10/30/08
It's dizzying, maybe even impossible, to total up the dollar amount of all the bailouts, guarantees, swaps, etc. that have ensued since the Bear Stearns debacle last March.
But we know how much more has been racked up in the last 24 hours — $620 billion.
That's $500 billion in mortgage guarantees and $30 billion each for the central banks of Singapore, Brazil, and Mexico. (South Korea got its $30 billion yesterday.)
I'm not sure which is the bigger outrage: The accumulating dollar amount of one promise piled onto another, or the fact no one's asking how it gets paid for.
And all the while, the national debt total leaps nearly 9% in just six weeks.
The whole thing makes the documentary I.O.U.S.A. look prophetic.
You say you haven't seen it yet? You've been waiting for the DVD to come out?
Wait no more. Shameless plug time: A release date for the DVD isn't set yet, but as an Agora Financial reader, you can get a copy shipped to you today. Free.
Even better, you get the companion book free — featuring complete transcripts of interviews with Bill Bonner, Ron Paul, Paul Volcker, and others.
The book and the DVD come free with something we call the Emergency "Personal Bailout" Bundle — which includes exclusive details on a way to rescue your retirement, courtesy of our own Chris Mayer.
I've discussed my own reactions to I.O.U.S.A. here, among other places. But you don't really need to read (or reread) that to decide whether this offer is worth your while — because the DVD and the book are free as part of this package we're making available only to Agora Financial readers.
Still, we can't extend this offer forever. It expires on Election Day next Tuesday. And why wait till then? Your free DVD and book can be shipped to you today if you act now.
Dave Gonigam
Treading a fine line between contrarian thinking and conspiracy theory, Dave Gonigam explores the nexus of finance, politics, and the media for Agora Financial's 5 Minute Forecast. He joined kindred spirits at Agora Financial in 2007 after a 20-year career as an Emmy award-winning writer, producer, and manager in local TV newsrooms nationwide.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
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OK I bit for the shameless plug. I want to see I.O.U.S.A!!
So … ?!!! What happens if the annual budget deficit increases to 2 trillion a year, or 5 trillion ? What happens if the national debt goes to one thousand trillion ? It’s all imaginary numbers anyway, right ? So it must be an imaginary debt ! I mean, I can write a number on a blackboard followed by 150 zeros, but it’s all in the mind, numbers that is. The “government” owes it. And since the government is imaginary too, this is all discussing how many angels can dance on the head of a pin. Doesn’t mean “we” the public owe anything. How are “they” going to get it from us ? Can’t get blood from a stone, or gold from a deep hole! No worries mate !
Doctor Strange money : How I learned to stop worrying and love the federal budget deficit.
Sirs;
When will the video be available? How
much will it cost. I really can’t afford
the package offered but I would purchase the
video when it becomes available.
Thanks
Jim Evans
I just wanted to ask a question. Some of us have cut up or credit cards and now live on what we make like we used to do years ago. I have notice that most places on the internet still only receive credit cards only and that is a problem for some of us that do not have credit cards any more. Is there some other way that we could make this happen maybe with check bank options or maybe mail in a money order like we used to do. It just seems there is a better way than credit cards. Thanks Jimmy
Um, Jimmy, almost every bank offers Debit Cards, which are cards tied to your checking or savings account through the Visa/MC system. Usually they’re also your ATM card. I’ve been using one for many, many years (more than ten – I honestly don’t even remember when I got my first one) and have never had a problem.
Alternatively you could always get one of those prepaid credit cards from the store, but the fees are murderous.