The USA continues to decline economically relative to some parts of the world, most notably those in Asia yet we still lead in many areas. Unfortunately being number one is some categories is not a good thing and our level of debt is one of these areas. In fact, our debt burden leads the world. [A look at the charts below illustrates that all too clearly.] Words: 272
So says “Monty Pelerin” (www.economicnoise.com) in edited excerpts of his original article* entitled USA Dominates The Rest of World — In Debt.
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), may have edited the article below to some degree for length and clarity – see Editor’s Note at the bottom of the page for details. This paragraph must be included in any article re-posting to avoid copyright infringement.
Pelerin goes on to say, in part:
The first chart below shows that three years ago we led in terms of per capita debt. We nosed out the Eurozone basket cases, our biggest competitors for this questionable title.
Given the problems these European countries have had since, one might reasonably expect that they would surpass us. Not so! We, not they, are the true profligates.
The second chart shows our widening lead and dominance. The nearest competitors have fallen way behind as we surged. Even the “mighty” Greece cannot keep pace with our additions of new debt.
Trillion dollar deficits per year increased our debt per person about $3,000 per person per year. Four more years of…[such] deficits will leave each person’s share of the debt at… [about $65,000, which] means that a family of four would owe $260,000, of which they are totally unaware. This debt is in addition to whatever credit card, auto, mortgage, etc. debt they owe….[and does] not take into account the unfunded liabilities associated with Social Security and Medicare. That’s where the numbers get especially ugly.
Editor’s Note: The above post may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
The video* below is one of the best overviews of what is going on and one of the best explanations of what lies ahead that I have heard. As such, in my opinion, it is A Must Watch!
The internet is awash (drowning?) in hundreds of doom and gloom videos providing dire warnings of coming world depression, food shortages, rioting in the streets, rampant (hyper) inflation, deepening banking crisis, economic apocalypse, financial Armageddon, the demise of America – well, you get the idea. Below is a small sample of such videos with a hyperlink to each.
In times of crisis people seek strong leaders and simple solutions but what if their solutions are identical to the mistakes that caused the very crisis? This is the story of the greatest economic crisis of our age, the one that awaits us. Copy: 529 words; Video: 46:22 minutes
This is the scenario nobody thinks is possible but really at the end of the day, it’s not like the US can print money and live on debt forever right so when something cannot go on forever what happens when it stops?
Economic Reason has gathered together the Top 18 ‘reality’ economic documentaries which are bought to you by www.munKNEE.com.
The level of debt has surpassed the possibilities of being serviced. Mathematically, the debt problem cannot be solved, regardless of economic policies. That, unfortunately, is written. For it to be serviceable would be to violate the laws of mathematics and that cannot happen. [As such, America is quickly approaching a catastrophic economic collapse. As repelling as that sounds, it’s in your own best interest to learn just how bad the situation is. This article is an attempt to do just that.] Words: 310
…The US Government and its catastrophic fiscal morass are now viewed by the world as a ‘safe haven’. This would easily qualify for a comedy shtick if it weren’t so serious….[but] the establishment is thrilled with these developments because it helps maintain the status quo of the dollar standard era. However, there are some serious ramifications that few are paying attention to and are getting almost zero coverage from traditional media. [Let me explain what they are.] Words: 1150