Do you mean to say '1913'? This is when the Federal Reserve Act was enacted.
Never the less, there's many different ways I can say this. The best way is showing why politicians act as they do with their astounding absurdity.
Let's look at compound interest and its astounding absurdity.
I'll use year a calculation from the year 2022 I did.
If one penny had been borrowed at 6 percent compound interest in the year Jesus of Nazareth was born and no payments were made, how much would be owed today in year 2022?
The formula for annual compound interest is: FV = PV(1 + i)ⁿ where PV is the present value $0.01, i is the interest of 6% and n is the number of years- 2022. FV is the future value of the debt owed in the year 2022.
We substitute the amounts in the equation thus:
(.01) x (1.06)²⁰⁰² = 1.06 x 10²⁰²⁰ dollars (1.06 followed by 2020 zeroes)
Let's determine how much money this is?
If we think of it in terms of gold, divide the amount by the current price of gold ($1838.70/oz) we get:
1.47 x 10⁴⁹ troy ounces of gold ([1.473871311] followed by followed by 49 zeroes)
How much gold is that?
There are 14.6 troy ounces in a pound and 1,205.6 pounds in a cubic foot of gold, we get:
1.22 x 10⁴⁶ cubic feet of gold ([1.222520995] followed by 46 zeroes)
To imagine that much gold, we need to think in terms of astronomy. The sun has a diameter of 865,000 miles. Its volume is 3.388807852×10¹⁷ cubic miles or 2.302307922×10⁶ cubic feet. Dividing into the above figure gives us:
5.31 x 10³⁹ solid gold suns ([5.309980404] followed by 39 zeroes)
If we assume that an average galaxy like the Milky Way contains one billion stars like the sun, we get:
5.31 x 10³⁰ galaxies of a billion solid gold suns!!! ([5.309980404] followed by 30 zeroes)
All this from a single penny borrowed in the time of Christ.
Now you know why compound interest as the most astounding thing in the universe. Can you now see how the world's debt has become a mere 250 trillion dollars? And why politicians act astoundingly absurd?
Do you mean to say '1913'? This is when the Federal Reserve Act was enacted.
Never the less, there's many different ways I can say this. The best way is showing why politicians act as they do with their astounding absurdity.
Let's look at compound interest and its astounding absurdity.
I'll use year a calculation from the year 2022 I did.
If one penny had been borrowed at 6 percent compound interest in the year Jesus of Nazareth was born and no payments were made, how much would be owed today in year 2022?
The formula for annual compound interest is: FV = PV(1 + i)^n where PV is the present value $0.01, i is the interest of 6% and n is the number of years- 2022. FV is the future value of the debt owed in the year 2022.
We substitute the amounts in the equation thus:
(.01) x (1.06)^2022 = 1.06 x 10^2020 dollars (1.06 followed by 2020 zeroes)
Let's determine how much money this is?
If we think of it in terms of gold, divide the amount by the current price of gold ($1838.70/oz) we get:
1.47 x 10^49 troy ounces of gold [1.473871311]
How much gold is that?
There are 14.6 troy ounces in a pound and 1,205.6 pounds in a cubic foot of gold, we get:
1.22 x 10^46 cubic feet of gold [1.222520995]
To imagine that much gold, we need to think in terms of astronomy. The sun has a diameter of 865,000 miles. Its volume is 3.388807852×10¹⁷ cubic miles or 2.302307922×10⁶ cubic feet. Dividing into the above figure gives us:
5.31 x 10^39 solid gold suns [5.309980404]
If we assume that an average galaxy like the Milky Way contains one billion stars like the sun, we get:
5.31 x 10^30 galaxies of a billion solid gold suns!!! [5.309980404]
All this from a single penny borrowed in the time of Christ.
Now you know why compound interest as the most astounding thing in the universe. Can you now see how the world's debt has become a mere 250 trillion dollars? And why politicians act astoundingly absurd?