Always remember: In derivatives for every dollar lost in one account a dollar is credited to another account. Here we are talking at the end of 2008 at least 15 to 20 trillion dollars was sucked out from one side (the private sector) into the other.
Yes, government took a loss on their physical equities holdings but then the derivative market was expanded to 600 trillion dollars come 2008 and with derivatives with every loss on one side a credit is made to the other side of the transaction. Government off-shore management funds and a few domestic operations were primarily that "other" side for the credit. The public was the big looser.
What is being promoted since the 2008 turmoil is the loss side with not a peep, total vacuum, and intentional void maintained on the other side of the take. And gee, the public thinks they are printing all that money as new money. My position is they are spending primarily old money recently liberated from all the rest of us as government covertly consolidates take-over and control.
And, in line with the last 30 years, government promotes debt at the front door and funds it through the back door with and using their own investment funds locking the public into repayment whereby guaranteeing themselves a non-tax income return on their investments with the lion's share manage primarily off-shore now. All government need do is create a situation to further justify greater debt to the people and thus a larger power base through debt based investments is created or expanded on for themselves..
Government's income from investment return is now substantially greater than all taxation collected with much of that return coming in from debt instruments secured by government through investment.. Get it? And just like the organized crime boys of the 30's, 40's, and 50's those massive government funds are hiding a good chunk of their wealth off-shore out of sight and out of mind to the public at large..
Auditing the 136,000 Local Government CAFRs (Comprehensive Annual Financial Reports) of AFR (Annual Financial Report)for collective totals would be a good place to start.
To view and download some CAFRs - http://cafr1.com/STATES/