This ship of state is too close to the rocks to avoid them.
We are going to crash, simply because we are "big enough to fail". The fed is already printing 40 cents of every dollar the Gov. spends, that is because no foreigners have the money to buy all of our debt. In fact foreigners own so much of our debt already that they couldn't sell it if they wanted to. Imagine if China put $1 Trillion US bonds out for the bid... the market would collapse.
The unfunded liabilities for Social Security, Medicare and Goverment Pension accounts are so large that the number is basically meaningless.
The US will default and when the credit limit has maxed out and people don't get their "entitlements" and/or "safety net" benefits there will be fire/blood in the streets...
A liberal will try to keep the scam rolling... a foolhearty conservative who trys to make draconian cuts in spending that would be necessary to make a difference will face revolt.
I am a retired wall streeter...I sold some TBonds to customers that paid 14% in the early '80s... it can happen...the US is now paying 1.5% on its total debt...$240 Billion in interest...no principal...the average maturity of US debt is less than 4 years...the US must refinance $16 Trillion in the next 4 years, plus the new deficits... can't be done...so good luck picking the captain to go down with the ship.
Thanx for your very informative post, but each of us should do the best we can to prepare.
I have goods stored to combat inflation somewhat, but not many of us have enough storage space to have food, and other goods, to last us a lifetime.
We have a little silver, and gold, in my brother’s safe, but it’s too expensive to buy it now, plus precious metals can be volatile, too.