The Bailouts And The War Economy Bankrupt The United States (VIDEO)

The Bailouts And The War Economy Bankrupt The United States (VIDEO) | bailout-460x201 | Banks Economy Economy & Business Global Bankster Takeover Multimedia

During an interview conducted in September 2009 pertaining to the Bush and Obama bailouts and their impacts on the public debt, professor Michel Chossudovsky analized two of the most expensive practices used by the United States government to maintain its monopolistic position in the world.

According to Chossudovsky, the bailouts and defense expenditure “eat up” almost the totality of federal government revenue. This leaves near zero funds available to finance the rest of government obligations, which a reason why the US needs to continue printing fake money and growing its debt.

The recipients of the bailouts are the creditors of the State. In essence, the federal government is financing its own indebtedness through the bailouts. Tax revenues are channeled to the financial institutions and the war economy. All other categories of expenditure including health, education, economic and social infrastructure are financed by increases in the public debt. The September 2013 “shutdown” of the government is the direct consequence of a process of fiscal collapse initiated in the wake of the 2008 financial meltdown at the very outset of Obama’s first term.

In sum, the United States uses the fruit of the labor of its citizens to pay off an unpayable debt which in turn it uses to maintan its status as “The Empire”. As of  right now, the US Federal Government’s debt hovers around $59 trillion. That debt includesNational debt, which accounts for about $ 17 trillion; and Federal spending, which adds up to $17 trillion. The average portion of the US debt per citizen amounts to almost $55,000 and $148,000 per US taxpayer.

Watch Professor Chossudosky’s complete interview with the Corbett Report below.

Luis R. Miranda is the Founder and Editor of The Real Agenda. His 16 years of experience in Journalism include television, radio, print and Internet news. Luis obtained his Journalism degree from Universidad Latina de Costa Rica, where he graduated in Mass Media Communication in 1998. He also holds a Bachelor’s Degree in Broadcasting from Montclair State University in New Jersey. Among his most distinguished interviews are: Costa Rican President Jose Maria Figueres and James Hansen from NASA Space Goddard Institute. Read more about Luis.
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