05-14-2010, 11:01 PM
Lets put it this way... basically the entire developed world is deeply in debt after decades of buying an unsustainable standard of living on borrowed cash for its citizens, leaving us all with generations worth of debt... the U.S. is very bad off and is hurtling toward a debt crisis just like what Greece is facing at present, the Obama administration has said it, the Pew-Peterson Commission has said it, the Fed has said it, even Warren Buffett is finally on board.. we are really screwed. The "official" federal debt doubled in the past decade, is expected to double again in the next one, which is absolutely unprecedented, let alone the $5 trillion the govt. took on from Fannie & Freddie, let alone the $70 trillion it promised the boomers for their retirement over the next thirty years, which are not factored into the official numbers... it increases by one million dollars every ten seconds, $3.87 billion EVERY DAY, and congress borrows a mere $1.5 billion every day to try to pay off the interest alone, which is constantly capitalizing... investors know this, thats why they are flipping out over the past few days over this Greek debt issue... its a matter of time before the same problem is at our door step, unfortunately. Expect it to get worse, and for the love of god, buy some gold if you can afford to before a currency crisis hits.