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Global debt levels have surged to a record $217 trillion in the first quarter of the year. This is 327 percent of the world’s annual economic output (GDP), reports the Institute of International Finance (IIF).The surging debt was driven by emerging economies, which have increased borrowing by $3 trillion to $56 trillion. This amounts to 218 percent of their combined economic output, five percentage points greater year on year.
Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.
Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.At the same time, however, the federal debt will increase by more than $1 trillion.We shouldn’t be doing this, but we just can’t seem to stop.Let me try to put this into perspective. If you could somehow borrow a million dollars today and obligate your children to pay it off for you, would you do it?Maybe if you really hate your children you would, but most loving parents would never do such a thing.But that is precisely what we are doing on a national level.Thomas Jefferson was strongly against government debt because he believed that it was a way for one generation to steal from another generation. And he actually wished that he could have added another amendment to the U.S. Constitution which would have banned government borrowing…QuoteI wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.[size={defaultattr}]And the really big secret that none of us are supposed to know is that governments don’t actually have to borrow money.But if we start saying that too loudly the people that are making trillions of dollars from the current system are going to get very, very upset with us.Today, we are living in the terminal phase of the biggest debt bubble in the history of the planet. Every debt bubble eventually ends tragically, and this one will too.Bill Gross recently noted that “our highly levered financial system is like a truckload of nitro glycerin on a bumpy road”. One wrong move and the whole thing could blow sky high.When everything comes crashing down and a great crisis happens, we are going to have a choice.We could try to rebuild the fundamentally flawed old system, or we could scrap it and start over with something much better.My hope is that we will finally learn our lesson and discard the debt-based central banking model for good.The reason why I am writing about this so much ahead of time is so that people will actually understand why the coming crisis is happening as it unfolds.If we can get everyone to understand how we are being systematically robbed and cheated, perhaps people will finally get mad enough to do something about it.Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog, where this article first appeared. Follow him on Twitter Activistpost.com[/size]
I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.