But wait, we're supposed to be the wealthiest nation in the world. In that case, who do we owe all this money to?
Here is a pie chart showing the makeup, or ownership, of the National Debt as of December 1998.
I have come to realize that i pretty much live my life by graphs and charts. If we look at this pie chart, notice that the majority of our debt is owed to the Federal reserve and government accounts (40.6 %). Second, we owe to 22.7% of our debt falls into the Foreign and International category.
As of November 2007, Japan ($580 billion), China ($390 ) and the United Kingdom ($320 billion) are the biggest foreign holders of our debt. This is money that we owe them.
We have not always owed so much money. The National Debt on January 1st 1791 was just $75 million dollars. Today, it rises by that amount every hour or so.
The following graph shows how the National Debt has grown year by year since 1940 in actual dollar amounts, uncorrected for inflation:
Notice that the debt was steadied somewhat in the mid to late nineties. This is primarily due to the surge of the dot-coms at that time.
How can we lower this national debt?
It may seem hopeless We may never get out of this debt. Some radical movements and changes are our only hope. The two greatest generators of debt are war and a privately owned central bank. The first thing that we must do is end this war we are conducting in Iraq. We went in at a time that when we shouldn't have. We had no business in the war in the first place. Many opposers to this view will say that regardless if we should have been there or not, Iraq is not prepared to govern themselves. We can no longer babysit a civil war. Think of it in this sense: lets say PersonX has children, and PersonY has children. PersonY is having some problems so PersonX volunteers to take care of PersonY's children. Since PersonX is taking care of PersonY's children, PersonX is neglecting his own children. What does that say about PersonX's parenting skills if he is neglecting his own to take care of other people. It may sound somewhat selfish, but at a certain point we have to take a look in the mirror and really prioritize and find what is most important: our children or someone else's children. Helping others with their children is great, but not at the expense of our own.
So the first thing we have to do is get out of this war that we have involved ourselves in. The second thing that we have to do is take a look deep look at the Federal Reserve. The Federal Reserve is the central banking system for the United States. It is often referred to as The Fed. Contrary to the Federal Reserves name, there really isn't much federal about it. The Fed is a quasi-public banking system. The Fed is part government (since it deals with the countries currency and has the ability to print currency) and is part private (since it is a group of privately owned banks that print money and loans it to the government. ). There are a few problems with the Fed, however. First, since the Fed is privately owned, this causes a further separation from the rich and the poor. the Fed works for the top ten percent of the population and leaves the remaining ninety percent to scratch, claw, and struggle for every penny. Secondly, the Federal Reserve is the leading cause of our national debt. It contributes 40.6%. This is because the Federal reserve has the ability to print money and to loan it to the government. Since this money is being printed with nothing backing the money, this is what causes this atrocious debt. Back before the Federal Reserve was created, money was backed by gold or silver. Meaning when money was printed, there was an actual reserve that could back that printed money should the market crash or should the country go into recession. That was a great plan. In 1963, President John F. Kennedy signed an executive order called Order 11110 which gave him the power as President and government to create money for the people of the United States, this way they would NOT fall into deeper debt with the Federal Reserve and actually begin to come out of that debt. Kennedy was a President of the people. He saw the divide the Fed was causing, and the mishandlement of money that the Fed was doing. Unfortunately he was assassinated and was not able to accomplish that goal. That executive order is still in effect, but no president has enforced it. In order to begin to decrease and remove our national debt, we must close the Federal Reserve and move its responsibilities over to the National Treasury (an actual federal department).
Stop the war, close he Federal Reserve and watch the national debt disappear.
1 comment:
damn son mean article. i like your stuff, it is fun to read.
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