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THE LAST 'CANDANGO'

By       Message Tom Dennen     Permalink
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Is the U.S. Treasury a bubble about to burst?

 This is from Google's U.S. NATIONAL DEBT CLOCK  .

The Outstanding Public Debt as of 08 Dec 2008 at 05:27:32 AM GMT was $10,666,471.590,646.24

The estimated population of the United States is 305,231,141, so each citizen's share of this debt is around $35 000 and counting.

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Google it up and just refresh it a few times, it seems to increase at about a half a million dollars every ten seconds which means that the National Debt is still increasing by an average of $3.80 billion per day since September 28, 2007 when the clock started!

Most of the "gloom-and-doom" generated in the financial press is the result of the distance it is from actual markets as well as its heavy dependence on 'pundits' and other experts in the field who report on, but perhaps don't really get it across to us exactly why, among other things, 'shorting' has been banned for some time now (see Backwardation, below).

 

Frederick Douglass - "Knowledge makes a man unfit to be a slave."

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How many top traders are writing about their inner world where 'connecting the dots' is a lot like looking at a sheet full of pinholes between you and what you want to see and all you get is a nanosecond flash on what you're looking for?

It's not as if they haven't done a good job of at least improving our understanding of the vocabulary that reveals the pattern-–no, we all understand terms like 'fiat money', 'Mortgage Default Swaps' and 'predatory lending' now, which in varying degrees describe the financial flimflam that's been bamboozling the general population since the discovery of naiveté led to the invention of mortgages, compound interest and stock exchanges.

They've made it all just a little clearer now why at least twenty years of the most productive part of the average person's life is totally dedicated to paying for the proposition that he must own his home, and that that's just the way it is: And that it takes twenty or more years to pay the debt he's signed in exchange for his life.

 That's just the way it is!

And now that we're seeing how our 'debt-based' society was set up and the debt sold and 'cleverly packaged' and sold again, even the junk, and sold again to people who do not subscribe to this American Dread, sorry, 'Dream', well I don't know about you, but I don't like it.

Those twenty indentured years are a bulletproof guarantee for the production of a smooth, continuous and long-term supply of wealth.

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But not wealth you ever get to own. You get to own a mortgage which is a financial and sociological situation defined by itself - in that supremely ironic word, 'Mortgage."

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'Mortgage' comes from two rather harsh French words: 'Mort' meaning death, and 'Gage', meaning fence or cage, which is what today's indentured servants are locked into for the length of their working lives, 'free' as they may be moved to see themselves, yet peripherally (and frustratingly) aware of the theft of their lives.

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Tom is a contributor to public debate on issues affecting our survival; works with a London and a South African think tank, is a working journalist and author.

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