Notorious B.I.G. has the answer to our debt problems. Mo Money Mo Problems.
With recent government shut downs people have been questioning whether or not our debt will ever be solved. Our debt is in the trillions, 16,747,478,675,335.18, as of writing this article, to be exact. Yes, well so what? I have over 100k (property, car, etc.) worth of debt myself and if you extrapolate and assume all the other 300+ million residents of the US average 100k debt, that would yield over $30 trillion of personal debt. In other words, the country owes less to the world then we personally owe to others and to our country. This point may be moot but it is interesting to note before we delve into much more grave notions as we explore debt and money issues.
It is true that we are in debt, but what about the rest of the world? According to nationaldebtclocks.org our world debt clock is over 51 trillion! As grandstanding and involved as the US is in world economy and politics, we also account for roughly 30% of the debt of the world. We aren’t the only ones who are in debt however, and with the constant printing of money in the United States, I believe it to be a question of when, not if, the dollar will eventually fail.
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Some significant debts of countries other than the US:
- Germany runs around 2 trillion Euros
- Italy 2 trillion Euros
- UK is at 1 trillion Pounds
- China is at 14 trillion yen
- Russia is at 6 trillion rubles
With conversions in mind, that puts those 5 big countries at roughly 2 trillion dollars each in debt compared to our 16 trillion. Ouch, we are hurting, but man we do everything big in this country… Point being, we are all in trouble, some more-so than others, and shutting down governments won’t provide more than a temporary, tiny fix to the looming destructive problem.
As our government continuously battles itself on whether or not they should raise the debt ceiling, other things come to mind. One being, will there ever be any profit ceiling? Constantly being in debt, will we ever pay back what we owe? Will our debt to GDP ratio ever flip? With our debt to GDP ratio constantly rising, will our era see the fall of the dollar as the assumed world’s currency?
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What would my resolution be?
The lot of you would totally disagree and that’s OK, because that is exactly what should happen. I would call for a complete and total world wide nullification of debt. Every single penny owed to every other country for any said product or good completely erased. A reboot, per say. Yes, you may all be shuddering at the thought but bear with me. After this reboot, instate one single currency to be shared throughout the world/or return to strictly goods traded for other goods method (ie. time of labor traded for food, etc.), empower the UN to become a true police power in the world, and finally focus on what is, in my opinion, important: space exploration and expansion. Keep individual governments, keep individual religions and differences, keep traditions and everything else that makes a country great, but allow for the UN to do more. I know what you’re thinking. That’s crazy talk. Countries won’t agree, leaders will argue, there will be war. Of course they won’t agree, of course there will be resistance, and of course greed will get in the way. But as we stand, the options are very limited. All this of course is with the United States’ well being in mind; countries such as China and Russia, with their shift away from the dollar, would certainly wish for the fall of the superpower rather than complete equality amongst countries. This is the most realistic peace I could think of, even if it were to be temporary, we have to start somewhere.
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Just a thought. Cheers to Money!