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A Nation Gone Bust - Just What Is Its Future And How Must That Affect You?
It seems like a strange irony. It's the most powerful country the world has ever seen - militarily, at least. Yet its weakness financially is turning up in all kinds of places. Stubbornly high unemployment. Zombie banks. A wobbly stock market. Terrible foreclosure statistics. And debt - both public and private - out the wazoo, in figures we can't even apprehend. Can the two exist together? A powerful military coupled with a deteriorating economy? Probably not. Actually the question could be posed, why hasn't the whole thing collapsed already?
Yes, the U. S. government is bankrupt. There is no way it might fulfill its promises to future generations of Americans pertaining to health care and old-age retirement benefits, let alone maintain its military presence around the world. And I've not yet mentioned the cost of servicing the national debt - let alone paying some of it back which is not even on the radar screen. When I said the government cannot do it, I meant that. Not even with raising taxes.
It truly is bankrupt and it sustains itself through its power (until now) to borrow from foreign governments as well as to create money out of nothing in order to make payments on its obligations. When the first has gone, the second will go, as they say, "to the moon." The consequences associated with practically limitless money printing by the Federal Reserve to meet the financing needs of the central government is going to be devastating. Plan for it as if your future will depend on it, because it really does.
If you are planning your retirement based on the assumption that you'll receive the same government benefits in your old age that your mother and father did, you're in for one horrible disappointment. For you, and millions like you, retirement will be repealed.
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