Thursday, June 30, 2011

Stiff The FED

Wallace, Idaho - Ron Paul has written a book, End the Fed, well known in these circles. We have a better idea: Stiff the Fed.

In case you missed it, the financial cable network CNBC actually produced something informative a little while ago. It listed our 15 biggest creditors, the entities to which the captive citizens of the United Snakes of America owes money.

Canada, which we always held as infinitely more sensible, turned up in the Top 15 for the first time. We owe Canada $3.6 billion. Coming in at 14th is Hong Kong, at $138.9 billion. We owe the Cayman Islands' banking centers $146.3 billion. Twelfth is Brazil; we're into them for $184.4 billion. We owe OPEC $210.4 billion. We owe the insurance industry $261.8 billion. We owe domestic commercial banks and credit unions $269.8 billion, making theirs our 9th biggest I.O.U. The Brits and our own state and local governments are tied for 7th place at $511.8 billion each. We owe mutual funds $637.7 billion and pension funds $706.4 billion.

Are we beginning to see a pattern here? This thing is beginning to go logarithmic. We owe Japan $877.2 billion. China ranks a measly third: they've been shedding U.S. debt like crazy, converting it to stuff we used to do, like mineral and oil production, but they're still just a hair shy of a trillion, $895.6 billion to be precise.

The last two surprised us. Holders of U.S. Savings Bonds, and a category CNBC calls "other investors" rank No. 2, at $1.458 trillion.

And the Number One I.O.U.? Drum roll, please: it is our very own United Snakes Federal Reserve Bank, which has us on the hook for a staggering $5.351 trillion! That's right. We owe the Banksters in our own midst interest-bearing debt more than five times what we owe the Chinese we're always sniveling about.

We owe Ben Bernanke's crooked, miserable Jekyll Island creature 10 times more than we owe the money-grubbers at the counting houses in London. Noise from the cute brunette talking head at CNBC: "So no big deal, then - we just owe it to ourselves."
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