Wake-up call about the long term debt here. This guy's argument it that the dollar has to weaken immediately in order for us to pay our debts into the future. That's what should happen, in my view, as Asian economies like China and India amass more wealth.
http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html --- Based on the CBOs data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt. This gargantuan discrepancy between our official debt and our actual net indebtedness isnt surprising. It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities unofficial to keep them off the books and far in the future ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology-Michael-Dinowitz/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:324658 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
