for The Q Wealth Report
I’m pretty attuned to financial and economic news, being a writer on offshore banking and asset protection matters. I’m well aware of the declining dollar. So I’m probably not as easy as most people to shock. But something showed up in my inbox today that really made my jaw drop. Today I received a guest article from Olivier Garret of The Casey Report, that he sent over to be posted on my offshore banking blog. It showed some startling statistics, based on a new report out from the National Bureau of Economic Research.
The 2008 Bailout has cost the US government so far $8.5 trillion. At the rate we are going, says Olivier, this will be in double digits – double digits in trillions that is – before the end of this year.
Of course, figures like this are way beyond most people’s comprehension… which is no doubt the reason the US government got away with this in the first place. So, it might be interesting to put this in context. That is where my jaw really dropped, when I read the said article.
If we add up in today’s inflation adjusted dollars, the total cumulative cost of all of the major wars and government initiatives since the American Revolution, they come to $8.1 billion. That’s right, less than the total cost of this year’s bailout.
We are talking here about (in descending order of cost):
- The Second World War
- The all-time budget of NASA
- The Vietnam War
- The Iraq War
- The New Deal
- The Korean War
- The Korean War
- The First World War
- The Savings and Loan Crisis
- The Marshall Plan
- The Gulf War
- The US Civil War
- The American Revolution
- The War of 1812
- The Louisiana Purchase
Yes that’s right folks, you add together the cost of everything on the above list and the total is still less than the money the US government has spent on this year’s bailout.
Wow, is all I can say. I knew things were pretty bad, but doesn’t that just put it in context? (As an aside, it’s interesting too to see how much the Iraq war is costing in comparison to other wars) If you want to read this all in more depth, take a look at the original article at the link above.
If this doesn’t make you feel any too comfortable about your investments in US dollars, I’m not surprised. If this doesn’t demonstrate we are in for very hard times ahead, then what does? The time for preparation is now. It’s time to build security and wealth offshore for your family, and for many the time has come to ditch the US, the UK and other economies that are so dependent on the current financial system… instead, it’s time to do something new, something that really creates value, something that will not just protect you but will make you prosper in the coming years, living the international lifestyle of your dreams.
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