All Americans need to read this and recognize the truth is in the facts...
US Debts - The Years 2000 To 2003:
US household debt climbed at twice the pace of household incomes from the
beginning of 2000 through 2003, according to data from the Federal Reserve.
Enticed by low interest rates, Americans took on $US 2.3 TRILLION in brand new
mortgage debt during that period. That is an increase in US mortgage debt of a
huge 50 percent over those three years. Is there still anybody left wondering
why US real estate prices and valuations have gone up correspondingly? US
consumer credit - from zero-interest auto loans to the much more expensive debt
on credit cards - climbed 33 percent, increasing to $US 2 TRILLION in 2003 from
$US 1.5 TRILLION back in 2000. What you see here is the true nature of a credit
expansion.
Since 1993/94 (1994 was the year when the Fed doubled its official rates), US
M3 has grown 114% from $US 4.2 TRILLION to over $US 9.0 TRILLION. That's
roughly 11.4% per year. US consumer debt (mortgages and consumer credit) has
grown even more. It is up from $US 4.2 TRILLION at the end of 1993 to over $US
9.4 TRILLION at the end of 2003. That's up 123% or roughly 12.3% per year. US
business debt is up only 100%, growing from $US 3.7 TRILLION to $US 7.4
TRILLION in the same period. Please take very great care here, all of the above
is just US private economy debts.
None of the above deals with the enormous increases in US federal debts, US
state debts (see California), or council or local district debts.
Once again it seems any communication from our fearless leaders is designed to
prevent us thinking about the real state of the nation.
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