Thursday, 27 November 2008

The US bailout:

according to bloomberg.com , on the subject of US "bailouts":

The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country.

Hmm so where is that money coming from? Yup, they will borrow it from overseas at interest. So the American taxpayer has quite a tab to pay off! If 100% of your tax money went into only servicing this debt, how long would it take you to pay it off?

In practice, this will never be payed back because the govt won't pour 100% of tax revenue into paying back the debt. It really is the yoke of debt slavery for generations of Americans.

2 comments:

Mechanical Marksy said...

this is why USA is #1...

... (at a failed economy)

Daeshin said...

I'm reading "Griftopia" by Matt Taibbi (after watching "Inside Job" and reading "Too Big To Fail" by Andrew Ross Sorkin)