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Happy 4th of July, America! You're $11 Trillions in debt!

Today on this 4th of July celebration, I'm sitting here contemplating the fact that we, as American taxpayers, will all eventually have to pay for Hank Paulson's $700 Billion Wall Street BAILOUT, a gift from the American taxpayers to the sharks on Wall Street.

Proposed by former Goldman Sachs CEO Hank Paulson, signed by then-president Bush and supported by president Obama, this Wall Street bailout is the greatest transfer of wealth in American history.

From the American taxpayer to the rich. Wall Street made bad bets, many of them fraudulent, and we the American taxpayers bail them out, instead of letting them face the consequences of their actions.

Don't believe me? As of today, July 4th 2009, staff at Goldman Sachs can look forward to the biggest bonus payouts in the firm's 140-year history. Yes, that's the same firm which 6 months ago needed a multi-billion dollar bailout from you and me, the gullible American public, to help it stay afloat. Do a Google search on "Goldman Sachs bonuses".

The U.S. Treasury Secretary doesn't work for the American people, the U.S. Treasury Secretary works for Goldman Sachs. Do some research. Wall Street has known for years that the financial crisis was coming. Do a Google search for "MICHAEL HUDSON" and "Wall Street".

How much is the U.S. national debt?

Go ahead, ask anyone you know "How much is the U.S. national debt?" Ask "Do you even know what the 'National Debt' means? How about the U.S. budget deficit?" Few will have a clue.

Everyone today will be busy partying on the 4th of July, and yet few are aware that the U.S. budget deficit for 2009 is projected to be 11 times larger than it was in 2007: around $1.75 trillion, versus $162 billions in 2007.

Go ahead, ask around. Few are aware. Like Max Keiser says: "To keep Americans happy, all you need to do is give them a dozen donuts and a gun."

All indications point to the fact that when things get bad enough, there will be ANOTHER bailout, the U.S. government is going to continue printing more and more money, because the effects that these bailouts have on the economy are all temporary, like giving another drink to an alcoholic. Sooner or later you gotta take the pain. So when the NEXT BAILOUT takes place, the U.S. debt will grow even larger.

The solution would be to drastically cut spending, reduce debt levels, take the pain now instead of a much greater pain later, and protect the value of the U.S. dollar, but there is no political will to do it.

Once the U.S. dollar loses its status as reserve currency

Once the U.S. dollar loses its status as reserve currency, the U.S. will no longer be able to finance its never-ending consumption by simply selling bonds to other countries. The consequences of this: much lower standards of living in the U.S., and a repatriation of the hundreds of military operations the U.S. has throughout the world.

The moment the U.S. dollar loses its status as reserve currency, the U.S. won't be able to bully its way around the world anymore, because it just won't have the ability to pay for its military bases.

The U.S. government's current fiscal path is unsustainable. All of us in the U.S. are on a train headed for the cliff, and few are aware, because we Americans are all too busy distracting ourselves and anesthetizing ourselves with bullshit on CABLE TV.

Now if you'll excuse me, I need to grab my box of donuts and go watch some Reality TV.

I believe in the principles that this great country was founded upon. I just think that the U.S. has lost its ways. The Roman Empire collapsed, and the same thing will happen to this great country unless we change the course we are currently on.

© 2009 Healing Daily