Those of you who know me also know that I think the world economy is going to collapse soon. It will start with the US. Here's a peek at the current US debt. Notice the amounts owed by every single taxpayer, especially at the lower right:
http://usdebtclock.org/
It will get the point where the US won't even be able to pay the interest on the money it owes. And that $14 trillion figure doesn't even take into account private, business, and especially financial sector debt. All of these total over $100 trillion. Unsustainable. And when the camel's back breaks, it will take the liquidity of the world down with it.
It will be, quite literally, insanity.
This is of course a highly charged idea, and I don't want to get involved in the politics of it... at least not yet. But I saw this great quote today that I just had to share:
The first lesson of economics is that we live in a world of scarcity. There is never enough of anything to satisfy all those who want it. The first lesson of politics is to ignore the first lesson of economics.
— Thomas Sowell
Enough said.
it simply amazes me that china thinks that the US will actually pay back all the Trillions it borrows from China. Once they realize the US is never going to pay that debt...trouble is gonna start...big trouble.
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