Posted on 03/09/2012 6:46:23 AM PST by SeekAndFind
Former U.S. Comptroller David Walker has warned that the U.S. could slide into a debt scenario similar to what Greece is experiencing.
“The truth is if you count total U.S. government debt as compared to many of the European nations that are in the news, we’re already worse than they are, and we’re two years away from where Greece was when it had its crisis,” Walker said in a recent interview with CYInterview.com. But he said that the size and economic power of the U.S. means it would have more time to right itself before disaster.
Walker served as U.S. comptroller general from 1998-2008, heading the Government Accountability Office under presidents Bill Clinton and George W. Bush.
He’s been warning of fiscal troubles since 2007, when he told CBS’s Steve Kroft in a “60 Minutes” segment, “I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan, but our own fiscal irresponsibility.”
In this election year, Walker’s current message is simple: A broken political process is driving the U.S. toward fiscal ruin.
Walker is pushing to “shake up” that system, serving on the leadership board of Americans Elect, the group that aims to put an Internet-nominated presidential candidate on the November ballot in every U.S. state. The group told ABC News in an editorial meeting last month that it would almost certainly achieve that goal.
(Excerpt) Read more at abcnews.go.com ...
Choose life, avoid disaster. Period.
I think we’re much closer than 2 years away.....
And they’ll be TARP II, and we’ll just kick the can further down the road.
Shortly after there will be TARP III.
Only problem is that by the time that becomes necessary, there won’t be enough world wide funds to finance the US debt and borrowing.
If U.S. is no longer the world reserve currency, and if we can no longer sell Treasuries, we won’t be able to do that. They can only turn the U.S. dollar printing presses up from “super high speed” to “warp speed”, which will make the implosion almost instantaneous at that point. I don’t think there will be any more road to kick the can down at that point.
Fortunately for us there are very few currencies that can compete with ours. That has a little bit to do with our ability to weather the storm; I agree with Walker that we cannot keep doing this forever though.
Sow the wind, reap the whirlwind.
Got that right. We are literally Too Big to Fail.
Picture the ChiComs and Saudis about a week after their biggest and best customer goes broke. They will keep the lie going as long as they possibly can.
Those of us who listen and believe the ex-controller, don’t really need his advise.
Those that don’t know, should listen to ex-controller, but have resisted all attempts to explain it to them.
“Only problem is that by the time that becomes necessary, there won’t be enough world wide funds to finance the US debt and borrowing.”
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Yes. Greece is but a VERY dim foreshadowing of the Big Tent Attraction: The looming, inevitable disaster in the US.
Despite the incessant “too important to the world economy” argument, this is what will finally stop the music in this game of musical chairs. Everyone, including the US’ enemies, are willing to keep giving us enough rope to hang ourselves, but no one wants to be left without a chair when the music stops.
When it is perceived that that time is near, the dominoes will fall.
Quickly.
Greek Scenario in U.S. (We’re just 2 years away)
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Hey, America voted for it. We deserve it.
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