Wednesday, August 27, 2008

Look Out Below

The United States of America is the Next Argentina

"I have a bad feeling about what's about to happen. The Great Depression is the closest that comes to mind. I, like most, was not alive during the 1930s when it happened. Nonetheless, what once was feared in private is now being discussed in public. It's going to be bad. It's going to make high school seem like fun. (...)

In 2006, in an article published by the St Louis Federal Reserve Bank, Professor Laurence Kotlikoff stated the US was “technically bankrupt” as there was no way the US could pay the $65.9 trillion it owed.
Evidently, Professor Kotlikoff was conservative in his estimate or we're going downhill faster than he knew. Just three months ago, on May 28, 2008 Richard W. Fisher, President and CEO of the Dallas Federal Reserve Bank estimated the obligations of the US to be actually $99.2 trillion, 50 % higher than Kotlikoff's figures."


Blogger Strayer said...

There are a lot of banks on the watch list now. But, I read if more banks go under, the feds might have to borrow money to pay off the lost federally insured funds people with accounts would lose. They say not to worry about your money in the bank, because it's insured to a hundred grand. Insured by the feds who are broke. That's not reassuring.

27/8/08 9:33 PM  
Blogger nolocontendere said...

Fannie and Freddie will alone cost between 5 and 6 trillion and hundreds of banks are in trouble. The country is bankrupt and the best thing for people to do is get their money out pronto.
I think everything is an attempt to fool the american people until they can pull off another sham election, and then all hell will break loose. And no, nothing they say at all at this point is reassuring.

28/8/08 5:58 AM  

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