The Liberty Voice Transcript Service
The US National Debt is 9.6 trillion dollars. The US Population equals 304 million people. Each citizen’s share of the national debt is $31,641. The interest on the national debt is $430 billion (about $1400 for every man woman and child.) True indebtedness of US government adding unfunded obligations into the future — approaches $50 trillion.
This is what we are leaving for our children, our grandchildren. No nation in the history of mankind has ever been as heavily in debt as ours, and our leaders have numerous foreign aid programs where they give away money.
And of course there is a woeful lack of understanding. There are people today who say, “We need the Fed because someone has to manage the currency.” Ladies and Gentlemen, that is one of the greatest fallacies of all. If the currency is a commodity like gold or silver, it does not have to be managed. The free marketplace will manage it. Money should be a commodity — valuable to all people, and there’s no management needed. People say to me, if you get rid of the Fed what are you going to replace it with? I say, if you’ve got cancer do you wanna replace it with pneumonia and two broken legs? No you don’t.