Per many sources including the IMF (International Monetary fund) are reporting that the United States is currently bankrupt. The IMF released it's annual review of it's findings and some very interesting items where mentioned. Section six of the July 2010 Paper states: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.” Very scary stuff indeed.
With the current economic instabilities happening this is just another straw added to the camel's back. The powers that be are going in the near future attempt to tax us out of this crisis which we all know is going to fail. I feel things financially are going to start getting worse much sooner than most expected.
-Blogging4Bullion
Sources:
Bloomberg commentary - Laurence Kotlikoff
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