We Are Being Spent Into OblivionSubmitted by northstar on Wed, 03/03/2010 - 02:54
As we continue to ponder and debate, with way too much focus, on the mundane and inane, the perfect storm grows and rapidly approaches. It brings with it a financial tsunami and a societal train wreck. October 2008 was the outer wall of the storm, we have been living in the eye since then. Now the inner wall approaches: the global debt crisis.
We know about the recent and ongoing financial crisis on a micro basis. Our own finances, that of our towns, cities and state. That some states, Social Security, Medicare, Medicaid, the US Postal Service, Fannie Mae and Freddie Mac, The Pension Benefit Guarantee Corporation, the Federal Deposit Insurance Corporation , to name a few, are approaching insolvency or are already technically bankrupt. What is starting to appear is how close the U.S.A. may be to approaching insolvency. Let’s run some numbers.
We have to think in trillions, hard numbers to put one’s head around. Let’s see:
If a million dollars were spent each day it would take about 2,740 years to spend a trillion. At a million dollars an hour, it takes 114 years. At a million dollars a minute, it takes 1.9 years. At a million dollars a second, it takes 11 ½ days to spend the trillion. Or, a trillion dollars is about 3,250 dollars for each U.S. citizen.