'Chaos' and 'Power x Stupidity = Self destruction'

Each American citizen owes the world one million dollars

In my first editors letters (criminal acts in politics) I pretended that each American owes the world one million dollars. How come? Just try to count and try to know why bank systems, whole states, stock exchanges, old age funds will soon tumble in the emptiness of space...


Figures are in American trillions

STEP ONE - around 20 Trillion Dollars

- Indebtedness of the USA :

After the area of Ronald Reagan and George W. Bush with their idiotic idea of releasing some of the richest people from taxes - to the disadvantage of middle-class, this nation has a dept-tower of approx. 20 trillion. Covered is this dept by some gold reserves and some other State fortune,

STEP TWO - around 20 Trillion Dollars

- Indebtedness of the 50 States, like Florida, California, Texas etc.:

I have to take a guess. Like for other points it is impossible for a simple man to find out all figures. But the guess must be right, that the cumulative figure of debts of the 50 States reach the figure of the above national indebtedness. Experts in the USA may re-control the matter and find out that my assumption is too low…

STEP THREE - around 20 Trillion Dollars

- Indebtedness of all towns, counties and other state organisations of the USA:

Here I see myself confronted with more complexity: Let's assume that the hundreds of towns, counties and other state affairs sum up in a debt that will reach the one of the USA as a nation (point ONE above).

STEP FOUR - around 10 Trillion Dollars

- Indebtedness in Health care and old age funds:

Daily you can read of huge under-covers in pension funds of states and firms in the health and old-age business. You can read of immense debts with insurances, hospitals, homes, pharmaceutics and all other societies or persons involved in that business. I assume that we would reach here a level of 50% of total state debts.

STEP FIVE - around 50 Trillion Dollars

- Indebtedness in companies under Chapter 11 and other debts of quasi-broken firms:

For car producers and airline companies alone, we hear of billions of dollars being kept behind under Chapter 11. Adding all the middle and little companies throughout the country and debts under bankruptcy laws, we may well find 50 trillion of debts which are not covered by assets of those entities.

STEP SIX - about 5 Trillion Dollars

- Debts in credit-card accounts of individuals:

Starting at the age of 16, young American are quasi forced by capitalistic beliefs into indebtedness by criminal banks and credit card-institutions. Assume that each American - willing to consume - has an average-debt of 30,000 dollars - we summarize with 150 million consumers an amount of nearly 5000 billion or 5 trillion.

STEP SEVEN - about 8 Trillion Dollars

- Debts under Leasing-Business:

US-Americans purchase almost everything by Leasing. Assume that 150 million consumers have invested in its average about Dollar 50000 in leased goods we add roughly 7500 billion or rounded 8 trillion.

STEP EIGHT - rounded 90 Trillion Dollars

- Debts in House-market, only covered by a so called "valuation-bubble:"

Here comes the big thing: I assume the value of all houses and buildings (without ground or other real estate not built) for the whole USA on 300 trillion. Assuming that later in time, a bubble of 30 % of total value of houses will show up, we have here an uncovered debt of 90 trillion.

STEP NINE - around 30 Trillion Dollars

- Any other indebtedness:

Bank credit accounts, outstands with stock exchange, monthly costs, all open invoices, social charges not paid yet, all kind of debts, not mentioned above already.

Indebtedness of the USA totals about 250 trillion dollars.

Conclusions and relativating remarks on the above figures:

Now we count and can see one million dollar debt for each head in the USA. Can these debts not be covered in any way, we are facing a collapse never seen before in history in this world. It will make tumble to hell all banks, insurance and re-insurance companies, all stock exchanges, not only the ones in the USA but throughout the world.

Other States may have higher figures of debts per head of its population. But nowhere on Earth, the impact would be so deadly as if the USA would fall in bankruptcy - from now on until about the year 2015.

Such simple is my theory but also such simple is our reality. You only need to think, need to add and count and you will end up somewhere by the figures mentioned.

http://english.pravda.ru/opinion/columnists/82008-1/