Monday, January 9, 2012

US National Debt Now At 100% Of Gross Domestic Product

The US National Debt just hit $15.23 Trillion, which is now equivalent to 100% of US Gross Domestic Product.   That is, the American people now owe the equivalent of all the goods and services sold in the United States, on an annual basis, with no end in sight.  It is important to note that bankrupt countries like Greece and Italy have a sovereign National Debt equivalent to about 125% of their GDP and we see the end result.   In order for those countries to borrow money, the markets are extracting interest rates of 6 - 8%, if they can borrow at all, in a 2% market. 

Those countries are experiencing riots in their streets, as their governments are being forced by the big brother Germany to put in place austerity programs, as a condition for bail out money.   These bankrupt countries in Europe are fast losing their national sovereignty as Germany is telling them what to do.  What did not happen as a result of two world wars is now happening as a result of fiscal mismanagement.   Germany is taking over the rest of Europe because they are really the only country in Europe that can write the checks to bail out these bankrupt countries; but only if they choose to do so.   Never forget, he who has the gold always makes the rules and in this case, Germany has the gold.  

If we don't stop Obama from bankrupting our country, the United States will suffer the same fate as is happening in Greece and Italy.   The Chinese would be more than happy to take the state of Alaska with its mineral and oil resources in exchange for the $1 Trillion we owe them.   If we default on our debt obligations, which will occur if we can't roll over our debt, the Chinese would have every right to ask for something of value in return for the monies they have lent us.  Alaska is probably closer to China than to Washington DC.   Just wait and see.  

We have to take back our country in 2012 and 2014 by sweeping these Socialists at all levels of government, including President Obama, that are bankrupting our country, out of office.   The clock is ticking as the National Debt continues to grow with no end in sight.  Socialists will never make the spending cuts necessary to get our country back on track.  So we have to send them packing to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.   We can do it.  We must do it to protect and preserve our nation.   We have to put on our hip boots to drain the swamp in Washington DC.  The work will be hard and stinky; but it must be done to save our country.      

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