oil-producing nations -- they've got us dangling for yet another $191 billion in I.O.U.s, i.e. money we owe them, mainly for the oil we've received from them.
* Then too, Great Britain just loaned us $214 billion. Surprisingly, Washington, D.C. borrowed $523 billion from bankrupt state governments. And, as if the bank bailouts weren't bad enough, we're in hock another $630 billion to Wall Street financial firms and other buyers of government debt.
* Japan owns a $712 billion slice of America. China owns a staggering $776 billion call on our capital. And guess who tops the list? The Fed itself, which used dollars they simply printed up, in order to buy up nearly $5 TRILLION of the government's own debt, just to keep the American prosperity illusion alive: http://www.nytimes.com/2009/03/19/business/economy/19fed.html
