Last week, the United States national debt broke records when it toppled $19 trillion, not including unfunded liabilities. Under current rules, the debt ceiling is suspended until March of next year, which means that the government can borrow without any limit up until that deadline. Under the Obama administration alone, more than $8 trillion has been added to the debt. It is expected that he will be leaving office with a national debt of roughly $20 trillion.
The current monetary system that the U.S. is operating with right now, could fairly be described as a system of monetary slavery in that the borrower is never going to be able to repay the original loan. By the design of the present centralized monetary model itself, it is mathematically impossible to pay back the money that is borrowed. Because with every dollar borrowed (created) there is interest that comes along with it. Both fiat currency and fractional reserve banking have proven to be failures repeatedly throughout history, and yet we carry on with them as if they won't fail again.
The Federal Reserve itself is said by many to be responsible for most of the inequality that we see in our world today. And because of the coincidence in timing that has countless nations all presently on the same self-destructive monetary path, some have suggested that there could be a larger scheme in motion which seeks to intentionally disrupt the economy on a global scale, perhaps in the play to introduce a new global currency. Or it could just be an honest coincidence, fueled by personal intrinsic preferences which seek to avoid individual responsibility and instead continue to live a life on credit; which has multiple nations facing the same indebted fate.
Canada itself has been following the same central banking path of failure that the U.S. has tried since 1913, and that is why there is currently an ongoing court case to see the Bank of Canada placed back into the hands of the Canadian people.
There are also movements in other areas, like Switzerland, that are seeking to end fractional reserve banking and address these seemingly corrupt issues that exist with the current framework. In 100 years since the inception of the Federal Reserve back in 1913, its monetary policies have already eroded over 90 per cent of the value of the U.S. dollar. It's not doing a very good job at protecting the value or purchasing power. It's no wonder why a growing number of people want to see this changed, but it's fair to say that we won't see any dramatic change coming any time soon. The most recent audit attempt of this central bank failed.
This current monetary system isn't going to last forever, as thousands of fiat currencies have failed throughout history. But current officials aren't showing any moves to make meaningful changes as of yet. Regardless, the fact remains that by its very design, the U.S. dollar will continue to lose value. And because of these realities, we can know that the U.S. will never be able to pay off its $19 trillion in debt. If the U.S. didn't persist on bombing various nations around the world, which it cannot afford to do, then perhaps they might not have to layer future generations with trillions in debt. But then again, as Ron Paul reminds us in his book End The Fed, there is no coincidence that the century of total war has coincided with the century of central banking.
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