Saturday, July 07, 2007
A Colossal Ponzi Scheme
David M. Walker, the U.S. Comptroller General, alerted the public this year to the irresponsible levels of spending by the government. He states that, "...we are the world’s largest debtor nation, and time is working against us.” Bush turned a budgetary surplus into $9 trillion of debt. There is little hope that future tax revenues from American workers or successful businesses will make up the difference. Bush and his neo-con cronies have taken an historic national surplus and redistributed it in THE MOST COLOSSAL PONZI SCHEME in history. And what happens when the word gets out that we have all been fleeced? The USA will have to default on its loans. At that point, we might solicit the World Bank to loan us money to service our debts. We might have to solicit Hugo Chavez to bail us out of our World Bank loans!