I read a very interesting article today (thanks to my husband who sends me these links) and I wanted to share a passage from it that I found very refreshing. The article is about protests in Madison, WI recently because a bill was submitted to have public employees contribute 5.8% to their pension plans and 12.6% to their health care. The public is outraged! How could the government ask public employees to be more fiscally responsible by actually making them help pay for their benefits just like everyone else does?! ... the main point of the article is actually in the following quotation about the world debt.
"Indeed, the entire GDP [Gross Domestic Product] of every single country in the world only amounts to around $60 trillion. How can we ever hope to pay off $1,400 trillion dollars?
We can’t and we won’t. The only way that this $1.4 Quadrillion mountain of debt will disappear is a total and complete collapse of the global economy and its replacement with a new financial system.
Whether that also simultaneously brings down the US dollar and the United States itself as a first world country remains to be seen, but anyone who believes that a few years of austerity can redress the balance is living in cloud cuckoo land."
I guess this goes along well with my previous post about whether or not we are prepared for chaos.
Click here to read the whole article.