Updated: 9 November 2012
U.S. national debt now exceeds gross domestic product (GDP). We have accrued more national debt since Obama came into the presidency than the sum of all previous administrations from George Washington to the latter George Bush. What is our future, if all things continue as they are? Let’s look to Argentina’s modern history for a lesson on the consequences of fascism.
We’ve seen QE-1 and QRE-2 fail. QE-3 will also fail and perhaps push us over that “massive fiscal cliff” mentioned by Fed Chairman Ben Bernanke, speaking before Congress.
This is my latest video, produced from material provided by others. I invite your comments.
How great is our national debt? Our minds have a difficult time understanding abstract numbers. Isn’t this true? We have experience with time, so I relate dollars to seconds of time: $1:1 sec of time, $1,000,000:11.57 days of time.