Red Means Run Son, Numbers add up to Nothin' - 04/13/15
The United States of America is hemorrhaging red ink & there's no sanctuary.
So what happens when our financial system does collapse? What happens when we can't pay interest on money we owe? What happens when other countries do not want to buy US bonds? What happens when no one wants anything that's denominated in US dollars?
If our budget deficit is really 5 trillion & not 500 billion, we're headin' southbound on an outbound train.
Americans are the most propagandized people on Earth.
Kotlikoff contends, “If you take all the expenditures that the government is expected to make, as projected by the Congressional Budget Office (CBO), all the spending on defense, repairing the roads, paying for the Supreme Court Justices’ salaries, Social Security, Medicare, Medicaid, welfare, everything and take all those expenditures into the future . . . and compare that to all the taxes that are projected to come in, and the difference is $210 trillion. That’s the fiscal gap. That’s our true debt.”
Professor Kotlikoff goes on to say, “It will collapse. It is just a matter of when. I can’t say when, but all I can say it’s going to be too late. . . . We are seeing signs of this in the economy, but we are not picking it up that clearly. The macro economy is not doing all that well.” Kotlikoff goes on to say, “I think our financial system is really built to fail because it combines two things which really haven’t been addressed. . . . It combines leverage, borrowing by the financial middlemen and then investing in things that they don’t tell you they are investing in. So, there is opacity and leverage. These are the two major problems for the banking system. What we need to do is get rid of the leverage and get rid of the opacity. We need full disclosure of the investments of our financial institutions.”
BTW, why do neocons always give in when it comes to raising the debt ceiling and bailing out their homeboys with taxpayers' money? Never forget that it was neocon 43's, er, I mean Bush 43's treasury secretary, Hank Paulson, who threatened us with martial law if we didn't pass Bush Homeboys Bailout Bill, better known as TARP.
So what happens when our financial system does collapse? What happens when we can't pay interest on money we owe? What happens when other countries do not want to buy US bonds? What happens when no one wants anything that's denominated in US dollars?
If our budget deficit is really 5 trillion & not 500 billion, we're headin' southbound on an outbound train.
Americans are the most propagandized people on Earth.
Kotlikoff contends, “If you take all the expenditures that the government is expected to make, as projected by the Congressional Budget Office (CBO), all the spending on defense, repairing the roads, paying for the Supreme Court Justices’ salaries, Social Security, Medicare, Medicaid, welfare, everything and take all those expenditures into the future . . . and compare that to all the taxes that are projected to come in, and the difference is $210 trillion. That’s the fiscal gap. That’s our true debt.”
Professor Kotlikoff goes on to say, “It will collapse. It is just a matter of when. I can’t say when, but all I can say it’s going to be too late. . . . We are seeing signs of this in the economy, but we are not picking it up that clearly. The macro economy is not doing all that well.” Kotlikoff goes on to say, “I think our financial system is really built to fail because it combines two things which really haven’t been addressed. . . . It combines leverage, borrowing by the financial middlemen and then investing in things that they don’t tell you they are investing in. So, there is opacity and leverage. These are the two major problems for the banking system. What we need to do is get rid of the leverage and get rid of the opacity. We need full disclosure of the investments of our financial institutions.”
BTW, why do neocons always give in when it comes to raising the debt ceiling and bailing out their homeboys with taxpayers' money? Never forget that it was neocon 43's, er, I mean Bush 43's treasury secretary, Hank Paulson, who threatened us with martial law if we didn't pass Bush Homeboys Bailout Bill, better known as TARP.