Sunday, November 27, 2011

The Threat of a Global Financial Collapse

America is presently $15 trillion in debt and it grows daily.

- Alan Caruba  Sunday, November 27, 2011

imageAt present, the amount of the annual Gross Domestic Product, $14 trillion—the value of all the goods and services that generate income—is exceeded by the nation’s debts.
America is presently $15 trillion in debt and it grows daily.
In a November 21 Wall Street Journal interview, Erskine Bowles of the presidential advisory commission on the nation’s debt, said “If you take 100% of the revenue that came into the country last year, every single dime of it was consumed by our mandatory spending and interest on the debt.”
“Mandatory spending in English is basically the entitlement programs, Medicare, Medicaid and Social Security. That means that every single dollar we spent last year on national defense, homeland security, education, infrastructure, high-value added research—every single dollar was borrowed, and half of it was borrowed from foreign country.”
“That’s a formula for failure in anybody’s book.”
In truth, we are looking at a coming global financial collapse


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