Free Parking - We owe $22Trillion and we only have

[WhiteTara]

$1.7Trillion in the whole country. When I saw these numbers, I thought, this can not be correct. OMG it is correct.

Please read the whole article http://eureka.news/free-parking-66/
I love eyeball clicks at my newspaper.

Our country’s national debt is about $21 trillion; the total amount of money in the United States today is about $1.7 trillion. In the broadest sense of the word “money,” there is about $90 trillion all together in the world. Horrifyingly, we (US citizens) owe more than 20% of all the money in the world and only have .5% of that amount in the country to pay our debts.

A couple of years ago, The Panama Papers rocked the financial world of ultra wealthy oligarchs by exposing hidden money that belongs to coffers in their home countries. The ensuing transparency found that U.S. corporations are hiding 55% of their wealth offshore costing us nationally $130 billion in tax revenue each year.

In the Tax Justice Network study, researchers found that worldwide, there is $21 trillion stashed in secret bank accounts and that 92,000 people (a thousandth of one percent of the world’s population,) control $9.8 trillion of the world’s wealth. This fabulous wealth comes by “leaking” or skimming money, for example: $700 billion from Russia since 1990; $305 billion from Saudi Arabia since the 1970s disappeared during sales of state resources.

The same study noted that if this secret money were recognized, with 3% interest paid annually and that accrued interest was taxed at 30%, it would generate $188 billion in tax revenues for countries around the world, each year, which would eliminate the need for world aid.

[democratisphere]

1. Meanwhile nothing has or will be done until it is way too f'ing late.

Last edited Thu Feb 14, 2019, 06:40 AM - Edit history (1)

It ain't going to be pretty when the whole thing collapses and it will collapse.

https://www.investors.com/news/us-national-debt-spirals-washington-budget-deficit-spending/

[dpibel]

2. Money vs. wealth

I guess the author is saying there's $1.7 trillion in currency, or bank deposits or some such.

But according to the Fed, the total wealth in the U.S. (which includes such things as houses, which are not money, but are wealth) is something north of $100 trillion.

Which seems to me to put a slightly different cast on the size of the national debt.

Not particularly arguing with the point of the piece. I'm entirely down with the fact that wealth distribution in this country (and the world in general) is all messed up.

But it seems to me to hurt the argument when you use dubious comparisons to kick it off.

[WhiteTara]

3. Yes, we can sell off our assets to pay our debts

but then we have nothing left. But, thanks for that valid point of total debt vs total assets.

[roamer65]

4. We will inflate.

We have lost about 90 percent of the dollar’s value since 1965. Next 25 years we will lose most of the remaining 10 percent.

[brer cat]

5. This needs more eyeballs.

The hiding of money offshore is obscene. While the middle class is hit hard and safety nets are threatened, the wealthy give us the middle finger.

Great piece, White Tara.

[WhiteTara]

7. Thanks Brer Cat!!!

[Vinca]

6. Great time for a tax cut!