Since 1976 (some 47 years) America has consumed much more that she has produced. As of today, America has a trade deficit of over $1.2 trillion (2023). Our trade deficit grows as America is now consuming world production at a growing rate (with no meaningful correction developing). World GDP is approximately $110 trillion and America consumes some $26 trillion of this total. Does this represent 'fairness' and 'equality' for our planet's citizens? What is happening and why? Why can America consume more than she produces (continually) and not worry about the fairness of this consumption?
America has a huge PONZI financial system which is unique to the world of commerce. Few comprehend. Since the end of WW II, America has been allowed to use a RESERVE currency to purchase production from the entire planet (with no immediate consequences for over consumption). America's dollar is this RESERVE currency and all nations on our planet accept this dollar for their sales to America. America buys energy, chemicals, metals, lumber, food, military hardware, medicine, and technology (of all types) and never pays any of these dollars back. It's current DEBT is $31.5 trillion ($94.1 trillion total). How does this work?
As of today, America has a National Debt of over $31.5 trillion and a Total Debt of over $94 trillion. Our unfunded liabilities also continue to grow annually (with no plan to reduce). Our National Debt today represents some 120% of our Gross Domestic Product and our total debt is some 350% of our GDP. Does America balance their checkbook so as to pay back this DEBT (via some plan or program)? Actually, there is NO plan or program for America that I witness. This is why I call our financial system a HUGE PONZI SCHEME. It's shameful and corrupt to the core. Nations on our planet are getting raped by America and can do nothing to change the trend (so it seems).
America can rape the planet (continually) and consume much more than she produces due to this PONZI financial system that she runs. It's a corrupt and shameful system. I have showed the numbers for years and few seem to discern the PONZI. Look again to discern the numbers: www.usdebtclock.org. Where does the money which America spends come from? Is it earned fairly? Why does the DEBT grow yearly with no plan/program to repay this DEBT? Look at our history for answers. It all goes back to the end of WW II. America emerged with a military victory and this gave America the clout to rape our planet. Shameful!
America can create these virtual currency units (called dollars) out-of-nothing today (merely by typing numbers into a computer account). Is this a FAIR and responsible bookkeeping system for world commerce? Should America be allowed to create imaginary 'numbers' (called dollars) and then buy consumable production anywhere on the planet (forever/indefinitely)? The PONZI never ends as America just 'types' new NUMBERS into their account at the FED/Treasury (when new dollars are needed). Is this a BEACON of honor for our nation? Is any of this RESPONSIBLE finance? Think on this idea!
Today, America is desiring to INCREASE it's DEBT CEILING again to continue the PONZI again. Our Congress says they want responsible finance for America even as they continue to play PONZI finance with the checkbook. Our trade deficit grows and national deficits grow and our DEBT GROWS (exponentially). The numbers are now much beyond repaying. Biden wants more $$$$$$$$$$$$ (trillions) to spend and our central bank allows new dollars to emerge spontaneously from their computer in New York so as to fund this spending. America spends with no accountability to the planet's citizens.
No other nation, on planet Earth, is allowed to spend and consume as America does. Those countries which produce a SURPLUS allow America to consume this surplus with dollar debt that continues into 'infinity'. Mere 'numbers' in the computer account get created indefinitely and continually. Think: just 'type' numbers into our Treasury account. I see no discipline and no accountability from our leaders. Is this SHAMEFUL or what? The America dollar buys production from the entire planet and the units (dollars) get created OUT-OF-NOTHING for this game! Sounds like a PONZI to me!
You can witness the PONZI here:
www.usdebtclock.org
Is America a BEACON of 'gold' for the World to follow? Should America consume more than she produces indefinitely? What happens to fairness and justice when this type of behavior continues indefinitely? Can America act as this BEACON (of justice/honor) when this type of behavior continues indefinitely? It makes no sense to me. It must END eventually! I have been writing about this situation for over 30 years. Our leaders do nothing to solve the issues. EAT and be MERRY seems to be the mantra! Spend and rape the planet until the whole enterprise collapses. My response is that this is gross INSANITY! A day of reckoning must arrive eventually!!! Think for yourself!
The numbers are much worse in 2023. See the totals here: www.usdebtclock.org.
I am: Donald B. Swenson, Economist/Philosopher, donaldswenson.blogspot.com.
http://kingdomecon.wordpress.com
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