The mystery of the missing $2.9 trillion

[n2doc]

Economists scour the US to find out why we're more in debt than the Department of Commerce says we are.

By David R. Francis | columnist
from the October 29, 2007 edition

Like most people, economists love a mystery – especially if it involves not a missing person but a missing $2.9 trillion in United States debt.

That's $2.9 with 11 zeros after it.

Some words of explanation: Every quarter the Department of Commerce comes up with the US "International Investment Position." At the end of 2006, for instance, the US had a net negative position – by this measurement of international assets and liabilities – of $2.6 trillion. In other words, the country is by far the world's biggest debtor nation.

A quarter century ago, the US was the world's largest creditor nation.

The economists at Commerce count American-owned private assets in foreign nations (plants, equipment, retail outfits, property, corporate stocks and bonds, etc.), US official international reserves (gold, special drawing rights, foreign currencies), and other US assets abroad. The measurements get complicated. Then these economists count what foreigners own of American assets, looking at the same list of assets.

Subtracting the value of American international assets from what foreigners own of American assets, they come up with how much Americans are in debt to other nations and their peoples.

more:

http://www.csmonitor.com/2007/1029/p15s01-wmgn.html

[Kurovski]

1. K&R. (nt)

[AndyA]

2. The Republicans in government and big business have sold off our nation's

assets like they would a common street whore. So typical from a bunch of people who have no ethics, morals, or scruples. Others do their dirty work for them, while they profit from it.

And once you've done the dirty deed for them, they toss you aside like a used condom with a hole in it.

Just ask Katherine Harris.

[defendandprotect]

4. Wouldn't it be interesting to see her wake up --

but I doubt the GOP has anything to worry about -- she probably dug herself deeply into the criminality of election 2000.

[Javaman]

3. One has to wonder if those kool-aid drinking pukes that help

throw the florida vote have any regrets.

America: We print more money so you don't have to!

[FloridaJudy]

5. A quarter century ago Reagan became President

And "voodoo economics" took over.

Hasn't everyone yet noticed we get less prosperity under Republican administrations? Just ask Herbert Hoover.

[L. Coyote]

6. Trickle down economics. If the rich are really rich, someone has to mow the estate lawns.

Yeah, that's working real well. When Reagan was elected in 1980, construction workers were making $18-$30 an hour building family homes. Today, illegal immigrant workers are building large mansions instead of homes for working families, and for half that wage. Construction wages are lower today than 25 years ago.

[formercia]

15. That didn't work

so Junior figured that trickle-up economics might do the trick.

[Initech]

7. Easy solution: Stick the tax auditors on the war profiteers

I'm not an economist, but I think that if they're stealing all this money (remember the guy who ran the body armor supply company and jacked $185 million from it?), then they ought to be subjected to the same tax laws as the rest of us.

[xiamiam]

8. and have them pay it back..with interest...and fines...nt

[ljm2002]

10. If their gains are ill-gotten...

...then: put them in prison and strip them of ALL their assets. Pay back what is owed (with fines and interest), and put the rest in the treasury. Yes, and leave their families penniless. Maybe that will have a deterrent effect -- if nothing else, it may make their spouses take an active interest in HOW they get their $$.

This crap has got to stop.

[Initech]

13. They have to be ill-gotten.

Think about it - they don't do anything with their hundreds of millions, they just buy a bunch of stupid shit. I mean really, what the fuck do you need a $100,000 belt buckle for?

[ljm2002]

16. Well of course...

...but I would never advocate such harsh measures without adequate legal proof.

Still -- my point is, we alredy have plenty of draconian laws. So let's pass another one: one that says embezzlers and treasonous war profiteers risk have EVERYTHING taken from them. It's only fair -- the big companies right now pay their executives outrageous salaries, even when they run their companies into the ground; then, when the company declares bankruptcy, the first thing to go is whatever pension plan the workers PAID into (Enron, anyone?), and everyone acts like that's just the way things are and there is nothing to be done.

Hogwash! There are things to be done. Laws are made by humans, and they can be changed by humans. Let's put some teeth into the laws that address white collar crime. The sad truth is, white collar crime does pay, that's why there's so much of it. So let' up the risk factor for the bastards.

[Rex]

9. Oh come now! What is a few trillion dollars among warmongers?

I say freeze their 'assets' and collect payment in full.

[SpiralHawk]

11. "Smirk, smirk, smirk" - Commander AWOL

[Yael]

12. Kicking to read in full tonight

[Lydia Leftcoast]

14. This is yet another issue that mainstream Dems aren't raising a stink about

and it would be a winner: private contractors stealing $2.9 trillion of OUR money.

[soothsayer]

17. 9-10-2001 is the date that Rumsfeld had the presser saying the Pentagon could not account

for the missing trillions. Can't recall why that fell out of the news the next day.

That was back when that (i kid you not) rabbi was in charge of the pentagon's bookkeeping.

[progressoid]

18. How many brazillion in a trillion?

:shrug:

[Joanne98]

19. When Raygun walked into the WH we were the world's largest creditor

When Bush 1 walked out 12 years later we were the world's largest debtor. The biggest heist in history! The Bushes should be tried for treason. they have been stealing money from the treasury for 25 years! It's an outrage that we can't even get them impeached!