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Cs244

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It seems most people do not understand how the economy is built nor understand the difference between money and currency. The US originally had the money based on gold, and it was the key currency to all trade. Now it is more or less an idea of gold, not what we have physically. The government borrows money in the form of an IOU (Bond). With each bond there is interest. Now country’s that are dependent on our trade reinvest by buying our own bonds.
Now for every dollar that goes into our banks, the bank can loan 9. Plus with every dollar we print there is already a rate of det. assigned to it. So you cant pay off the det buy our own money because the money we have already has a det % assigned to it from the beginning.
Now it wasn’t always like this, our money was backed buy physical gold. But now it is backed by nothing. Its basically the wolds biggest pyramid scheme.
 

Cs244

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also, its not that we borrow money from other country's. such as china, they take the money we give them and by US bonds, this means when trying to pay off our det, we pay them.
 

Loomis

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also, its not that we borrow money from other country's. such as china, they take the money we give them and by US bonds, this means when trying to pay off our det, we pay them.
Correct, and right now China ownes most of our Bonds.
 

Loomis

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That's not all China ownes in the US. They are buying up High End Real Estate in NYC ( I'm talking about large hotels in Manhattan) as well as the West Coast. Adds in Chinese Newspapers advertising how for average citizens of China to buy houses to rent to Americans. To us they would be Section 8 Public Housing.
 

Cs244

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now thats something i did not know, thank you. i will have to look more into this
 

Loomis

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Here's the stats:
To put China's ownership of U.S. debt in perspective, its holding of $1.2 trillion is even larger than the amount owned by American households. U.S. citizens hold only about $959 billion in U.S. debt, according to the Federal Reserve.
Other large foreign holders of U.S. debt include Japan, which owns $912 billion; the United Kingdom, which owns $347 billion; Brazil, which holds $211 billion; Taiwan, which holds $153 billion; and Hong Kong, which owns $122 billion.
 

jayjay

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Funny that - they are buying up large parcels of our fertile land, to grow food to feed their own people. Go figure. They just bought one of the largest cotton growing properties in the country. This was in spite of the fact that a group of Australian investors offered to buy the property for significantly more than what the chinese govt offered. Work that one out!!
 

HarrySachs

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Just doesnt make any sense. Creating an imaginary number, then borrowing
against and charging another imaginary number (interest)
No wonder the dollar isnt worth anything. Just like playing monopoly.
Who cares right? its just play money.
 

realisticdude

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In 1971 the USA did not have enough gold to back up the debt and spending, I guess thats why Nixon changed the standard. 8 years old at the time I can only remember Walter Cronkite and the daily count of our KIA s and MIAs (that number went up every day) .............. burritos for breakfast .. eggrolls for dinner
 

act5860

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In 1971 the USA did not have enough gold to back up the debt and spending, I guess thats why Nixon changed the standard. 8 years old at the time I can only remember Walter Cronkite and the daily count of our KIA s and MIAs (that number went up every day) .............. burritos for breakfast .. eggrolls for dinner
I remember Cronkite and the daily body count. But he is not the one who took us off the gold standard, FDR did ; from wiki: "On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable."
 

realisticdude

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I remember Cronkite and the daily body count. But he is not the one who took us off the gold standard, FDR did ; from wiki: "On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable."
True ....... FDR closed the door , Nixon just locked it
 

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