US Gov Will Default – Whose Interests Will the Fed Always Protect?
by Gary North, Tea Party Economist
LewRockwell.com
Some predictions are easy. Here is mine: “The government of the United States will default on the vast bulk of its debts, which are mainly debts of Medicare, and to a far lesser extent, Social Security and the federal pension system.”
This prediction is easy to make when you have Professor Lawrence Kotlikoff of Boston University doing your research for you . . . free of charge.
He and long-term financial columnist Scott Burns recently wrote an article on the unfunded liabilities of the United States government. The article is based on the figures produced by the Congressional Budget Office. Here is their assessment. Over the past year, the debt of the United States government increased from $211 trillion to $222 trillion. This is the fiscal gap.
2012-08-25 10:31:44
Source: http://financialsurvivalnetwork.com/2012/08/whose-interests-will-the-fed-always-protect/
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