Ron Paul: U.S. Economy squeezed as Debt accelerates

Speech against Raising the Debt Ceiling by 1.2 Trillion – Jan 18 2012

Economy squeezed as Debt accelerates

By Ron Paul
http://paul.house.gov/
February 27, 2012

Senator Jeff Sessions, ranking member of the Senate Budget Committee has pointed out that our per capita government debt is already larger than Greece’s.  Per person, our government owes over $49,000 compared to $38,937 per Greek citizen.  Our debt has just reached 101% of our Gross Domestic Product.  Our creditors see this and have quietly slowed down or stopped their lending to us.  As a result, the Federal Reserve has been outright monetizing debt as a way to patch things together and keep the economy on life support a little longer.  There is rapidly shrinking demand for our debt, and confidence in the dollar is falling.  This phenomenon is hidden only by the fact that confidence in all other fiat currencies is falling faster. Continue reading

Bankrupt Empire maintains thousand bases abroad

By Durval de Noronha Goyos*

Pravda.Ru

Image: Idea go / FreeDigitalPhotos.net *

At the same time that its debt has reached an amount equivalent to the GDP (Gross Domestic Product) of the U.S., $14 trillion, the U.S. (United States) maintains no less than a thousand military bases overseas, including 268 in Germany and 124 in Japan, 66 years after the end of World War 2. Continue reading