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Paying Down The Debt Is Now Almost Mathematically Impossible
Submitted by Simon Black via Sovereign Man blog,
Exactly 199 years ago, in 1815, a “temporary” committee was established in the US Senate called the Committee on Finance and Uniform National Currency.
It was set up to address economic issues and the debt accrued by the US government after the War of 1812.
Of course, because there’s nothing more permanent than a temporary government measure, the committee became a permanent one after just one year.
It soon expanded its role from raising tariffs to having influence over taxation, banking, currency, and appropriations.
In subsequent wars, notably the American Civil War, the Committee was quick to use its powers and introduced the union’s first income tax. They also detached the dollar from gold to help fund the war.
This was all an indication of things to come.
Over the subsequent decades there was a sustained push to finally establish the country’s central bank that will control money and credit, as well as institute a permanent income tax to feed the expanding aspirations of government.
They succeeded in 1913 when the Federal Reserve Act was passed and the 16th Amendment ratified, binding the country in the shackles of central banking and taxation of income.
Over the century that followed, the US has gone from being the biggest creditor in the world to its biggest debtor.
Decades of expanding government programs, waste, endless and costly wars, etc. have racked up such an enormous pile of debt that it has become almost impossible to pay it down.
A lot of folks don’t realize that, since the end of World War II, the US government’s total tax revenue has been almost constant at roughly 17% of GDP.
In other words, even though the actual tax rates themselves rise and fall, the government’s ‘slice’ of the economic pie is almost always the same - 17%.
I’ve worked out a mathematical model which shows that, even with absurd assumptions (7%+ GDP growth for years at a time, low interest rates, etc.), it is simply not feasible for the US government to ‘grow’ its way out.
Default has become the only option. And that could mean a number of things.
They could default on their creditors (other governments like China who loaned money to the US government). But this would spark a global financial and banking crisis.
They could default on the Federal Reserve, which owns trillions of dollars of US debt. But this would create an epic currency crisis for the US dollar.
They could also default on their obligations to their citizens—primarily to future beneficiaries of Social Security (who collectively own trillions of dollars of US debt).
Or they could choose to default on their obligations to every human being alive who holds US dollars… and engineer rampant inflation.
None of these is a good option. And simply put, the US government has reached a point of no return.
I aim to demonstrate this to you in today’s video podcast episode. It’s a very sobering realization.
Join me to see it for yourself:
»
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The Rubicon has been crossed.
I wish I could erase my debt by burning down my neighborhood....next up, WAR! kiddies...
oooooooooo
Confiscating all the money bankers stole the last 6 years would pay down well over half the national debt.
Cancelling the debt held by the Fed would take care of the rest.
http://2.bp.blogspot.com/-FAzOohCMJ3I/T9G0f2wxdFI/AAAAAAAAAWc/pp1xoAftZ-...
But I am sure EBT WOULD GROW
Paying down the debt became mathematically impossible when the first dollar was borrowed under our pure fiat system. Don't confuse the point at which the problem becomes acute with the point at which the problem actually started.
But what about all the natural resources the US Gov owns. thats got to be worth 100's of trillions. I'm sure GS can figure out a way to do a LBO so they don't defualt and heaven forbid can't tap the international credit markets
Anyone who even talks about paying down the national debt has no idea how our money system works. To pay off debt is to decrease the money supply. In other words TRUE deflation and not the CPI nonsense deflation that central bankers track. To contract the money supply by $17 trillion would send commerce and the econmy into a frozen death pit.
Let's just print the money to pay the debt off. I recommend 8 - $10 Trillion Dollar - notes. It will get the presses ready for hyper-inflation. It was good enough for Germany, dam-it, it is good enough for US.
There is no need to pay off the debt, it's just a bunch of digits in a computer, and we have control of the computer.
We indebted some folks.
Simon post your spreadsheet!
When we print the first trillion dollar bill, the Kenyan's picture should go on it. It's only fair. I'll wait 2 years, buy a 55g drum of them on ebay for an ounce of silver, and wipe my ass with them for the next 10 years.
more likely, they pay off the federal debt with them and pass the expense onto us with a 99% tax of everything
pass the expense onto us with a 99% tax of everything
And the sheep will obediently line up to pay!
"more likely, they pay off the federal debt with them and pass the expense onto us with a 99% tax of everything"
By the time those suckers hit the street....and they will hit the street......there'll be 12 more zeros on the national debt. And a Kenyan will get you a loaf of bread .... at least for 6 months.
