re: '...due entirely to the Federal Reserve’s continuing to print what will soon become “worthless paper.”'
That about sums it up. We do not escape the problems of excess debt by issuing more debt. Yet at this point, with a debt burden so huge that even the interest on it is a heavy load, it's too late to change.
Just think: At best, the GDP is growing at 2.5 percent annually. That's $400 billion.
But the debt is bigger than the GDP, and we're paying $900 billion in interest on it each year.
If we had no debt, we could do something useful with that $900 billion instead of paying our lenders. It would be as if our economy were growing at $1.3 trillion ($900 billion + $400 billion) each year. That's 12.3 percent. We'd be the envy of the world.
Too bad. The fact is, we *do* owe $16 trillion... and the interest expense is a tremendous burden. Even worse, our country isn't keeping its head above water. The debt is growing faster than ever, and there is no indication that the trend will end.
Common sense says that it WILL end. Eventually, no one outside the country will want to lend the United States anything, and those inside the country will have been sucked dry by the ravenous appetite of TOO MUCH GOVERNMENT.
Your author says this collapse will come soon. I have no doubt that he's right, but I don't know how long "soon" is. Everything is relative, after all, and "soon" could mean this year or 2025. At the rate conditions are worsening, 2025 doesn't seem very likely...
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