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Ditto Hal's comment. You need to figure out how zeros are in a billion and a trillion (mostly the latter these days). But you point is well taken. When Reagan took office the US was the largest creditor nation, and the largest debtor when he left. Plus the national debt grows via compound interest because we borrow private banks and they control our currency. The Federal Reserve is not much more federal than the Federal Express. All those bills in your wallet have the Treasury Secretary' name on them, but are all "Federal Reserve Notes", created out of thin air and backed by zip. Their fake balance sheet is now about 10 trillion (10,000,000,000,000). Keep up the good work!

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Greg Daneke, Emeritus Prof.
Greg Daneke, Emeritus Prof.

Written by Greg Daneke, Emeritus Prof.

Top Economics Writer, Gov. service, corp consulting, & faculty posts (e.g., Mich., Stanford, British Columbia). Piles of scholarly pubs & occasional diatribes.

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