Video courtesy of Reuters.
Like the previous debt ceiling debates by U.S Congress, this one is probably going to go down to the wire.
October 17th is the deadline…I think and just before that date they are going to decide to raise the debt ceiling and call up “Helicopter Ben”, Ben Bernake to fire up the U.S dollar printing press and print a few more trillion dollars. Hey let’s just create money out of thing air.
This of course is just kicking the can down the road. Chances of U.S default is probably much higher like 60-70%, but articles like this lie to the world about really how bad the balance sheet is for the U.S Government.
America is now the world’s biggest debtor nation. Jim Rogers has been saying this for a long time and in the next decade the U.S will be heading for a major decline.
by Das Brain
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