Just in case you still haven’t watched this:
– George Carlin: The American Dream
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An ABC – Four Corners documentary about the coming economic crisis, featuring Gerald Celente and Peter Schiff. Original air date: 23rd August, 2010.
See also:
– Prof. Nouriel Roubini: No Defence Left Against Double-Dip Recession
– American Deaths In Afghanistan Surpass Highest Annual Record
– US: Record 1 in 6 Americans in Government Anti-Poverty Programs
– California Delays $2.9 Billion School, County Payments In September Amid Budget Impasse
– US Home Sales in July: Record Drop Of 27 Percent, The Largest Monthly Drop On Record
– US Cities Sell Parking, Airports, Zoo To Help Closing Budget Gaps
– Nearly 50 Percent leave Obama Mortgage-Relief Program
– The No.1 Trend Forecaster Gerald Celente: And Now We’re Headed For The GREATEST Depression
– US: Jobless Claims Jump to Highest Level Since November
– US: Bankruptcies Reach Nearly 5-Year High
– US Cities Face Up To MASSIVE Cuts
– Why the US is as busted as a busted flush – IMF analysis suggests the US is fiscally bankrupt
The government is effectively bankrupt. Using GAAP accounting principles, the annual deficit is running in the range of $4 trillion to $5 trillion. That’s beyond containment. The government can’t cover it with taxes. They’d still be in deficit if they took 100% of personal income and corporate profits. They’d also still be in deficit if they cut every penny of government spending except for Social Security and Medicare. Washington lacks the will to slash its social programs severely, to change its approach to ever bigger government. The only option left going forward is for the government eventually to print the money for the obligations it cannot otherwise cover, which sets up a hyperinflation.