Knowledge@ASB - US Debt Crisis: How to Avert the Next Financial Collapse
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Uploaded by UNSWCommunity on Jun 20, 2011
Is the US economy already bankrupt? The world's largest economy reached its statutory debt limit last month. The US Congress must raise the US$14.3 trillion debt ceiling by 2 August 2011 to avoid the government defaulting on its loans. Renowned economist Larry Kotlikoff, a professor at Boston University, insists the US was broke long before the global financial crisis. US governments have been disguising the real level of national debt for decades, claims Kotlikoff who tips an imminent meltdown in the US bond market and skyrocketing inflation. Averting a future financial collapse requires numerous reforms, he suggests, including a switch from covert "trust me" banking to a new transparent system.
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Look .. the USA's basic uber-majority mega-conservative social attitude, which is ultra-pro free-market capitalist, is the crux of the country's current economic disasters. So much of this was ALSO put in place by George Dubya's dumb, dangerous Presidency. Want to start balancing the USA Federal Budget - start by a 100% US miltary withdrawal from Iraq & Afghanistan - it costs TRILLIONS to keep that military progrom going. Also .. cut out welfare freebies for illegal wetbacks + their offspring.
colindominy 6 months ago
It's best that the current system does collapse! Yeshua is coming.
ryanjameschannel 7 months ago