Quote Originally Posted by maladroit
the value of all the gold that has ever been mined on this planet wouldn't even cover half of the US national debt...the combined annual trade deficit and annual budget deficit could export all of america's gold reserves in about six months...you're better off on the paper standard
Roughly $2.5 trillion of US government debt is foreign owned... The other 75% is held internally, where interest paid is received by those who pay taxes in one form or another. As i have said in the past, the only instance we have to worry about is paying back foreign debt. Therefore, all this blabbering about "future generations" is rhetoric intended to pray on those who lack the understanding of financial markets. In essence, when future generations repay debt via tax money, they will be repaying themselves.