I came across this article which was written all the way back in march 2008.
http://www.thepropheticyears.com/reasons/World%20debt.HTM "Just a few years ago, the US government was forecasting surpluses of trillions of dollars based on the stupid assumption that there would not be a downturn in the economy for decades. This foolish assumption was of course proven wrong and deficit spending has returned to well over "four hundred billion dollars" a year. The only reason the United States is not feeling the pinch of spending beyond its means has been the record low interest rates. The low interest rates were brought about by Federal Reserve manipulation to stimulate the economy but interest rates now will rise. Soon all who need loans will be making higher payments and the US government will be paying much more to service the national debt. Debt and unfunded liabilities promised through entitlement programs is now over 50 trillion dollars. This amount of money in non inflationary dollars is impossible to raise! Thus, the US is now technically bankrupt. In order to keep up the facade that the US is solvent for even another decade or two one or more of the following must happen. 1. Taxes must be raised. 2. Government spending will have to be drastically cut. 3. Deficit spending will dramatically increase. If taxes are raised, it will kill the economy and the debt load will get worse and not better. Spending will not be drastically cut because these types of cuts would never get through the political system. Therefore, massive deficit spending will take place. The monetary system will be inflated so that this debt can be paid by using a dollar worth only a fraction of what it is today. This means a much weaker dollar in the future and much higher prices for all goods and services imported to the United States (in short it means we should expect hyper-Inflation). The recent rise in all commodity prices might just be the start of what is to come. The best long term scenario is that the economy will expand for decades and we will partly grow our way out of this debt crunch (like we temporarily did under Ronald Reagan). I do not see stability for that length of time as even a remote possibility in this world full of crises. I think it is only a matter of time before a downturn in the economy or an unforeseen world event brings about the collapse of this house of cards. " The solution is, of course, to abolish the federal reserve type banking system. The world is indebted to Bankers...have you sat and thought what that really means? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:273789 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