It will get you a loaf of bread for sure but don't forget that each loaf will come with a free obamaphone.
"...Almost..."
Hahaha... and I've almost grown angel wings.
Do what Captain Kirk always did: Pull the plug!
That was Scotty's job.
McCoy: "She's dead Jim."
Nor do I have any moral obligation to pay this debt.
Those that pruchased this debt have made some seriously bad investments-just like they did during the real estate bubble.
Jus' unplug da mothafucka
Stackers says "To contract the money supply by $17 trillion would send commerce and the econmy into a frozen death pit."
Fallacy!
As the debt would be paid down -- Instead of endlessly debasing the currenc, harming existing holders' purchasing power as fresh printing divorced those holders of wealth and redirected it to those who get to play with the fresh minted first (Blood Sucking Squid, et al), each unit of currency would regain wealth as old currency was contracted as debt was retired. The only difference between $ 0.75 bluejeans of the 1905 sears roebuck catelog and today is a century of Fed policy. As debt retired, pennys would again gain relevance and those who actual earned their money the old fashioned way ( by exchanging value for value using currency as a medium) would find their purchasing power / wealth again protected from the bankster-looters.
Sure, with our systme as structured, we'd have to eventually de-tach the dollar fromm government debt, orwe'd be forced to consider an alternative currency -- perhaps gold and notes, like the days where this country lauched to unprecedented wealth.
But before that'd happen, we'd need to also restore a lot of our lost liberty. NeoConns and Progressives have too many wars to fight, most of which involves what's fundamentally a war on your right to say "no thanks" / Liberty.
But what about all the natural resources the US Gov owns. thats got to be worth 100's of trillions. I'm sure GS can figure out a way to do a LBO so they don't defualt and heaven forbid can't tap the international credit markets
And WHO buys all those resources? - the holders of all the $US created out of thin air over he past decade... you'll have the bankers - and foreign holders of US debt converting their otherwise worthless oaoer nto TANGIBLE HARD ASSETS while the US taxpayer and citizen sees the little left in the US looted..... Look at Russia after the collapse of the Soviet Union - the country was bought up by the oligarchs at rock bottom pirces.
The rich end up owning EVERYTHING either way....... with rampant inflation the holdes of $US convert their paper holdoings into tangible assets sa well - only at MUCH higher prices. Better to pay 10x the price and get somethign tangible instead of getting stuck with worthless paper...
And WHO buys all those resources? - the holders of all the $US created out of thin air over he past decade... you'll have the bankers - and foreign holders of US debt converting their otherwise worthless oaoer nto TANGIBLE HARD ASSETS while the US taxpayer and citizen sees the little left in the US looted..... Look at Russia after the collapse of the Soviet Union - the country was bought up by the oligarchs at rock bottom pirces.
The rich end up owning EVERYTHING either way....... with rampant inflation the holdes of $US convert their paper holdoings into tangible assets sa well - only at MUCH higher prices. Better to pay 10x the price and get somethign tangible instead of getting stuck with worthless paper...
Psstt.
Wanna buy some shares in a well connected solar company?
Solyndra.
Spread the word.
United States National Parks, for sale, cheap!
Good post Simon.
1801, look at 1801.
Banks and govt are the same thing. Two wings of the same butterfly.
Not butterfly, think vulture.
I guess they didn't have spreadsheets then......yah, does it really take a spreadsheet to figure out our debt is long past the point of no return.
Indeed. The currency did not exist to pay back the interest on that first dollar, so more borrowing and debt was needed.
Derivatives were then used to continue the system but it is all crumbling now as the parabolic increase in debt reached its zenith.
The central banks are just trying to slow it down and hide it as best as possible.
Granted - so we cancel the $18T debt, clawback all Wall St profits, jail them, reboot America - which is what we should have done before TBTF Barry emigrated to America
Bastiat said:
"Cancelling the debt held by the Fed would take care of the rest."
Agreed. However, judging by the bailouts and the newly crammed Crony-Bus bill - they will default on obligations to citizens first, banks dead last.
The U.S. Government is "Of the Banks, By the Banks, For the Banks", and of course the corporations and insurance companies who the Supine Court deemed "individuals".
This means taxpaying citizens are the fatted calf's of the plantation owners.
"This means taxpaying citizens are the fatted calf's of the plantation owners."
