Monday, October 20, 2008

PALACES, DEBT AND TAX

A palace.

If you travel around certain countries you will find lots of palatial houses.

Certain people have made lots of money from what appears to be various kinds of jiggery pokery.





But someone has to pay.

The ordinary citizen finds that taxes go up and prices go up and savings disappear.

And who is going to lend the money to governments that are heavily in debt?

The countries in the worst position are the USA and UK.



Are countries like China and Russia going to lend to this man?

Are countries like Norway and Ireland going to lend to this man? Will Scotland hand over its oil wealth?


At Axis of Logic, 15 October 2008, we read about the Biggest robbery of the public in world history. US bailout costs approach $5 TRILLION

A trillion is a thousand billions.

Pelosi's latest economic-stimulus package
$300 billion
Paulson's Bank Nationalization package
$250billion
Bailout to the American car companies
$25 billion
Nancy Pelosi's bailout of the state and local governments
$150 billion
Financial "bailout" bill
$700 billion+
Bear Stearns financing
$29 billion
Fannie Mae and Freddie Mac nationalization
$200 billion
AIG loan and nationalization
$85 billion (+ extra request of $35 billion)
Federal Housing Administration housing rescue bill
$300 billion
Mortgage community grants
$4 billion
JPMorgan Chase repayments
$87 billion
Loans to banks via Fed's Term Auction Facility
$200 billion+
Loans from Depression-era Exchange Stabilization Fund
$50 billion
Purchases of mortgage securities by Fannie/Freddie
$144 billion

Also, the U.S. government has said it will temporarily guarantee $1.5 trillion (£856 billion) in new senior debt issued by banks, as well as insure $500 billion (£285 billion) in deposits in non-interest accounts, mainly used by businesses.

These figures take the potential cost to approximately $4.559 trillion

or $43, 221 per household.

Should the multi-millionaires be paying much more in tax?

Should much less be spent on the incompetent military?

Photo by Sarvagnya

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