Monday, August 29, 2011

Collateral Damage or What is the collateral for U.S. loans?

When I buy somethng on credit, I have to put up something for collateral.  This is the way the business world works.  Several years ago I could go to my bank and ask for a loan and I could get it on my word alone.  Oner day this all changed, I asked my banker for a small loan and he gave me an application to fill out.  I reminded him I had done busines for years without an application.  Times have changed, very few can borrow without some kind of collateral.

I began to wonder, with over 10 trillion dollars borrowed from other countries and world banks, what does our government use as collateral.  I searche the net and found several answers.  Most seem to think that we borrow with just our promise to pay.  I think this is naieve.

We are over $10 trillion dollars in debt and we think we can borrow on our word.  This is almost more than we can pay now.  I wonder how hard my banker would laugh if I would ask to borrow on my word if I owed him more that a million dollars.  He would think I was absurd.  There has to be something he could reposess to recover his money.  These countries and world bank are no different.  Want to know what we put up for collateral?  Just read the article below.  You won't have to read far to understand the situation our country is in!  Just click on the link.
If you read the article, remember this is a US Senator.  Not someone who does not know what is going on.  He is not naieve!  Contact your U.S. Senators and Representatives and let them know how you feel about this.  Remind the represerntative that the word "representative" means they are to represent you and the people, not their own interest!!

Our American soil is at stake.  If our creditors were to call in our note, they would own a portion of our nation larger than the state of Texas.  How freightening!!

It's time to take our nation back!!!!!!!

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