If USA were to pay their debts of $16 Trillion in silver, they would need 685 billion ounces silver and interest of 2.5% comes to 11.5 billion ounces silver.
This is scary, yet fun, stuff to ponder. Our debt could also be measured in 46,971,428,679 pounds or silver, which is 23,485,714 tons. The annual silver production of the entire world in 2011 was 23,689 tons. Sooooo - We would need to hijack the world's production of silver for ONE THOUSAND YEARS to pay off our debts. We can do it! Yes we can!
Talking about the debt. What most don't realize is that our debt is no larger than what is was right after ww2. We can fix it, it's a matter of will. Most Americans don't want more taxes and congress wants to be re elected. They raised taxes after ww2 and payed it off. Our economy is larger than after ww2 so we also have that going for us. Our country is in good shape, it's just a matter of will.
You're right, of course. A detailed discussion is too politcal for this forum, but there are no insurmountable obstacles to returning to a sound economy. Whether or not this happens is another matter. Debt is fun. It turns future income into current spending. It's like a drug. And like drug addicts, the nation may have to hit bottom before seeking treatment.
Measured in what terms? The GDP? After WWII, the USA manufactured over 95% of the world's industrial goods. Today the GDP is paper.
I can't comprehend what a trillion is so I searched the Internet and came up with this: A trillion seconds is almost 32,000 years A trillion dollar bills stacked on top of each other would be 68,000 miles high. This started with George W. and OB doubled down with no end in sight. http://www.youtube.com/watch?v=oPfY0q-rEdY
