The borrower is the servant of the lender, and through the mechanism of government debt virtually the entire planet has become the servants of the global money changers. Politicians love to borrow money, but over time government debt slowly but surely impoverishes a nation. As the elite get governments around the globe in increasing amounts of debt, those governments must raise taxes in order to keep servicing those debts. In the end, it is all about taking money from us and transferring it into government pockets, and then taking money from government pockets and transferring it into the hands of the elite. It is a game that has been going on for generations, and it is time for humanity to say that enough is enough.
According to the Institute of International Finance, global debt has now reached a new all-time record high of 217 trillion dollars…
Global debt levels have surged to a record $217 trillion in the first quarter of the year. This is 327 percent of the world’s annual economic output (GDP), reports the Institute of International Finance (IIF).
The surging debt was driven by emerging economies, which have increased borrowing by $3 trillion to $56 trillion. This amounts to 218 percent of their combined economic output, five percentage points greater year on year.
Never before in human history has our world been so saturated with debt.
And what all of this debt does is that it funnels wealth to the very top of the global wealth pyramid. In other words, it makes global wealth inequality far worse because this system is designed to make the rich even richer and the poor even poorer.
Every year the gap between the wealthy and the poor grows, and it has gotten to the point that eight men have as much wealth as the poorest 3.6 billion people on this planet combined…
Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.
This didn’t happen by accident. Sadly, most people don’t even understand that this is literally what our system was designed to do.
Today, more than 99 percent of the population of the planet lives in a country that has a central bank. And debt-based central banking is designed to get national governments trapped in endless debt spirals from which they can never possibly escape.
For example, just consider the Federal Reserve. During the four decades before the Federal Reserve was created, our country enjoyed the best period of economic growth in U.S. history. But since the Fed was established in 1913, the value of the U.S. dollar has fallen by approximately 98 percent and the size of our national debt has gotten more than 5000 times larger.
It isn’t an accident that we are 20 trillion dollars in debt. The truth is that the debt-based Federal Reserve is doing exactly what it was originally designed to do. And no matter what politicians will tell you, we will never have a permanent solution to our debt problem until we get rid of the Federal Reserve.
In 2017, interest on the national debt will be nearly half a trillion dollars.
That means that close to 500 billion of our tax dollars will go out the door before our government spends a single penny on the military, on roads, on health care or on anything else.
And we continue to pile up debt at a rate of more than 100 million dollars an hour. According to the Congressional Budget Office, the federal government will add more than a trillion dollars to the national debt once again in 2018…
Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.
At the same time, however, the federal debt will increase by more than $1 trillion.
We shouldn’t be doing this, but we just can’t seem to stop.
Let me try to put this into perspective. If you could somehow borrow a million dollars today and obligate your children to pay it off for you, would you do it?
Maybe if you really hate your children you would, but most loving parents would never do such a thing.
But that is precisely what we are doing on a national level.
Thomas Jefferson was strongly against government debt because he believed that it was a way for one generation to steal from another generation. And he actually wished that he could have added another amendment to the U.S. Constitution which would have banned government borrowing…
I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.
And the really big secret that none of us are supposed to know is that governments don’t actually have to borrow money.
But if we start saying that too loudly the people that are making trillions of dollars from the current system are going to get very, very upset with us.
Today, we are living in the terminal phase of the biggest debt bubble in the history of the planet. Every debt bubble eventually ends tragically, and this one will too.
Bill Gross recently noted that “our highly levered financial system is like a truckload of nitro glycerin on a bumpy road”. One wrong move and the whole thing could blow sky high.
When everything comes crashing down and a great crisis happens, we are going to have a choice.
We could try to rebuild the fundamentally flawed old system, or we could scrap it and start over with something much better.
My hope is that we will finally learn our lesson and discard the debt-based central banking model for good.
The reason why I am writing about this so much ahead of time is so that people will actually understand why the coming crisis is happening as it unfolds.
If we can get everyone to understand how we are being systematically robbed and cheated, perhaps people will finally get mad enough to do something about it.
Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog, where this article first appeared. Follow him on Twitter here.
