If the US government’s debt is not as dire as SLL and other critics assert, then what do those who downplay the debt think would happen if the government defaulted? From Simon Black at internationalman.com:
Thousands of years ago, as far back as 3000 BC, the ancient Egyptians had developed a highly advanced system of writing using hieroglyphic symbols.
The used hieroglyphs for numbers as well.
A single line, for example, represented the number 1. Two strokes represented 2. Nine strokes for the number 9.
Since the Egyptians had not yet invented the “zero” in 3000 BC, representing the number 10 required a new symbol– a sort of upside down horseshoe.
So the number 99, for example, required eighteen different symbols: nine upside down horseshoes for the number 90, and another nine strokes for the number 9.
There was another symbol for 100, another for 1,000, and so forth.
The largest number in ancient Egypt was 1 million. As historian Will Durant wrote,
“The sign for 1,000,000 was a picture of a man striking his hands above his head, as if to express amazement that such a number should exist.”
Today the national debt in the Land of the Free is just shy of $20 trillion.
It makes me wonder what symbol the ancient Egyptians would have used to represent such an absurd figure. Hope and change?
Even the concept of trillion is difficult for our minds to fully grasp as there is very little within our physical human experience which relates to it.
“Trillion” almost seems like a fantasy… a made-up number like “a bajillion” or “zillion”.
And yet, the debt is very real.
Of course, we’re told that the debt isn’t important.
Modern “experts” who win our society’s most esteemed prizes for intellectual achievement tells us that the debt doesn’t matter “because we owe it to ourselves.”
This is pitiful logic.
It’s true that “only” $6 trillion– 30% of US debt is owned by foreigners.
The rest is owned primarily by the Federal Reserve, Social Security trust funds, US banks, large US companies, and the federal government itself.
But I fail to see how this is relevant. A debt owed is a debt owed.
To continue reading: What’s Next With America’s Enormous $20 Trillion Debt?