In his Oct. 23 editorial in the Laurinburg Exchange, 8th District Rep. Richard Hudson discussed wasteful government spending, reckless and unsustainable spending habits, the debt ceiling, and borrowing from foreign governments.
He wrote: “Our federal government is saddled under an enormous $17 trillion debt.” I often wonder, why does our nation operate on credit; how long has this gone on; and why was it necessary in the first place - if it was?
Personally, I occasionally borrow from or loan to friends, with no legal contract or collateral required. If necessary, I can borrow up to $2,000 from my bank, and $500 from a local lending agency without collateral, but our home and the vehicle we have not finished paying for are the collateral on our mortgage and auto loan.
How does our nation borrow $17 trillion without collateral? Individuals, finance agencies or nations, who loans $17 trillion without substantial collateral? If our national government should default, what would be repossessed?
Above all, why did our great nation start borrowing money to operate in the first place? Observing special interest manipulation of our government for so many years, I suspect lobbyists of the U.S. finance industry persuaded legislators to vote for borrowing unneeded money just to increase their corporations’ profitability. I wonder if members of our legislature at that time were owners of, or stockholders in the lending agencies they voted to borrow money from, thereby collecting the interest themselves.
Most of all, I wonder if our government borrows money from China and/or other nations, or from U.S. lending institutions operating in other nations to avoid U.S. regulation and taxation, while profiting from interest collected from the very nation they avoid regulation and taxation in.
Consider me a conspiracy theorist if you will, but does our government borrow from foreign governments, or U.S. lenders operating in foreign countries, who know their stranglehold on our political system will never allow them to lose one penny in principal or interest? Furthermore, is their exploitative system so brilliantly ingrained, that politicians unknowingly vote to borrow without realizing from whom they are really borrowing?
After all, who loans $17 trillion without either collateral, or a political advantage that prevents any possibility of financial loss?
Thank you for allowing me to ask,
Robert C. Currie Jr.