If and when the United States defaults within 5-10 years , the national debt will reach well over 20 trillion U.S dollars. Already there is no way the U.S government can pay foreign bond investors, basically the U.S government has sold Germany, Japan, China and the rest of the world junk bonds that will be worthless within the next 5 years.
The Chinese internet giant is now accepting Bitcoins for its Jiasule website acceleration service. This is a big move and endorsement for Bitcoin in China.
It would seem that while, the United States is cracking down on Bitcoin, businesses in China are more and more starting to adopt it.
Also, Chinese citizens are adopting Bitcoins at an alarming rate, with the most ever downloads of the Bitcoin client coming from the country in the last year. Read the full article at CoinDesk
Jim Rogers has some great insights based on logic, common sense and history, while the idiots running the American economy is in fantasy land and are mis-managing everything.
Watch the video, and know what is coming down the pipe , in terms of the world economy in the next few years.
Other U.S Government departments are affected by government shutdown like NASA. A few days of no work for more than 10 million Americans is going to impact the U.S economy in a big way.
It basically means these people will be tightening their belts.
After you read this article you will sure to come to the conclusion that the U.S government is screwed and that the politicians in Washington have no idea how to manage the nations money.
There is roughly a short fall of about 150 Billion dollars. That is right billion with a “B”. The majority of Americans still believe the government “propaganda” that America is the richest nation, however the truth is that the United States is completely broke.
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.
