Chapter 21 U.S. Financial crisis is 9X that of Greece!
November 22, 2015
We hear a lot these days about the financial crisis in Greece because they have borrowed, more than they can afford, to finance their Government spending. But Greece is a piker, compared to the U.S. Government, when it comes to borrowing money since Greece only has borrowings of $350 Billion from the EU and the IMF while the U.S. Government has borrowed $99.8 Trillion from the future U.S. taxpayer. Usdebtclock.org Nov 22, 2015 reports Debt of $18.7 Trillion and Unfunded Future Liabilities of $81.1 Trillion for total public liabilities of $99.8 Trillion.
Everybody seems to think that Greece is small so their financial crisis is not much of a problem for the global economy. Our problem is that Greece has only borrowed $32,000 per capita ($350B/11 million Greece citizens) from the EU and the IMF to keep their economy afloat and they are now in dire financial straits while the U.S. Government has borrowed $310,000 per capita ($99.8T/322 million U.S. citizens) from the future U.S. taxpayers to make the U.S. appear to be super prosperous and super rich.
The U.S. is in dire financial straits but we do not yet believe it. We appear to be rich and prosperous only because we have borrowed $99.8 Trillion from the future U.S. taxpayers but this is counterfeit money that will vanish into "thin air" when USAPonzi implodes.
On a borrowings per capita basis, our situation is 9 times ($310,000/$32,000 = 9.7) more serious than that of Greece. No one has the money to keep our Ponzi scheme going. Not the Fed. Not the ECB. Not the IMF. Not the EU. Not China. Not anybody.
While the Greece financial crisis may be small enough to not affect the global economy very much, the U.S. financial crisis is so big it will swamp the economic and financial boat of the entire planet. Since U.S. GDP is nominally 20% of global GDP and U.S. apparent private net worth is nominally 40% of the planet's net worth and 39% of our GDP is counterfeit and 84% of our private net worth is counterfeit, the Implosion of USAPonzi will likely turn over the economic and financial applecart of the entire planet for at least a couple of decades.
We just need to think about those Greek pensioners that are going to their ATMs to get their monthly pension payment and there is no money to come out of the machine. That is the situation we will see for the now 47% of the U.S. citizens that are depending on social benefits when USAPonzi implodes. The U.S. Government does not have one penny set aside to pay for what now is a $81.1 Trillion social benefit obligation and that is on top of our National Debt of $18.7 Trillion.
Financial data sourced from usdebtclock.org Nov 22, 2015.
Continue to: 22 The Distortions of USAPonzi Table of Contents