Worldwide state debt exceeds $250 trillion

Jonny Ingbar

Jonny Ingbar

Well-known member
How long can this be sustained? More and more wealth is owned by the super rich, whilst states are building debt at exponential rates.

The Trump tax revelations shouldn't be a surprise to anyone, given his regime has given huge tax breaks for the massive corporations; Bezos, for example, didn't pay any federal tax and, in fact, received over $100m rebate.

There is a new class of super powerful, super rich people and their wealth is growing. It surely can't go on indefinitely?
 
The national debt of the USA increases by 1 million dollars every 19 seconds 😲
 
It makes you realise how illusionary money is.
I don't know how much money there is in the world; a quick google gives a figure of $80 trillion. So more than 3 times the total amount of money is owed?
On the other hand, I find myself thinking if it can reach this level, it can continue indefinitely. It is not in the interest of the super rich to collapse a system that made them rich, is it?
 
In the 19 seconds it takes for USA debt to go up $1 million the debt of GB goes up £98,230 😲
 
It's interesting because today I offered to pay a loan off 12 months early...

The "worlds local bank" offered a settlement of £10 off the full amount - I have the money in another account.. I know they don't care because it's how they make money, but still - what's the point of a settlement figure

You'd think under the circumstances they would be happy for a lump sum - oh well... guess it helps my credit score
 
Frozen Horse said:
It makes you realise how illusionary money is.
I don't know how much money there is in the world; a quick google gives a figure of $80 trillion. So more than 3 times the total amount of money is owed?
On the other hand, I find myself thinking if it can reach this level, it can continue indefinitely. It is not in the interest of the super rich to collapse a system that made them rich, is it?
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Capitalism isnt a homogenous "whole" but a loose collection of competing self - interests which conflict with each other.
It will implode and destroy the whole world if we let it.
 
Juninho10 said:
It's interesting because today I offered to pay a loan off 12 months early...

The "worlds local bank" offered a settlement of £10 off the full amount - I have the money in another account.. I know they don't care because it's how they make money, but still - what's the point of a settlement figure

You'd think under the circumstances they would be happy for a lump sum - oh well... guess it helps my credit score
Click to expand...

Same here, we are 8 months into a 5 year agreement. I have the money to pay it off now. Called them up, and they told me I was liable for the full outstanding amount, despite the T&C saying 3 months as a settlement fee. Got nowhere arguing so left it for another day.
 
Ada asks me to hold on to £10 for her and she'll collect it later and off she trots.
"Hhmm" .. I owe Bob £10 so I give him the money, instead.
Bob owes Colleen £10 so he's now able to pay off his own debt.
Colleen realises she's owed Danny £10 for a while so she gives him the £10
Danny owed Eileen £10 so when he gets it from Colleen, he pays if off
Eileen had been meaning to pay Freddie the £10 she owed him, so now she does
And of course, Freddie borrowed £10 from me last night so he hands me the £10 I originally gave Bob
... and so when Ada comes back and asks for her £10, I can hand it back to her

£60 of debt paid off and nobody is out of pocket.

It's all an illusion. It's all a game.
 
Jonny Ingbar said:
There is a new class of super powerful, super rich people and their wealth is growing. It surely can't go on indefinitely?
Click to expand...
Why not? They've been doing it for well over 20 years. As long as they can keep the masses happy with the odd iPhone or flat screen TV they won't notice they're becoming steadily poorer. Certainly haven't so far anyway. Inflation and climate change policies will accelerate a loss of assets by the masses, and the imposition of austerity by stealth. Eventually we'll all be medieval serfs owning nothing and receiving board and lodgings for our labour.
 
Rauko said:
It's all an illusion. It's all a game.
Click to expand...
I'm Ada and you owe me interest on my £10. And as you may know, the interest rates on small loans is well over 100%. You owe me another £10.

The flaw in your tale is that you ignore the problem of increasing money supply. When I loaned you the £10 I just printed it off my laser printer. And another couple thousand at the same time. So what you bought with £10 today will cost £50 tomorrow. If we're clever though we'll use Quantitative Easing to focus the price increases in the asset market so the masses don't realise how much poorer they've become.
 
br14 said:
Why not? They've been doing it for well over 20 years. As long as they can keep the masses happy with the odd iPhone or flat screen TV they won't notice they're becoming steadily poorer. Certainly haven't so far anyway. Inflation and climate change policies will accelerate a loss of assets by the masses, and the imposition of austerity by stealth. Eventually we'll all be medieval serfs owning nothing and receiving board and lodgings for our labour.
Click to expand...
And you'll continue to champion the system.
 
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