Ahh yes, “the end of the world as we know it.” I hope you got that issue free somewhere and didn’t actually pay for it. %|
It’s likely not going to be long before we’re going to have to help the government pay 53 trillion dollars once the baby boomer generation starts retiring and thus could pose a economic catastrope to the economy as taxes could possibly rise to a crushing amount and other things in efforts to stretch the dollar as far as it can go. Even worse, if the US economy crashes as a result this could mean an ugly downward spiral of the global economy as well…
You want 53 trillion dollars? No problem. Presto! Congress just “borrowed” 53 trillion dollars from itself, “backed by the full faith and credit of the United States.” Problem solved. This government similarly “borrows” from itself approximately $1 million a minute, 24/7. There are no obligations to pay back the “debt” (simply “borrow” more, without limit), so it obviously isn’t a debt at all. It’s a license to print money. And the world economic system can, has, and will continue to run along with that kind of thing going on continuously by not just this nation but many others. “Money” has not matched reality for a very, very long time. Yet the engines of commerce roll on… feeding people, burying them, and paying for their high-speed internet connections.
It might appear to “bankrupt” someone’s ledger-books, but the accountants can simply write in another number. As long as the credits equal the debits in their tiny little world, they are happy; festooned with joy.
In the long run, what the accountants do with their ledger books has precious little to do with the practicalities of actually running human civilization on this planet: feeding people, burying them, and so on. Provided you do not sacrifice your own future for the empty promises contained in those ledger-books, the sun still rises “on the just and on the unjust,” every single day. Go out and watch it rise. Watch it set. “53 trillion dollars” is … a number in a computer database.
Never let an accountant, or a lawyer (or for that matter, a journalist), run your business or your country. Both of them will believe they can; both will believe they should. Neither of them has actually worked for a living, served a real customer, or experienced the real pain of want.