The government of the United States is drowning in debt and the waters keep rising.
As of the end of the government’s fiscal year — September 30, 2017 — the federal government owes $20.2 trillion to its major creditors. That’s an increase of $671.5 billion over last fiscal year’s total.
According to data published by the U.S. Department of the Treasury, the general government the U.S. government spent $665.7 billion more than it collected in taxes in Fiscal Year 2017.
Pause for minute and imagine handling your personal finances with the same degree of recklessness as that repeated annually by the federal government, elected officials charged with stewardship over the economic welfare of the country.
Not only has the federal government run us into the red, the deepest red, but they owe this money to a multitude of nations that would appear reasonably to have no natural sense of simpatico with the United States.
Just who are our creditors?
Almost one-third of the debt is owed to foreign concerns.
As reported by mygovcost.org:
China has resumed its position as the top foreign holder of U.S. government-issued debt, with directly accounting for 6.9% between institutions on the Chinese mainland and Hong Kong.
Beyond that, China likely has additional holdings that are currently being shown as being held in the international banking centers of Belgium and Ireland, which together account for 2.0% of the U.S. national debt, where China’s holdings are believed to represent a significant portion of the amounts currently being credited to both these nations.
In other words, China likely owns more of our IOUs than would appear on the face of the balance sheet owing to the communist regime’s clever concealment of how much of our debt it holds.
Believe or not, however, being beholden to Beijing is not the worst of our financial failures.
The mygovcost.org report reveals the identity of another major — and more sinister — creditor: the Federal Reserve. From the article:
The largest “private” institution that has loaned money to the U.S. government is the U.S. Federal Reserve, which accounts for nearly one out of every eight dollars borrowed by the U.S. government. It lent nearly all of that total since 2008, mainly through the various quantitative easing programs it operated from 2009 through 2015 in its attempt to stimulate the U.S. economy enough to keep it from falling back into recession.
How did we become such a substantial borrower of the Fed’s funds?
First, the unelected governors of the unconstitutional central bank have an absolute stranglehold and monopoly over the flow of our nation’s money and credit. Not once since its inception in 1913 has there ever been a thorough audit or an accounting to Congress about its activities.
During its century-long reign over the financial wellbeing of our country, the Federal Reserve has manipulated our currency until it is nearly worthless. Meanwhile, Congress turns a blind eye and a deaf ear to the crisis and the calls to control it.
The fact is that since that day in 1913, the dollar has lost over 95 percent of its purchasing power. Most, if not all, of this precipitous decline was caused by the monetary policy of the Federal Reserve.
Adding insult to injury, during testimony to Congress in 2009, Ben Bernanke refused to reveal to committee members the names of the institutions that received trillions of dollars in bailout money from the Fed. Later, he told our elected representatives that he would not disclose the identity of the foreign banks that were parties to sweetheart deals with the Federal Reserve.
When it comes to the central bank and its machinations, the fix is in. The Fed — ostensibly a non-profit organization — owns the mint, the money, and sets the terms of the loans it makes to the federal treasury. What’s more, there is no product; there is nothing being loaned other than worthless paper that can never be traded in for anything of value because all that is used to secure the worth of the currency is now owned by the very bankers who control the Federal Reserve.
And the Fed will continue to accumulate power. There is no limit to the lengths global bankers will go to in order to enslave the population of the world. There is no hope of regulating restraint. Power of this magnitude operates beyond the reach of regulations; in fact, that was the goal in its creation.
The “creature” given life on Jekyll Island over a century ago was specifically designed to destroy competition, give a private banking cartel power over the income of Americans, and force Americans to use the Fed’s own notes as legal tender, despite the obvious constitutional and legal problems with that plan.
The past is the past and nothing can be done to undo the unconstitutional transfer of power over the nation’s monetary well-being to the Fed.
The trajectory into the future doesn’t look good, either, unfortunately.
Despite promising to rein in the runaway spending and to lighten the tax burden, President Donald Trump, since his inauguration on January 20, 2017, has overseen an immense increase in the debt.
Since Donald Trump moved into the Oval Office, the outstanding public debt has grown by almost $484 billion.
So much for the relief offered by Republicans.
The time is now for Americans and the state governments that represent them to force the federal beast back inside its constitutional cage and to chain it tightly with the fetters of fiscal responsibility.
If we fail, foreign creditors might one day very soon demand that we pay all we owe or be forced to dance to the tune of our foreign financiers who have been paying the piper paper money by the trillions.