Tax paying citizens may well be fat but their wallets certainly are not.
(By the way: 'calves' is plural for calf, my father was a dairy farmer ...)
You are correct, thank you, "calves" is the correct plural form for fatted calf.
No doubt there are bankers rubbing their hands over the marbled fat in 401K's/IRA's and the Gold teeth of pensioners.
But if you cut a calf in half, you'll have two halves but not two calves.
You can say that again.
Fast, three times ...
Cyrpess levy weekend cometh to the USA. The left has always wanted to 'redistribute wealth'. So have the Treasury send survival kits to its bankers, set a $400 daily limit on gold, and let the "one-time wealth tax on accounts over $100k", commence. How's that math work out?
Right wants to redistribute wealth, too. Just differently.
The right lets corporate America pay NOTHING on billions of profits......
truth is that BOTH parties are the servants of wealth - a false dichotomy exists only to preserve the illusion of choice - thow the bastards out in alternate elections but NEVER get a REAL alternative to either.
"The right lets corporate America pay NOTHING on billions of profits......"
I think only a thief could object to that. Corporations don't really exist. They can't make a profit. Only when the money goes into someone's hand does it become a profit to be taxed--the once it is actually earned by a real person. It becomes taxable again when someone earns it and it becomes their income to be taxed. Why lefty's are such fans of double taxation, I've no idea.
Oh. Wait. I know why.
They're theives.
"Paying down" the debt was never a goal. Really, think about it. You can issue an almost unlimited amout of debt at near zero interest, why would you want to pay it down with real production, EVER!? I sure wouldn't. Much better to squeeze that lemon for as long as you can then switch to lime when the world is sick to death of lemon juice.
Yes, this.
I will drink a pan galactic gargle blaster to this!
Maybe the Bilderburgers were discussing switching to lime (digital currency) and just how bitter it should taste.
I order my Bilderburgers very well done. Charred beyond recognition.
My new $100 dollar bills are such a pretty blue, I wonder when they will be red..
~"Paying Down The Debt Is Now Almost Mathematically Impossible"~
No, it isn't "mathematically impossible". But you won't like what will have to happen to get the job done. Cheer up though, nobody will like what has to be done. What was that old adage about a shared burden?
Oh yeah, "Misery loves company". That's it.
Kind of fun seeing the writing on the wall, while the rest of the plebs are scrambling to buy made in China garbage to place under plastic pine trees which are also made in China. The wake up call of all this bullshit is going to be a real motherfucker!
I'm assuming $50k because the math doesn't work at $100k.
Personally I've got stashes under $50k in four different countries, not perfect, but the best
comprimise IMO.
After my sister got crucified with her Cyprus bank account, you cannot be too careful.
Well, in the US the Deposit Insurance is up to $100k, so the assumption is only sums over that amount are fair game. The people resting in that assumption are willfully ignorant of how often and how fast rules can and will be changed in an "unforeseen crisis". For your sake, I hope you are correct in your 50% hedge.
Pretty sure it is $250k
It doesn't really matter. For every $100k or $250k insured by the FDIC, the FDIC has only $330 to pay out. FDIC is just another smoke and mirrors, feel good program.
One dollar will be the limit on account to bail in. Two reasons.
1) there is only $25billion on reserve for the FDIC to "insure" trillions of dollars "deposited in banks".
2). We are mostly well conditioned sheep that are unwilling to roll the razor through street to hold those accountable to the last penny of injustice and suffering put upon the world.
IMHO, fiat in the bank is a foolish idea for any rational person with a pulse.
When 95% of Americans can't even dream of saving up that much money, I think the overall reaction will be "So What? The NFL playoffs are on".
Obama: :Yeah, we robbed a few folks".
To thuderous ovation of the Free Shit Army. Reminsicent of Nazi Rallys circa 1938.
The American 'cultural revolution' is coming, as is the'great leap forward'.
Speaking of math...
If a total population is 27,773, and the average score for
the population is 1641, then for a Normal Gaussian Distribution, what is the
expected % of population below 1494? Assume the low score is a zero, and
the high score is a 44,820, if you need to do so.
The traditional ZH Pastrami Sandwich for the first correct response, showing the work, with an explanation.
This is a double or nothing opportunity for you, Sleigher.
I'm sorry HH, but zero-bounded distributions with such a high maximum should not be modeled with a Gaussian/Normal distribution. A LogNormal would be more appropriate. If you accept this premise, I would like to enter this contest. I haven't had pastrami in years and I don't know why.
