RussiaToday - "American Debt Running Loose". Oct. 11, 2008.
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Uploaded by jakoxn on Oct 11, 2008
Oct. 11, 2008.
A debt clock was put up in a New York street in 1989. Then the figure was around 2.7 trillion dollars.
Nearly 20 years later, that number has increased almost fivefold and exceeded the expectations of the clocks designers. Just a few weeks ago, the clock ran out of space. When the figure hit 10 trillion it forced the dollar sign out of its allocated space.
A re-design is underway, with enough space for a quadrillion - a number so obscure that few could imagine what it amounts to.
Manhattan's Times Square is a favourite tourist hotspot. Now, more and more Americans come to take photos of the frightening figure - because even though the economy is taking a kicking, this clock just keeps on ticking.
Very few U.S. citizens can say they are free of the credit vice - and who can blame them? Low rates, alluring deals - and all you ever wanted, but couldn't afford, suddenly becomes possible. But this American Dream is turning into a nightmare.
Wall Street is likely to take most of the blame.
During the age of Reagan Wall Street was immune to that kind of criticism and political attention, says historian Steven Fraser. Now we can see enormous widespread anger. I think in the foreseeable future Wall Street will be the object of great scrutiny, supervision, anger and suspicion.
Fraser has been fascinated by the enigma of Wall Street for years. History repeats itself in many ways, but the scenario right now reminded him of another famous figure.
They created a Frankenstein. Nobody knows what is going on, thats what makes the moment so frightening, he said.
It seems history has presented this crisis in a new light. Ever since the end of WW2, national debt decreased with every Democratic administration. After the presidency of Ronald Reagan, every Republican term has seen a steep rise in debt.
When George W Bush took office, the figure stood at 5.7 trillion dollars. But the fact that figure has nearly doubled has led to accusations hes used the nation as an AmEx Black card. His time is about to run out, but someone else will have to pick up the tab.
Source:
http://www.russiatoday.com/news/news/31727
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http://home.att.net/~mwhodges/debt.htm
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Uploader Comments (jakoxn)
All Comments (19)
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@ShaunHawksworth 3/4 of american's debt are to China,. No matter what they do, they will not be able to pay that money back to us.
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And in a few years they'll be ending dollar dealings for oil, moving instead to Euro's.
Also with the decline of american economic power and their global recession they are going to be fucked.
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You serious that our debt is 56 trillion? b cuz i research heavily on the net and it said our debt was 6 trillion, 7 trillion, 600 billion, 800 billion, 1 trillion...can't find the real figure..can u send me a link plz? thx!
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Could USA declare personal bankruptcy ?
May be we should mine gold on Mars !
Could we see how much undeclared liquid assets r hoarded in Swiss banks ?
You all saying emperor has no clothes; I m saying there is no emperor, its all illusion !
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The real U.S. debt is $56 trillion. That's what they don't want people to know. Look it up.
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most them are owned by China. :D
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I guess Bill Clinton is a Republican now (according to this story). The debt tripled from 2 trillion to 6 trillion during that Democrat's time in office.
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haha!
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total debts in all of America tops 200 trillion
its a basket case !
the laughing stock of the world
Sad story of very very bad leadership since Johnson
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wow america is screwed... who's handling the finances? oh yeah george bush
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Typo in title. I think you mean "American Debt Running Loose".
toosinbeymen 3 years ago
Right you are, doh.
jakoxn 3 years ago