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The National Debt 22 Years Ago Compared To Now
Kitco Commentator James Turk wrote this piece twenty two years ago, and nothing much has changed as you'll see. He has provided updated data in brackets so you can compare the situation to today.
“Full faith and credit. Bring these words to mind as you read in the papers about the machinations going on in Washington as the politicians there wrestle with the federal debt.
"The government puts self-imposed limits on its capacity to borrow. The limit must first be passed into law, and this is achieved, as with all national laws, by passing a bill in Congress which is then signed by the President. The limit on the national debt is presently $2.32 trillion [$12.104 trillion], and the outstanding debt is just a few [hundred] billion shy of this level. Therefore, the government must stop borrowing – which means it won't have the money to pay its bills – or Congress must pass a bill which the President signs so that the limit will be increased, which will enable the government to borrow more money so that the house of cards can get even bigger.
The federal debt limit was increased to this level on October 21, 1986 [February 17, 2009]. At that time, Congress raised it from $2.111 trillion [$11.315 trillion], an increase of $189 billion [$789 billion]. Thus, in a little over nine [not quite six] months, the federal debt has increased by about $180 billion [$870 billion], which is about $20 billion [$145 billion] a month or $240 billion [$1.740 trillion] a year.â€
The federal debt presently is $11.66 trillion, 'just' a few hundred billion shy of the statutory limit. Given the present rate of federal spending, in two months the limit will be reached again. In fact, The Wall Street Journal today reports: “U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.â€
States Turn To Gold Money Payment Systems
We now have legislators in several states that have introduced legislation to require state administration to set up electronic payment systems using gold.
Gold Money Bill in New Hampshire
Gold Currency Bill in the Colorado Legislature
Gold Currency Bill in Indiana
Finalcial News Collapse
Corruption is rampant in the financial system and the corporate media seems to take us all for the ride. More reasons to protect your purchasing power by buying precious metals.
USA Was 3 Hours Away From Economic Collapse
Representative Paul Kanjorski explains how, in the span of two hours in mid-September 2008, $550 billion was drawn out of money market accounts in an electronic run on the banks, creating a spiraling situation that would have lead to economic and political collapse by the afternoon. He says the situation is not much better today.




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