48 trillion dollars

48 trillion dollars

$161,287 per person – man, woman and child

72% or 35 Trillion of this debt created since 1990

This debt is made up of federal, state and local government, households, business and financial sector and federal debt to trust funds

At this time I think the best thing would be for the US to let their dollar fall so far that they can pay off their debts or else there is no hope, short of lenders writing the debts off. In any case most of the real value of that debt is lost, it would just be best for borrower and lenders to just write off the loss and move on because the longer the US government tries to hold off the inevitable – depression like winter – the worse it will be. This thing is beyond funny now because many families will suffer and the pain will be unbearable but I think that the US should bite the bullet now and just devalue their currency in a big way to accommodate the paying off of this debt.

Many individuals, financial institutions and other corporations will collapse, many are already walking away from houses they could not afford to begin with and this number will only increase. Unfortunately not just the US will suffer but most of the world, some more and some less than the US, but, the crisis will be wide spread, make no mistake about that.