Very cute and informative graphic comparison of how much US owes various countries’ and organisations’. Are we in trouble or what??
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7 Responses to “Visualizing Uncle Sam’s Debts”
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I have to say something here. Nothing could be further from the truth. We do not owe other governments anything at all. The US has the ability to produce as much money as we want. It is called Finite money and since it is not backed by Gold or any other substance then there is no reason we can’t just create the money needed to pay our ‘debts’. A great book for inquiring minds is ‘The Creature from Jeckyl Island’, this book will explain how our national debt is a shame on the American public.
errr… excuse me, but you don’t just create money, that would off course be too easy. Just think about it for a minute and you will understand something : it is called the offer and demand. If you “create” money, then you render more competition over the products and the price will rise (or the money devalues itself, the way you want to see it). The exact same thing happens at an international scale.
so just to finish my point, yes, it is debts to other governments. Being the greatest nation of the universe, the U.S. also has the largests debts worldwide.
I know it sounds unbelieveable that it exactly what happens. Congress authorizes the creation of more money and then the Federal Reserve creates it. There is no borrowing, there is no movement of gold, it is a simple matter of Congress authorizing the printing of more. And now it’s not even printed, it’s just a number added to a spreadsheet. Next time I’ll teach you about how the American public pays for this through a little thing called inflation. Inflation is actually a unfair, hidden tax caused by the influx of additional monies into the market place. Ahhh I love being an American!
Well there you are, inflation is the result of creating more money, that’s exactly my point. So you’re not really teaching me anything here buddy.
Obviously, someone has to have controll over this creation process which, by the way, is a thing happenning in every country of the world that has it’s own money. So yes, you can create money, that’s a fact, but you depreciate it’s value in the same time.
And personally, I love being something else than American !!
nothing more to say Marty ?
Get back to me after you read the book then we’ll continue our little chat.