What happens to the people (the Entitled) who suckle at the teat of government when the government finally goes out of business? What am I saying? Simply put, our government is fast approaching the day that it can’t pay its obligations simply because they (we) are broke.
U.S. Government will have its own court of Bankruptcy
A Government can’t go out of business? Really? 2008 interview on ABC which was written about in the Washinton Post by Marie Cocco
So Alan Greenspan thinks this could be among the worst of the worst, a financial crisis that ranks as “a once-in-a-half-century, probably once-in-a-century type of event.”
Greenspan was speaking Sunday on ABC on the eve of the stock-market plunge that followed the demise of Lehman Brothers and the sale of Merrill Lynch to Bank of America. These in turn followed the federal seizure and expected taxpayer bailout of Freddie Mac and Fannie Mae, which followed the federally engineered, taxpayer-backed rescue of Bear Stearns by JP Morgan Chase. When Greenspan says this all could become a once-in-a-century type of event, does he mean to invoke the Great Depression?
But the more fundamental reason I hope Greenspan is wrong is because a crisis that approaches the worst of the century would mean that millions of Americans would become homeless, starving and so desperate for help that — gasp! — we might need a new New Deal. And we can’t afford a new New Deal in good part because Greenspan in 2001 gave his approval to President Bush’s signature tax cuts. Enactment of these tax cuts was an early marker on the road to the great unraveling.
She went on to say in her article…
Barack Obama shows more promise, if only because he — like most Democrats looking in hindsight — correctly sees deregulatory zeal as a culprit. But Obama’s economic strategy simply can’t be implemented now: He wants to spend on necessary investments such as health care, but has no money to do it. He’s not willing to impose higher taxes on anyone making less than $250,000 — nor should he do so in the midst of such economic doldrums.
So it looks an awful lot like we will be flying blind, which, come to think of it, seems a strategy even Greenspan has fallen back upon.
September 11 2009 American Thinker’s Pete Morin had this article concerning the expenditures and solvency of the US Government.
Marc Faber discusses the possibilities of Hyperinflation and the decline of the dollar..
There are millions of Americans who owe their existance to the government of the United States. They look at the government as a father or provider throughout their entire life. They were born into it and will die within the guardianship of the US Government. If they happen to live long enough they may see their provider die and then they will have to work out a plan to provide for themselves. You better get started, you can see it on the horizon.
Related posts:
- Uncle Sam and Harry’s Trust Fund.
- If You Think Health Care is Broken Now- Just Wait till Uncle Sam gets a hold of it!
- Neil Cavuto: “Millionaires, If you feel guilty, write Uncle Sam a check”
- Dr. Seuss: “I do not like this Uncle Sam”
- Alan Greenspan:Financial Regulation Bill-They don’t know what they are doing