$99 Trillion: should be the biggest campaign issue of 2008

Reason #1 for a Christian or a person who agrees with Christian moral convictions not to support either Obama or McCain? It would be immoral to perpetuate the American imperial system and an economic system based on theft. Murder and theft are wrong.

Reason #2, for those who believe that the American imperium is benevolent and an unqualified blessing to the world, is even more compelling. These 2 parties are bankrupting America. Neither McCain nor Obama will address this. Darryl Schoon points out:

In 2006, in an article published by the St Louis Federal Reserve Bank, Professor Laurence Kotlikoff stated the US was “technically bankrupt” as there was no way the US could pay the $65.9 trillion it owed.

Evidently, Professor Kotlikoff was conservative in his estimate or we’re going downhill faster than he knew. Just three months ago, on May 28, 2008 Richard W. Fisher, President and CEO of the Dallas Federal Reserve Bank estimated the obligations of the US to be actually $99.2 trillion, 50 % higher than Kotlikoff’s figures.

Fisher stated: In the distance, I see a frightful storm brewing in the form of untethered government debt . I choose the words—“frightful storm”—deliberately to avoid hyperbole. Unless we take steps to deal with it, the long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle and the recent debauching of credit markets that we are now working so hard to correct. [...]

But in his speech Fisher said nothing about the role the Federal Reserve has played in America ’s fatal dance with debt, warning instead about the increasing costs of entitlements such as Social Security and Medicare.

Fisher is part of a larger effort to now blame America ’s entitlements as the primary cause of our problems, assiduously avoiding the role his own Federal Reserve Bank has played in sinking our once wealthy nation into perpetual indebtedness.

In truth, the entitlement program that poses the greatest threat to America is—and always has been—the Federal Reserve System. Without the Federal Reserve’s credit-based money whose compounding interest (paid to the bankers) is obliged to be paid for by a possibly unconstitutional US income tax [note: the Federal Reserve Act and Federal Income Tax were both instituted the same year in 1913], the US would not be indebted and bankrupt as it is now. [...]