It’ll happen immediately before the inflation crash - the day when the government has printed so much paper money to cover its bills and other expenses that it takes a wheel barrow full of money to buy a loaf of bread.
Good-bye savings account, good-bye retirement account, good-bye rainy day account, good-bye cookie jar account. King Hussein the First, of Kenya, will see to it that you have all the cardboard shoes you need and all the tree bark you can eat.
Well, I don’t think it will be four years. Obama drove the debt up from 60 percent of GDP up to 120 percent of GDP. Japan hasn’t collapsed yet with around 200 percent of GDP, although they have gotten their spending under control.
I figure Obama will drive up the debt to around 180 percent of GDP, around where Greece sits today. That is close, but not quite into death spiral territory.