One of the few things more troubling for an economy than government intervention is government intervention driven by panic. Time and again, history has shown that when governments rush to engineer solutions to pressing problems, unintended difficulties arise. FULL ARTICLE
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6 comments ↓
I certainly expect a dollar panic of sorts – a collapsing of its value, and major problems for this society in the next few years. Peter Schiff had a great interview recently where he discusses a lot of this – definitely worth the watch:
http://www.youtube.com/watch?v=oSNzjVcbZO4
I think this sums it up pretty good:
“Instead of enacting policies that would restructure the U.S. economy, and restore productive, non-inflationary wealth creation, Congress is simply financing the old crumbling edifice.”
Allen, you’re right - that really does sum it up well. What we need is more savings and a reduction of debt. And all that Congress and the media talk about is more borrowing, more spending – and more inflation.
Excellent Article. But Mr. Brown needs to get caught up with the time. He quotes $50 Trillion as the long term liabilities of the United States. That figure stood at $53 Trillion in the U S Comptroller Generals Report of September 2007. With the liabilities growing at the rate of $6 Trillion a year under Bush, and this figure not including the Bailouts, my guess is that figure is over $70 Trillion by now.
And it may be like an avalanche, unstoppable and gathering steam. The damage done by the Bush Administration just might sink this country.
BTW, I read the Comptroller Generals report this past December to specifically see what that figure now stands at. Alas I found that since General Walker resigned in January 08, in disgust of the Bush Administration I might add, that figure no longer is included in that public report.
Shame on our elected leaders, shame on us for electing them.
Maybe Obama will restore accuracy and honesty to our Government ‘ but I doubt it.
Cliff, With all that’s on the way, and the massive bond bubble that’s ready to burst, an avalanche is really a great description. Who’s going to bail out the federal government? No one. I hope they go under!
Cliff – do you have a reference link for those numbers as far as liabilities go? How do you calculate that?
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