Deal.
The answer is... 4?
https://www.youtube.com/watch?v=4ZfpwfQ58Ds
It is fairly common for my customers to come to me with questions that can't be answered directly with the data provided. We talk about what they really want to know to solve their problem or get their result. We talk about the possibility of collecting more data, but in the end, I work with what they give us, make some assumptions, apply my best tools and experience, and heavilly caveat the answers.
HH: You should try fitting your data to a LogNormal curve with a mean of 1641, a median of about 1,100 and a standard deviation of about 1,800. The maximum value was really the only description of the moments you provided. We like to call these "outliers" and they aren't very useful for describing the body of a distribution. Never the less, using Oracle Crystal Ball, running 27773 cases, with the default initial seed value of 999 on latin hypercube sampling, you get an answer very close to what you specified. All that said, about 65 percent of the population scores below 1494.
Thank you. Let me know where I can call in your lunch order.
Consider the answer partial payment for your many excellent posts.
You are too kind.
Peace be with you.
Hmm, I get a pretty different answer: 41% of the population should come in under that 1494. 50% come in under mean, so a lower score would be less than 50%.
My work:
-- 1641 - 1494 = 147
-- 147 / 1641 = 0.0896 (z-score)
-- P(z<1494) = 0.50 - 0.0896 =~ 41%
(Using Standard Normal Curve Areas)
41% seems about right as well.
As I said earlier, a normal distribution should not be used to represent a zero-bounded distribution with such a high maximum. Otherwise the mean wold be disproporonately affectedby the hgh values and there would need to be be very, very many zeros to compensate
I hope you are working for the good guys.
Speaking of math...
Your numbers don't make any sense, and in your example the sample size wouldn't matter..
The numbers would produce results inconsistent with the general concept of a normal distribution (50% at the average). That is, scores lower than average would be achieved by more than 50% of the population.
After seven and 1/2 million years of thought the answer is... 42
And let me say; thanks for the fish..
Would be fun to watch those B of A foreclosure "technicians" (known for entering and cleaning out the wrong properties) show up to do their "contract work" and the whole block is cinders after a SWAT raid gone bad (SWAT called in on probable cause that someone on that block had a hangnail and refused to trim it)
Makes for good local news ratings.
Wake me up whaen the real insanity starts.
Nonsense, Uncle Sam just needs to get a second job.
Maybe some day labor or a bigass paper route.
How about double or nothing?
Maybe it's time for that jubilee thingy. Please let me know if you are gong to do it so I can rack up my credit card, refinance and buy some more useless stuff. I like that Lexus commercial. Maybe I would buy one of those bows and hook it to my tax return in april.
Sounds like a badass drink. I will have a debt jubilee please!
Its not impossible, but it would take balanced budgets, tax hikes, and spending cuts and about 40 years for the debt to be gone.
OR
A massive economic crash happens and the dollar plus our debt is gone. We go to a one world currency where debt is not allowed. You either have the money or you dont !!
DEBT/GUILT = SCHULD !!
Credit is the problem not debt. Never lend property you dont own, thats what credit has become, like a bar tab that never gets paid only rolled over to the next month. Mythical property for a mythical world.
I think you missed one of the main premises of the article....no matter what .gov does, it gets 17% of GDP in revenue. So, tax hikes will not yield more revenue.
Next up, is this why .gov wanted to play with the GDP calculation? To try and inflate it so they could get 17% of the inflated number? If so, I don't think this is exactly going to work out the way they planned (haha, I know this is not the reason, but wouldn't put it past a large majority of the pols to think this....).
Inflating away the debt is not really an option anymore.
The off balance sheet liabilities are probably five times the acknowledged debt with outstanding bonds.
Those promises of future benefit payments are inflation adjusted.
Inflation will grow liabilities five times faster than it will devalue the bonds issued.
Should we factor in derivatives also?
> The Rubicon has been crossed.
Better than crossing a rubby Conure - "Fluffed and Rubby" usually translates to "significant beaking action"
(Along with much excited screaming!!)
More like the buck has been passed
http://www.reuters.com/article/2014/12/12/us-china-trust-idUSKBN0JQ0RG20141212
Which is why both parties will continue to raise the debt ceiling in perpetuity...
