Skip O'Neill – Liberty for All

Ron Paul for A New Direction

Only 3 ways out of debt crisis and none are good.. Here are the choices.

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As of November 16 at 12:38:023 a.m. GMT,   the United States debt was   $16,248,670,479,820.44 or $51,767.45 per person, including for each  child. The debt has increased by billions of dollars a day for the last  several years. As your children grow, they become more indebted.

Only one of three outcomes is possible:

  • The debt can be paid through  massive inflation and taxation
  • The interest can continue to be paid through massive inflation and taxation
  • Repudiation of the debt

Even if the payment of principal were possible, what’s left of the US economy would be destroyed for many years to come. Politicians prefer to pay the interest  by placing a ruinous lien upon your children’s future earnings. The least palatable option to politicians is repudiation. Nevertheless, a de facto repudiation of debt may occur on a large scale simply because the money is running out. Indeed, repudiation happens in microcosm each time a city declares bankruptcy. But the process will be slow; government will grab every cent it can to keep its crumbling edifice erect.  What is next?  Nationalizing of retirement accounts.  It is in the works….

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