New World Era

Citi Bank announced this week that the world will never be the same after what has happened these last few months with the world economy. What Was will never be again. It is a new era. Our government, in an effort to save a few companies, has buried us in a pit that we will never, I repeat, never, climb out of. Let's look at the current numbers. In 2000, the national debt was at $5.27 trillion. As of December 6, 2008, it stands at $10,660,959,208,399. It has doubled. I wrote it out so you can get a feel for how big it is.

On November 24, 2008, the news company Bloomberg stated: "The U.S. government is prepared to provide more than $7.7 trillion on behalf of American taxpayers..." and that "the unprecedented pledge of funds includes $3.2 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s" (Italics added). Since January, our government has already burned through $3.2 trillion. Where is that in the mainstream news?

From Glenn Beck:

"...since September[2008] $7.6 trillion is what you're on the hook for. You didn't approve it, I didn't approve it. Paulson did. Bernanke did. Unelected people. They approved $7.6 trillion in guarantees.

We haven't even begun to fight this battle. We are five minutes into a five-hour journey and we've already spent $7.6 trillion, and Paul says don't worry, we've got up to [$]10[trillion]? Oh, well, Pina Coladas for everybody."

Next year we are looking at a debt of at least $15.2 trillion. That is just under $50,000 for each man, woman, and child. What does that really mean? We have heard repeatedly that these companies, Fannie Mae, Freddie Mac, Citigroup, are "Too big to fail." They made bad decisions and now we are absorbing their bad debt so they don't fall. What about our country's $15.2 trillion of bad debt? Who is going absorb that and save the US when it fails?

New era indeed.