Sunday, July 16, 2006


US 'could be going bankrupt'

No it isn't.

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.


According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The US is going bankrupt in the same way that I am living in indentured servitude because I promised my wife the moon when we were courting. In other words, it is a promise that no one believes. If anyone tells me they are counting on Social Security to survive I will call them a liar. And if they do say that they better be in favor of open borders.

There are other potentially disasterous financial calamities on the horizon but a failure to meet promised grayfare S.S. payments is not one of them.


<< Home

This page is powered by Blogger. Isn't yours?