The Economic Terror of 9/11 and What Really Happened
By: Jeff Berwick
Sep 11, 2011
Last month we marked the 40th anniversary of the Federal Reserve Note being a completely unbacked fiat currency. This month marks another major event in the demise of the US dollar, September the 11th.
While we’ve been on a one way road to monetary ruin since at least 1913 the response to the events of September 11, 2001 have greatly accelerated the process.
On September 11, 2001, the total US Federal Government debt was $5,773,172,068,291.89 ($5.77 trillion). Today, on September 11, 2011, the total debt is $14,685,550,385,913.19 ($14.68 trillion). A 154% increase in total treasury debt in only the span of a decade.
If you believe in the Keynesian economics fallacy that government debt, disasters and destruction are good for the economy, September 11th came at a good time. The Dow Jones Industrial had been falling dramatically from its peak on January 14, 2000 of 11,722.98 to 9,605.51 on September 10th – down 2,117 from the 2000 high.
The NYSE re-opened on September 17th, 2001, and closed down 684.41 to 8920.70.
The events of September 11th included the destruction or loss of four aircraft ($385 million) and three buildings (WTC 1, 2 and 7) ($4.5 billion) – and damage to a government building – the Pentagon ($1 billion). Clearly there were other costs but these are the main damage costs. A total of about $6 billion (at today’s current deficit levels, this $6 billion is borrowed by the US Government every two days).