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Post by The Great Aztec Joe on Oct 8, 2010 6:34:21 GMT -8
Bernanke Tells the Truth: The United States is on the Brink of Financial Disaster Federal Reserve Chairman Ben Bernanke delivered a speech before the the Annual Meeting of the Rhode Island Public Expenditure Council in Providence, Rhode Island. In the speech, he warned about the current state of the government finances. His conclusion, the situation is dire and "unsustainable". federalreserve.gov/newsevents/speech/bernanke20101004a.htmIRONICALLY, THE NEWS MEDIA PASSED OVER THIS AS IF IT WAS NOTHING OF IMPORTANCE. |
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Post by The Great Aztec Joe on Oct 8, 2010 6:57:15 GMT -8
"Over the medium- and long-term, however, the story is quite different. If current policy settings are maintained, and under reasonable assumptions about economic growth, the federal budget will be on an unsustainable path in coming years, with the ratio of federal debt held by the public to national income rising at an increasing pace.2 Moreover, as the national debt grows, so will the associated interest payments, which in turn will lead to further increases in projected deficits. "
To quote Shalom Ben. Basically he is admitting that the debt is going to run out of control and we will not be able to service it.. Just like sex. No service = no next generation.
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