The Biggest Racket the World has Ever Seen

(This article revised)

So many thought Enron was a racket.
Not even in the same league...

The United States is the world's most privileged
nation for having the monopoly privilege of
printing the world's reserve currency at will and
at a cost of nothing but the paper and ink it is
printed on. Moreover, by doing so, Uncle Sam can
export abroad the inflation he generates by the
extra dollars he prints, of which there are
already at least three times as many floating
around the world as at Uncle Sam's home.
Additionally, his is also the only country whose
"foreign" debt is mostly denominated in his own
world-currency dollars that he can print at will;
while most foreigners' debt is also denominated
in the same dollar, but they have to buy it from
Uncle Sam with their own currency and real goods.
So he simply pays the Chinese and others in
essence with these dollars that already to begin
with have no real worth beyond their paper and
ink. So especially poor China gives away for
nothing at all to rich Uncle Sam hundreds of
billions of dollars' worth of real goods produced
at home and consumed by Uncle Sam. Then China
turns around and trades these same paper dollar
bills in for more of Uncle Sam's paper called
Treasury Certificate bonds, which are even more
worthless, except that they pay a percent of
interest. For as we already noted, they will
never be able to be cashed in and redeemed in
full or even in part, and anyway have the lost
much of their value to Uncle Sam already.

The article goes on to state that Uncle's debt
is $7.5 trillion. Depends on whose numbers you
look at. I doubt anyone really knows what it is.

His analysis of the GDP also shows it's a worthless
calculation.

The whole excellent analysis.