Michael Snyder: Is there one thing that Tony Robbins, Ron Paul and Ben Bernanke can all agree on? Yes, there actually is. Recently they have all come forward with warnings that the national debt crisis could destroy America if something is not done. Unfortunately, our politicians continue to spend us into oblivion as if there will never be any consequences. When Barack Obama took office, the U.S. national debt was 10.6 trillion dollars. Today, it is 15.6 trillion dollars and it is rising at the rate of about 150 million dollars an hour. During the Obama administration so far, the U.S. government has accumulated more debt than it did from 1776 to 1995. The United States now has a debt to GDP ratio of over 100 percent, and another credit rating agency downgraded U.S. debt earlier this month. Any talk of a positive economic future is utter nonsense as long as we are bleeding red ink as a nation far faster than we ever have before. It is absolutely immoral to wreck the financial future of our children and our grandchildren and to leave them with a bill for the greatest mountain of debt in the history of the world, but that is exactly what we are doing. Unless our current debt-based financial system is thrown out, there are only two ways that this game is going to play out. One would involve absolutely bitter austerity and deflation unlike anything ever seen before, and the other would involve nightmarish hyperinflation. Either path would be hellish beyond what most Americans could possibly imagine.
Unfortunately, we are running out of time as a nation. You know that things are late in the game when the head of the Federal Reserve starts using apocalyptic language to talk about the national debt. The following is what Federal Reserve Chairman Ben Bernanke told Congress recently….
Having a large and increasing level of government debt relative to national income runs the risk of serious economic consequences. Over the longer term, the current trajectory of federal debt threatens to crowd out private capital formation and thus reduce productivity growth. To the extent that increasing debt is financed by borrowing from abroad, a growing share of our future income would be devoted to interest payments on foreign-held federal debt. High levels of debt also impair the ability of policymakers to respond effectively to future economic shocks and other adverse events.
Even the prospect of unsustainable deficits has costs, including an increased possibility of a sudden fiscal crisis. As we have seen in a number of countries recently, interest rates can soar quickly if investors lose confidence in the ability of a government to manage its fiscal policy. Although historical experience and economic theory do not indicate the exact threshold at which the perceived risks associated with the U.S. public debt would increase markedly, we can be sure that, without corrective action, our fiscal trajectory will move the nation ever closer to that point.
The sick thing about this is that the Federal Reserve system is actually designed to generate government debt. The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was created back in 1913. So it is kind of ironic that the head of the organization that was designed to perpetually generate U.S. government debt is now warning that there is too much of it.
But Ben Bernanke is far from alone in warning about the danger of our exploding national debt.
For example, world famous motivational speaker Tony Robbins is also warning that the national debt crisis could destroy our future.
These days, most people throw around the phrase “a trillion dollars” without ever really grasping what it means.
In the video posted below, Tony Robbins uses a fun illustration to help put in perspective how large a “trillion dollars” really is.
If you had a million seconds to do something, would you consider that to be a long time?
Well, it turns out that a million seconds is only about 12 days.
What about a billion seconds? Is that a long period of time? GET A FREE TREND ANALYSIS FOR ANY STOCK HERE!
Well, yes, a billion seconds is close to 32 years. So that is definitely a lot longer than a million seconds.
What about a trillion seconds?
How long do you think that is?
Well, a trillion seconds is about 31,688 years.
So when we talk about how the U.S. government is stealing more than a trillion dollars from future generations every single year, we are talking about an absolutely massive amount of money.