Today the US congress approved a 700 billion dollar rescue package for the US financial markets. The package will raise the National debt from $10.6 trillion to $11.3 trillion dollars.
That means that, if there are 250 million Americans, this package puts each of them 2.334 dollars further in debt. Debt per person is now: 45200 dollars.
Of course, this money will be printed extra, meaning inflation will rise sharply and consumers costs will rise extensively, so on top of the 45000 dollar debt you own the Feds thanks to Bush you will also have to deal with that.
Sooner or later they are going to pull the rabbit out of their hat: the Amero. Conspiracy theory? We will see. What’s clear is that debt based economies are greatly in favour of the ultrawealthy: the Federal Bank is owned by a few families. That is the largest mistake in American history, to have a Federal Bank that is not state owned. Now, all the financial institutions are state-owned except the one that matters, the Federal Bank. This basically means everyone has to work his ass off to repay debts to a few families in charge of the money flow. A mistake made in the end of the 20′s and I am sure we will see some new ‘mistakes’ rising during this New Depression.