The situation explained (beginning around 12:30):
https://www.youtube.com/watch?v=iFDe5kUUyT0
This article is almost useless
Neil deGrasse Tyson explains the Bankster Big Bang.
We are all going to get the big bang
Or maybe the big whimper.
https://www.youtube.com/watch?v=E8vmaj75xzE
This WILL fix it..
Hey WB, you make it look like these people as dealing with astro physics, but really more like assho psychics.
My God, it's full of wars.
Best post of the day right there.
+infinity on that comment. Brilliant.
PONZI EVENT HORIZON - LMFAO!
Takes a genius to come up with something like this, keep up the good work, mate!
I can't see all those pics because all the adds are in the way. Those big blue columns on the right of the page cover up a lot of content, and make the site less enjoyable.
A little birdie told me there is now an adblock extension for Chrome. :)
pods
Also, you can right click; and either open the image on another Tab, or view the image itself.
^^ Black Friday added, nice touch.
Would white friday be racist?
What if the White House was painted pink for Obama?
Holy shit that's awesome!
Many experts used to think that this (financial) Universe would end in the Big Crunch, where the expansion slows down, stops and implodes in on itself.
But now, thanks to the discovery of Dark Matter and Dark Energy, they are quite certain the the opposite will happen, and this (financial) Universe will end in the Big Rip.
Aren't you feeling the effects of the Big Rip yet? Wait a while, you will.
"Pull my finger!" -- Yellen
that's a big condom.
With all that "invisible" Dark Matter, and "invisible" Dark Energy, the Big Bang theory was already experiencing severe "credibility strain".
Now, more good evidnce is emerging that spacetime is essentially flat, i.e. our Universe is unboounded (infinite). http://www.extremetech.com/extreme/174427-astrophysicists-create-the-first-accurate-map-of-the-universe-its-very-flat-and-probably-infinite
Seems others too think the BBT has more to do with dogma than demonstrable science - http://cosmology.net/BigBang.html so maybe it's time for the "Academic Superheroes" to eat humble pie, and formally apologise to Fred Hoyle (now deceased!) and Chandra Wickramsinghe.
Not holding my breath on this event . . . . .
^^^This.
Good to meet another Heretic/Rational Person on here.
and WB7- you regularly knock them out of the park, but this one's my favorite. So far.
Hmm, infinite universe almost like it was designed..
Could very well have been designed - maybe the "usual question" - by WHOM, could be more beneficially changed to "by WHAT", which opens up a host of other interesting possibilities.
http://www.telegraph.co.uk/news/science/space/7972538/Are-we-living-in-a-designer-universe.html
http://archive.wired.com/wired/archive/10.12/holytech.html
http://www.simulation-argument.com/
100 years ago we had the abacus, slide rule, and computational tables. Today we have significant computing equipment (fast processors, fast storage), with highly effective software systems, offering many tens of trillions of floating-point operations per second. What will our capability be in a further 100 years' time (assuming we survive our petty squabbles)??
http://www.fromquarkstoquasars.com/the-kardashev-scale-type-i-ii-iii-iv-v-civilization/ (and we are a VERY long way from even a Type 1 civilisation, "Folks"!! )
+1000 wb7
Michael Douglas defines the point of no return:
https://www.youtube.com/watch?v=5jZ3Ve14bbo
from "Falling Down"
a few 10 trillion dollar coins should do the job,,, hell, why not? Couldn't be any more stupid and insane than what they're doing now...
Payment was never intended. Inflation at some point is intended to devalue dollar values until trillions would be easily payable.
Exactly. Gov debt is nothing more than a stealth tax by inflation. The original mechanism (interest rate on bonds) used to be a check and balance on the system, but this mechanism is no longer relavent due to treasury/banking/fed relationships.
"stealth tax by inflation".
LOL. Why don't we just call it what it is: "THE WEALTH TRANSFER MECHANISM. From the 98% to the 2%."
Hindenburg omen?
Hymieburg Omen.
I like it. Hymieburgers for all.
"Don't let me down, Hymietown." - Jesse Jackson
</guitar solo>
The debt is only $18 trillion and growing at $1 trillion a year. Unfunded liabilities are at least $130 trillion and rising at $7 trillion a year. That works out to debt and unfunded liabilities of $1,270,000 per taxpayer and rising at $68,700 per taxpayer per year.
So the chance that the US ever pays down its debts and unfunded liabilities, except in hyperinflated dollars, is less than zero.
ok, my check is in the mail...I"m out! I'm jsut a peckerwood who lives in the hills wuth too many guns...
