U.S. Financial Bailout Fraud Balloons to Astonishing $7.7 TRILLION
By Mike Adams, November 24, 2008 | Key concepts: Financial bailout, Federal Reserve and National debt
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The runaway looting of the U.S. economy has just ballooned into an astonishing $7.6 trillion boondoggle. In conspiracy with the private banking corporation known as the Federal Reserve, the U.S. government has just jacked the U.S. taxpayers for a dollar amount so large, virtually no one truly understands the scope of the swindle taking place.
To put all this in perspective, keep in mind that it took 231 years for the U.S. to accumulate roughly $5 trillion in national debt. Over the last 12 months, that number has roughly doubled to $10 trillion. And now, in just the last few days, it has been nearly doubled to an effective $17 trillion in debt thanks to the criminal looting of the Treasury now being orchestrated in Washington.
If the American people had any real awareness of what just happened, they'd be marching in the streets in protest. But they sit in silence, either too stunned to move or just too uninformed to know why such long numbers even matter any more.
But if you do the math on this, you realize is a geometric progression of debt creation that can only end of financial catastrophe. There will be dire consequences to these events, and when the People one day wake up and realize they've been royally ripped off by an Emperor wearing no clothes, they won't be happy about it…
From Bloomberg.com: The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.... more
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