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Unpopular Ideas

Ramblings and Digressions from out of left field, and beyond....

Location: Piedmont of Virginia, United States

All human history, and just about everything else as well, consists of a never-ending struggle against ignorance.

Monday, June 27, 2011

Here We Go Again -- the National Debt

I had a very good friend named Fred, who unfortunately left this world long ago.   But even back in the 1970's, and I guess forever, people were talking about the National Debt and the ugliness of its size.  And whenever the subject came up, Fred would say, "There's only one thing that I want somebody to tell me, and that is, who do we owe all that money to?"   And there was never an answer.   Not even a bad answer, for to say, "The banks," and let it go at that, never made enough sense.

If Fred thought the billions in debt in the '70's was bad, what would he think if today he were to read a BBC report that says the U.S. has a debt of fourteen (14) trillion dollars?

My question then is, to whom do we owe this sum that has such an otherworldly ring to it that I would not be surprised to hear that it doesn't even exist, and if you think that's being in denial, then you're quite right that I'm in denial, as I suspect every other American citizen is.

What are we talking about here?   Who had the 14 trillion in the first place that it could be borrowed?   I guess nobody, and what we are talking about instead is quite a lot of shadow money, called interest.

My guess, then, is that whoever thinks they're owed this sum is out of luck, because who has the muscle that is going to force the U.S. to pay this amount, even in respectable installments?   The name of China and its bankers is always put forward, but it's hard to see how they can have much effect, and besides, they have too many things that they have to worry about falling in on them from their rear.

I know I'm not looking at this in an informed, sophisticated way.   Still, unless questions like these are given some kind of sensible answers, it's hard to look at the National Debt crisis as the looming catastrophe that it is cracked up to be, and that instead its all a part of the continuing scam by the several Haves of the world to talk the many Have-Nots out of the little they have left, so that those greedies can go on off and happily spend all the ill-gotten gains that they have amassed ...but where, and on what?

Those are probably the most interesting questions of all, regarding all this.


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