Ya got one of dem underground stills? Bet your local lake has lots of little buoys floating on it.
It took 403 days to tack on the latest trillion. I'll bet a stack of shiny that it won't take 403 days to tack on the next trillion. The one after that will take even less time yet. Exponential function, bitchez.
Math is an absolute bitch!
This is why you own, and hide, gold bullion.
"Almost" only counts in horseshoes and hand grenades. Not debt.
Getting a politician to be honest about anything is almost impossible. Paying down the national debt is not only impossible, I agree with the comment above - it was never ever meant to be repaid.
The serial down-voter must be back. John Boehner, is that you? Harry Reid, maybe? Dick Cheney?
Inquiring minds want to know!
To even bring up paying off all the gov't debt in a debt based monetary system is a joke.
To pay off all of the debt in a debt based monetary system is similar to having an economy that uses gold as money; millions of contracts written with gold as payment, millions of daily transactions done in gold, all of peoples savings held in gold, and some brilliant politicians saying we need to gather up all of the gold, put it on a ship (it would easily fit by the way) sending it to the middle of the ocean and sinking it in the Marianas trench with no way to recover it. How do you think that economy would do going forward? Do you think I’m being overdramatic saying millions would perish? This is what I hear when I hear politicians saying we should pay off our national debt or balance the budget when I know there is little to no chance of the private sector picking up the slack in creating new loans. Not that private loan creation would be the solution it would just postpone the inevitable. If we accept that the longer a credit created boom lasts the larger the crash will be, it must be considered that we have been in the current boom for over 70 years.
Great comment and exactly what MAKO was talking about back in 2010.......
at what point would .gov print debt free money.......?
MAKO?
Long time poster who opened many eyes about the farce of paying off our national debt (money supply).
pods
Thanks. Sounds like a smart guy, granted the concept is pretty simple. Considering how simple the concept of not being able to, net, pay down debt in a debt based monetary system I am amazed at how many people in this country push for it. I am all for the government, and economic participants in general, living within thier means, but any thought of the govt paying down its debt, particularly in todays environment must be done in the same breath as a monetary overhaul.
Mako mainly talked how money (debt/credit) was created and how bad the crash would be.......I shit myself right out of the matrix on one of his comments back in 2010......he still posts here, but under a different name.......I have many of his comments if you would like to read them.....
My guess was that Mako came back as:
http://www.zerohedge.com/search/apachesolr_search/landotfree
But I didn't recall mako being quite so fond of mentioning "unfunded liabilities," but they both spoke exactly about how our debt system was merely an exponential function.
pods
bingo........
this was the first article I read on ZH.....the entire thread is facinating
http://www.zerohedge.com/article/karl-denninger-explains-foreclosure-gat...
Miss Mako. Helped to free my mind, won't go back no matter how the steak tastes..
LOL, "I shit myself riht out of the matrix" Gotta remember that one...
You're being overly dramatic. Debt is unnecessary to an economy. An economy can function on equity investment rather than debt investment. That is to say, new projects can be funded by savings (forgone consumption) where the investor obtains an equity interest in the new enterprise being funded, rather than a debt interest in said enterprise. The capital structure of an enterprise does not alter its valuation.
Funny, we were approaching that point in the late 1800s, where excess capital was being reinvested and banks were becoming less and less relevant.
Enter into the panic of 1907, Jekyll Island, the FED and the rest is history.
pods
Right you are, pods. And the banks that were being used for business loans were small, community banks charging fair interest, not compound interest.
I would agree if we did not have a debt BASED monetary system, but until we switch to a different monetary base my above comment is not over dramatic. Debt is what has driven our economy for the past 80 years and will be the cause of its downfall.
ironic, aint it?
The thing is, we don't have a national bank. We have an un-Federal (i.e. not national) Federal Reserve system.
Nice try, though.
true, but some would like to have a national bank. Bill Still advocates for that in his movies about the Fed, I believe.
@Tsar Pointless
Nice try.
Sematics. No they don't use the word "national" but try setting up a competing currency.
Or operating outside the cartel. It's a central bank and it is the source of the massive debt/ponzi scheme upon which the edifice of the state is built.
It is Marx's wet dream.
The "debt" is not designed to be paid back. It is designed to enrich the banksters.
The only way to pay it back is to guillotine the banksters.
An American, not US subject.