The problem is the banks. Specifically, the bail-outs, the fractional banking system lending uncovered money at a rate of 1 in to 10 out, and fiat uncovered currency. The government should print its own money.
Further, the debt itself can be traded. Negative numbers themselves are real numbers. So, if I owe you 10pounds, and you owe me 5, the net I have to pay you is only 5 pounds. The larger the pool of countries the easier it is to trade debt, and path the difference after a re-structure. Also, it was corporate tax that was at 90% not personal tax. Finally, the corporations subtract all their expenses before taxes, something the individual can not do. The tax system must be reformed.
On Tuesday, February 14, former Congressman Joe DioGuardi spoke with
students at the Wharton School of Business. DioGuardi discussed the
impending fiscal crisis that is caused by a mounting national debt and a
faulty accounting system for the federal government, and which has been
muddled by the practices of the Federal Reserve. Joseph J. DioGuardi is
a former U.S. Congressman and author of the book Unaccountable
Congress: It Doesn't Add Up
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