Reckoning


Math challenged Bernanke

You mean a million, million is a trillion?

Yes.  That’s right.  If I had a trillion dollars, I could give a million people a million dollars each.  Unfortunately, I don’t have an actual trillion dollars, but I can print it up without too much trouble and then loan it (with interest, of course) to Goldman Sachs who (which) will in turn loan it to the US Treasury (with a little higher interest, of course) and nobody will have to pay it back for years and years and years.  The bad thing about giving a million people a million dollars that I’ve borrowed into existence is that a million people have to agree to pay it back with interest.. er… that is, interest on the interest.  Interest on a trillion dollars is a significant amount.  Interest on the interest plus the principal (compounded, of course) is really pretty darned significant.  Regardless of the rate.  But the goal is worth it.  Delaying the day of reckoning until after we’re dead and gone makes it all worthwhile.

Now some of you might think that you can exempt your progeny from the hardship of repaying money they didn’t ask for, and certainly didn’t agree on the interest rate, or the fact that a central banking cartel got rich in the bargain.  You’d be wrong.  It’s not as if you or they will actually get any of the million – you will ever see a nickel of it.  Nevertheless, your grandchildren are either going to repay it, or they’ll have their property confiscated, be put in jail, or if they resist, they’ll be shot.  That’s the way we do things in the big city.

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