This image visualizing debt in the United States in 2017 comes from a great website called Demonocracy.info. They post economic info graphics that really put government spending in perspective.
|US Debt 2017 – $20+ Trillion|
|If you look carefully you can see the Statue of Liberty. The Statue of Liberty no longer keeps her arm and torch up high and proud. Debt is slavery, and she knows it.
Each floor of each pillar is worth $10 Billion. There’s an American Football field hiding inside Statue of Liberty’s prison cell made of debt.
Funny fact: The first version of the US Debt illustration shown above was for $16 Trillion, back in 2012. Now with $20 Trillion, instead of completely boxing in the Statue of Liberty, where you would not be able to see her, we instead opted to extend out the her prison cell and make it larger, with more pillars of debt, while keeping the view.
China only owes 7% of US debt, while all foreign nations hold together 32.5%. 67.5% of debt is owned by US Citizens and American entities, this includes the Federal Reserve, which explained in simple terms buys US debt (government bonds) with newly “printed” Federal Reserve Notes (money). The Fed writes blank checks to itself from an unlimited checking account, then buys the debt through various financial mechanisms. New money is introduced into the financial system through this mechanism.
The debt will likely never be paid back and here is why: Unless there is a completely new paradigm in thinking, history shows that public (US) debt will very likely never be paid back. The politicians make grand promises during elections, then when they can’t find the cash to keep their promises they borrow money. Paying back means making difficult decisions and losing the seat in office. It is always easier to borrow from the nation’s children’s future. Instead of paying back these piles of money, the piles will be made worth less through inflation– money will most likely be printed . That means the holders of US debt will get back less than they were promised, arguably defaulting on the debt in terms of real purchasing power. Please share. Everyone needs to see this.
Categories: quick hits