found a trillion dollars to lower the national debt

[AngieM2]

America keeps spending and spending and spending. The country has run up a massive amount of debt... most of it under the watch of President Barack Obama. But what we hear over and over again is that much of this debt has been backed by China.... that they exert power over us, because we owe them so much money. Think again! In reality, it is China that owes... and it owes America close to $1 trillion.

http://www.gopusa.com/theloft/2012/0...rillion-bucks/

[AngieM2]

Still trying to find out how much other countries owe us, so we could exchange full payments and be in better shape than we are now.

But this is interesting:

http://www.bbc.co.uk/news/business-15748696

[Shrek]

I remember reading that Bill Clinton wrote off $900,000,000,000 owed to the U.S. by China during his administration.

[bowdonkey]

That's a start. 15.7 to go! I shouldn't be reading this on a Sunday morning. Mindset won't be right for church. Maybe I'll go grouse hunting instead.

[mmoetc]

It seems that the bonds are held by private investors, not the US govt. While we would gain some tax revenue, unless the govt confiscated all of revenue generated from the bonds the gain to the treasury would likely total less than $150B. Not insignificant, but less than earth shaking.

[Sawmill Jim]

Originally Posted by mmoetc

It seems that the bonds are held by private investors, not the US govt. While we would gain some tax revenue, unless the govt confiscated all of revenue generated from the bonds the gain to the treasury would likely total less than $150B. Not insignificant, but less than earth shaking.

I guess you could call the Fed a private investor they are only buying 45 billion 12 times a year though .

[mmoetc]

Originally Posted by Sawmill Jim

I guess you could call the Fed a private investor they are only buying 45 billion 12 times a year though .

The Fed is not a part of the US govt. And I can find no evidence that they are buying Chinese bonds.

[edcopp]

So they found a trillion. I sure am glad they did not get it all. The goat is now on report, and I hope he does not let anybody else into the barn.

[Sawmill Jim]

Originally Posted by mmoetc

The Fed is not a part of the US govt. And I can find no evidence that they are buying Chinese bonds.

No kidding that is what I said . The Fed is a private Co. buying bonds no one else will ,by printing funny money to do it to boot Forty five billion each and every month and soon they will raise this amount .

[Yvonne's hubby]

Oh my! You found a trillion bucks!! In the interest of what is good for our country how's about we split it and never breath a word of this to the government. Since we all know they NEVER pay anything toward our debt when they "find" more revenue, actually they end up spending every dime and borrowing even more... its best they never get their hands on this trillion, they would just use it as collateral to borrow and blow 4 more trillion!

[DJ in WA]

As Sawmill Jim said, the Federal Reserve is there to take care of everything.

In reality, we are paying off the debt every time we go to the store through higher prices. As they print money to pay for spending and interest, our dollars become worth less, and prices go up generally.

This inflation tax is a brilliant scam, because few understand it. They just tell us they will improve the economy by extracting more money from us all and giving it to special interests - banks, military industrial complex, corporations, welfare recipients, etc.

Here is former fed chairman Alan Greenspan telling us we can always pay the debt by printing more money.

https://www.youtube.com/watch?v=-_N0...4&noredirect=1

[Jim-mi]

I'll see your trillion . . .and I'll raise you a trillion . . . . .



Is the pot right . . .???

[Sawmill Jim]

Originally Posted by Jim-mi

I'll see your trillion . . .and I'll raise you a trillion . . . . .



Is the pot right . . .???

Right China helps prop up the US's fiasco of debt by using their printing presses to print their money to buy our dollars then buy our worthless bonds This way we can keep buying their trinkets

[bowdonkey]

Originally Posted by Sawmill Jim

Right China helps prop up the US's fiasco of debt by using their printing presses to print their money to buy our dollars then buy our worthless bonds This way we can keep buying their trinkets

Don't tell anyone.