Ugly Incoming

Nous sommes le
19 Pluviôse, An 214

Bob says:

"The US Treasury recently went into technical default since its funded debt went above its legal debt ceiling. . . . On February 2, 2006 . . . it had debt of $US 8,198.6 Billion. . . . its legal debt ceiling is $US 8,184 Billion. The Congress is not acting to legally raise the debt ceiling and the financial mass media sure is not saying anything about it. . . .

"In 1987 American household debt was $US 2.7 TRILLION, 58% of the economy. Now it is $US 11 TRILLION, 87%. . . .

"America is borrowing at an annual rate of about 1 TRILLION US dollars per year from the rest of the world to maintain its current lifestyle. That alone, if it were to end, would put about a 10% dent in the US's GDP. It's going to get ugly."

Is anyone out there paying attention?