Niall Ferguson: Empires On The Edge Of Chaos
Question: What creates debt?
What does a person or organization pay on money that has been borrowed from someone else?
In the past when our government needed money, they took out loans from other governments to help them pay for wars, but there was a limit to the amounts they could borrow and spend.
Then along came The Federal Reserve Mafia System that created a National Credit Card for our wayward Congress. Would you like to see the INTEREST ON THE FEDERAL DEBT because of the linked banking cartel and congressional traitors who use the IRS as their mafia enforcers?
Time to catch up on the simple facts:
- A central bank allows the government to run on a credit card.
- The legislative branch continues to raise the ‘debt ceiling’ on that credit card.
- The estimated interest on our debt for 2010 was $396 Billion.
- Empires collapse when servicing the debt eats up all government tax revenues.
- Guess how close we are right now?
Professor Niall Ferguson, 9.18.2010, Empires On The Edge of Chaos, speaking about the history of empires that collapsed when their interest payments exceeded their revenues. The entire speech follows.
‘Implications For The US’:
The entire lecture: