patrick.net

The Tea Party can just give up. The Federal debt will never be paid off because it is too profitable to big banks. As an article Patrick pointed out in First Audit Results In The Federal Reserve's Nearly 100 Year History, the major banks got a ton of free money $16 trillion worth at 0% interest to loan to the Federal government at interest. This basically means the major banks got free money from the U.S. tax payers by exploiting the accounting of the national debt. Without having to do anything, take any risk, perform any service, the major banks got hundreds of billions of dollars of interest payments from you and me without loaning us a single cent of their own money.

As long as the Federal Reserves exists, it will not allow the United States to be debt free because our debt is a gigantic, risk free, work free revenue source to the major banks that own the Federal Reserve.

Neither raising taxes nor cutting services will end our debt because our debt exists solely to ensure a lucrative and fraudulent revenue stream for the largest banks at the expense of the tax payers.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

The solution is to punish the Federal Reserve and the major banks by transferring the full national debt to them for committing this fraud. Let those banks go under and let the government support all the honest small banks and credit unions instead.

Banking can continue disrupted without these fraudulent mega banks.

#investing