From the earth to the moon Twice around the earth on my taxpayer credit card [corrected]

Mrs. R. made the very same comment that Echidne of the Snakes did regarding John McCain's prescription of how to fix the US health care system:

Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation. (Quoted by Paul Krugman, New York Times, from McCain's article Better Health Care at Lower Cost for Every American, just published. Bad timing?)

Oh good, Mrs. R. said. Now we'll finally get socialized medicine.

I guess she can be excused. She's still giddy from learning she owns one of the largest insurance companies in the world. With the new found money from that purchase, she (or in this case agents acting on her behalf) are going on a buying spree. The credit limit on her taxpayer ID card has just been raised to $700 billion.

Mrs. R. isn't used to thinking in numbers like that (our previous credit card limits were only a fraction of that -- like one ten millionth), so she wanted me to help her understand how big that number really was. "Suppose," said I, "you wanted to stack up $100 dollar bills. If you had 7 billion of them, and each bill was somewhere around 0.1 mm thick and you could compress the stack so there was no space between the bills, it would extend upward about 70 million meters, or 44,000 miles. Of course that's in $100 bills. Since the distance from the earth to the moon is about 240,000 miles, by going to the bank (if there are any left), you could change your $100 bills for $20 bills and just about make it all the way to the moon."

"That's awesome," Mrs. R. said, Then she paused, "I guess being super rich is scarier than I though. Because I'm scared to death."

"So am I, sweetheart. So am I."

Correction: In the comments, anon has pointed out that my 44,000 mile figure is correct but for $1 bills. That means that you could only get part way to the moon by climbing up a pile of dollar bills. So that's a pretty big mistake on my part. On the other hand, a stack of bills 44,000 miles high isn't exactly green cheese, either. Still, Mrs. R. is laughing at me. As she should.

The circumference of the earth is about 24,000 miles. Therefore you can almost go around the earth twice in $1 bills. So I've corrected the title, too.

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huh ? calculate again.
I get "only" 700km with $100 bills.

daedalus: It was 7 billion $100 bills, 700 billion $1 bills (see correction).

I was watching TV (sort of) tonight and had the sound turned down. A McCain commercial came on that seemed to blame Obama for the current fiscal mess. Got me to wonderin' Wasn't it McCain's #1 economics advisor, Phil Grahamm who led the fight to deregulate the financial industry? If there's any single person responsible for this mess, isn't it him? And He's McCain's advisor on all things financial?Since I had the sound turned down, I probably missed the point of the ad, and this post is entirely misdirected... Right!

I just don't get why they don't pay it all off with a withdrawal from Fort Knox! Isn't that what 'savings' are for -- to tide us over through the tough times?

"only" $150B at Fort Knox just enough to go from USA
to...with your pile of 1$-notes

...so Fort Knox has just enough gold to pay back 1-2% of
the US-debt, which is $10T.
Try to explain that to Mrs.R and you can switch back to the
original subject line

Thats under the current valuation Anon.....

If it were valued at current valuations, we would have canceled the national debt and still have a load left over. Gold prices would plunge though immediately thereafter. Valuation is one thing, putting it out into the market is another. We could revaluate it, but if we wanted to pay off our debts we would likely do another Bretton Woods

http://www.globalpolicy.org/socecon/bwi-wto/2001/braithwa.htm

note the date on this next one.... Prophesy?

http://www.larouchepub.com/hzl/2008/3528g8_fails_again.html

By M.Randolph Kruger (not verified) on 23 Sep 2008 #permalink

One astute foreign banking expert wondered why the STOCKHOLDERS are not the first line of refinance, you know the people who invested in those investment banks and made tons of cash before it came screaming to a halt? They should be the first batch of suckers who pay back what they got out of their "investment". The tax payer should be the LAST.

I'm not sure, whether I understand.
Are you saying that USA owns more than $10T in gold (actual price) ??