Three Times Global GDP

Dr. Michael LaitmanIn the News (from My Budget 360): “The global debt problem was never really solved but papered over with extensions and banking trickery. The US has dealt with much of the debt issues by suspending major accounting rules and stuffing bad loans into the Federal Reserve like a Christmas stocking. The European Union is facing some challenges ahead and all eyes will be watching given the impact of contagion impacts. …

“These kinds of structural issues cannot be peppered over with more debt. … In 2002 total global debt was above $80 trillion. In 2010 that figure more than doubled to over $190 trillion. …

“Today the global debt to GDP ratio is over 300 percent. You will notice that as the crisis hit in 2007 GDP actually fell but total debt kept going up.

[The USA debt] “has gone from roughly $6 trillion in 2000 to a stunning $15.2 trillion. At some point people will collectively begin waking up and realize none of this debt will be paid back. Not exactly a pleasant realization.”

My Comment: The impact will be strong and in order to deflect it, a war will be created somewhere in the world, or a catastrophe, scam, or terrorist act; otherwise, the rulers will not be able to be justified.

Related Material:
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One Comment

  1. When we catch them in the act collectively, with their pants down raping mother nature, the knives will come out, cornered beast made to finally bear teeth. Approach with an offer, a temptation of their greed, and need to live forever. And tell them the truth, all have their place, and there is a way forward, a better way, to a more perfect union.

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