Scott Horton Interviews Thomas E. Woods

Scott Horton, February 04, 2011

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Thomas E. Woods, author of Rollback: Repealing Big Government Before the Coming Fiscal Collapse, discusses why the trillion dollar military budget is the most deserving candidate for federal spending cuts; why the military’s aging weapons and vehicles, and the shrunken Air Force and Navy, should make us wonder where all the money is going; how an increase in interest rates would end the charade that US debt levels are sustainable; and some creative ideas on reducing the rolls of social security.

MP3 here. (22:03)

Thomas E. Woods, Jr., is the New York Times bestselling author of Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. A senior fellow at the Ludwig von Mises Institute, Woods holds a bachelor’s degree in history from Harvard and his master’s, M.Phil., and Ph.D. from Columbia University.

4 Responses to “Thomas E. Woods”

  1. [...] This post was mentioned on Twitter by Ron Paul News and AngelaKeaton, Susan Westfall. Susan Westfall said: RT @RonPaulNews: Antiwar Radio: Thomas E. Woods http://bit.ly/eOwXPf @AntiwarScott [...]

  2. You asked, "How big is a trillion?" The British newspaper, The Guardian, had a half page article about this last year. The analogy that got me was, "How may years is a trillion seconds?" How many? Guess. I guessed, 400 years. Actually, it is over 31,689 years. If you pay a dollar per second, day and night, weekends, no holidays, a dollar per second, it would take over 30,000 years to pay it out. Jesus was walking around 2000 years ago. The last Ice Age was 10,000 years ago.

  3. If you want to control the entire planet, you'll need the appropriate military might. Once your economy can no longer afford the military might required to predate on the entire planet, your empire is ripe for extinction. This was true yesterday with the Dutch, the French, the German, the Ottoman, the Mongol, Spanish, the Portuguese, the Japanese, etc… empires.. That law is still valid today.

    With a GDP of $14 trillion and a debt of $14 trillion the empire is already bankrupt and those blind leaders cannot even see it!!

  4. You asked how much a trillion dollars is. I had the same question and this answer really helped me wrap my head around it.

    Start in the year 1 a.d. Spend one million dollars every day. Spend it, burn it, but do not save it and do not get a penny for interest off of it. If you spend one million dollars every day from then, it will take you roughly 720 years from today to spend one trillion dollars. (showing the math…. a trillion is one million millions. One million divided by 365 days equals roughly 2739 years)

    That helped me because I have some concept of how much a million dollars is. (More than I will ever see). And to think a trillion would be spending that much money every single day for 2739 years is utterly shocking to me.

    The examples of stacking up money and how far that goes or explaining it in terms of seconds is too confusing to me. This was the only example that ever really made sense to me.

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