It is reported that the six largest banks have $13.392 trillion in assets, on which they are able to do 50 times that amount in loans, per Federal Reserve regulations, or $669.1 trillion. I can’t imagine that we have reached the point where our six biggest megabanks have that much in loans that we need to raise the debt ceiling.

JP Morgan & Co., $3.689 trillion; Bank of America, $2.969 trillion; Citi Corp., $2.314 trillion; Wells Fargo, $1.950 trillion; Goldman Sachs, $1.301 trillion; Morgan Stanley, $1.159 trillion.

When you take $13.382 trillion in assets and multiply 50 times that in loans, you get $669.1 trillion in loans. This is $6.69 million for each one of 100 million families when you divide $669 trillion by 100 million families. The average savings per family in the United States is miniscule compared to this figure. Do we have this much debt that we need to raise the debt ceiling? Who is going to pay for it? The 16th Amendment gave Congress the power to lay and collect income taxes for the payment of all bills. That makes us individually responsible for the debts incurred by this country.

Do the math. Something doesn’t make sense here! Who owns this debt? If you look at the U.S. Debt Clock, the interest on all the debt is larger than all the revenue coming into our government from taxes yearly.

To get a good idea on debt, we have the Senate and Congressional Budget Committees and the U.S. Debt Clock. They all do forecasts of future debt and record all current debts. There can be slight differences in these forecasts due to how they process the different variables they each consider, but for whichever reports you look at, the debt is unsustainable and ends up making the largest banks the owners of our country when you look at the assets of this country and the debt our megabanks can hold.

What will that make all of us? Debtors? Bond servants? Where do our freedoms go when there is no personal wealth left? In raising the debt ceiling we are allowing a few megabanks to increase their ownership of our country. Have they done anything to deserve our hard earned wealth?

We need to realize that raising the debt ceiling deprives you and me, the common man, of our wealth, and say “no way.”

BRAD LANE

Swanzey

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