Imagine all of that debt. But this begs the question, WHO or WHAT had this money to loan to the world? The answer is NO ONE. This banking/debt scenario is a fractional reserve fabrication created by the banks of the world. If the world appears indebted to – someone, than that someone can control the country that ‘owes’ the money – money that never really existed in the first place.
When the wealthiest nation ever to be on earth is in debt to the tune of un-fathomable trillions there is something completely corrupt going on. Even the most simple minded statists agree.
As an unconscionable contract of means using admiralty law of which is by deception from the beginning, all debts of all states are null and void in any court of the law of the land, and those responsible for the arrangement of the debt system must be prosecuted, starting with the Crown of the CIty of London Corporation, affiliate banking cartel operators and the perpetrators of the policy makers that have worked in the best interests of those that would put their people in debt. Of course, the global economy will crash, so local ledger systems must be created and people would have to be responsible for their own work. Large cities would be a disaster area unless neighboring green areas are established, just as Detroit is doing now. The system is totally corrupt. The use of gold and silver to begin with is nonsense as it’s value is that of it’s industrial use, not some idiot manufactured demand for shiny metals, (the world understood this until the usury system of the semitic regions of Sumer and sick minded priests and rabbis got greedy as god would only take gold and silver (preposterous and stupid). In fact, no amount of gold backing has ever stopped panics and depressions in the world, US is a great example – LOOK IT UP _ HISTORY OF CRASHES AND PANICS IN THE US. The manufacturing of debt of an inequitable system that does not adjust it’s monetary policy to other means as money is nothing more than a means of exchange for the facilitation of the trading of goods and services, is long overdue for a complete overhaul. The financial system of today is such a fraud when wealth comes from no work and can be made in speculation with prices going up or down, that the entire system needs to be trashed after a more equitable system is designed.
The World Is Now $217 Trillion In Debt And The Criminal Fanatic Globalist “Elite” Mafia, money changers, usurers, Like It That Way ! Who are the criminal fanatic globalist ideologues responsible for the destruction of the Nations, their Peoples, Culture, Religions, … for the chaos of the World ? Shhhhht …
Jesus through them out of the temple and they then formed banks .
Oh just end it all…claim bankruptcy, kick the money changers out, tell the stock market to set up in Vegas and lets just move forward. There is no such thing as 217 trillion it is an arbitrary number to scare us. Live local, buy local, take care of your family, friends, neighbors, and the people in need and carry on. Everything you need is close to your home…and you don’t even have to go to walmart. Serious!
Of course all that debt owed and when not repaid means foreclosure by the lender on the borrower’s assets for pennies on the dollar of any real asset value. This next time of entire nations as in Greece today. So it’s a nice if highly immoral gig, if you can get it, to lend out money created from nothing at interest, with a supply shortage built into the equation. Only the principal amount is loaned. So where does the money come from to pay the compounding interest on all loans? From compounding – exponential growth of the economy on a resource finite planet to create new and ever expanding production of product for sale which is created and purchased by new borrowing as in a ponzi scam. New debt to pay off old debt if you can get your hands on enough money from the systems money supply to pay off your personal debt. Remember other corporate or government debt is passed along to the consumer of corporate or government products and services so you can never really escape debt unless you decide to live off the land that other sovereign entities own, as land title today only allows for the enjoyment of the purchased plot and not absolute ownership, termed “in fee simple” and not true ownership termed “in fee simple absolute”. With this built in shortage of money foreclosure is built into the system and total debt can never be paid off completely. As all money is created as debt to pay off all debt would extinguish the money supply, still leaving unpaid debt in the wake behind the shark’s fin. Under this system more resources must go from product to garbage in a compounding equation each year to keep this scheme running and all the real assets in the world that produce wealth, including human beings, are and have to be an expression of this debt, all owed to the banking class and any secondary lenders. Eventually the only mathematical outcome has to be that bankers will own the entire world after the final and last foreclosure and any humans left standing will be the tenant debt slaves of these bankers.
Now the bigger question. What do we replace this ponzi scheme system with?