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View Diary: America is not Broke! (12 comments)

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  •  The correct answer is... (0+ / 0-)

    More than $100 Trillion.
    CAFR expert Walter Burien estimates $110 trillion in the 184,000 CAFRs nationwide alone.  Let's say it is half that - $55 Trillion, though I was personally able to find half a trillion just in half a doze NY pension and other agency funds in just a couple of days work.
    Now, Mason Gaffney, whose article is linked in my post, comes up with over 1/3 of annual GDP in Rent of some kind, that is currently going to private hands and could go to public hand.  Even ignoring the stimulative effects this kind of redirection would have on the real economy by removing the profit from the idle rentier class, that is 1/3 of $15 trillion, or another $5 trillion, per year.
    Then there is Greenbacking.  Assuming we don't over-inflate beyond what the productive class can produce, say, another $2 trillion/year injected into the economy.
    Then there are the offshore accounts waiting to be repatriated - up to $32 trillion worldwide, so say at least $5 trillion from American billionaires.
    State Banking in all 50 states would save on interest costs to the banks, re-channel investment into actual goods and services instead, and put people to work.  How much is that worth per year?  Another $3 trillion?
    So that adds up to about $70 trillion.  But that doesn't count increased competitiveness as work begins to be re-rewarded instead of speculation and hoarding and monopoly (all taxed away under a proper resource (or Land)  Value Tax).  It doesn't count the positive returns on ending most poverty by providing a citizen's dividend from the ample reserves already in government "investments" (who told them to be our investment managers, anyway?!).  It doesn't count the seigniorage gain from direct money creation by government instead of borrowing our own currency.  It doesn't count things like a stable Social Security system, an end to taking resources by force from other countries as we finally put the human resources into solving our energy needs domestically with our renewed brains and labor.
    Most of all, it doesn't count the year-after-year savings.  I didn't really specify a timeframe in my poll.  So, yes, eventually we could realize over $100 Trillion.

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