It is now truly a "Trust US" fund!
What can the government do? And what can (SET ITAL) you (END ITAL) do?
Our government can "print" and borrow and tax. Those are its tools -- good as long as the rest of the world lets us get away with it.
Recently you heard the top Chinese finance minister opining that maybe instead of holding all those dollars (an estimated $1.5 (SET ITAL) trillion (END ITAL), perhaps China should hold another currency, or basket of currencies. That's not likely soon, but it is a warning shot.
And if foreigners (who have collected trillions of dollars during America's massing spending spree) are going to keep buying our Treasury IOU's (bills, notes, bonds), it's likely they'll demand higher interest rates to do so.
After all, they see us "printing" dollars -- actually creating more credit on the books of banks and other institutions -- with the click of a computer key.
So what can YOU do?
The answer is simple: Save (SET ITAL) more (END ITAL) money. That's not a prescription to create a booming economy. But it does make sense on a financial basis.
That increased "saving" should come in several forms: Stocks have always outpaced inflation over the long run. "Chicken money" in banks or Treasury bills gives you liquidity, safety and the chance to capture rising rates if inflation returns. And gold is an insurance policy against extremes of inflation -- an insurance policy you hope you'll never use, just as you hope not to use your homeowner's fire insurance.
Many of you are disillusioned after watching your stock market investments melt away in retirement accounts. Well, that's nothing compared to the meltdown of the submerged iceberg that represents Social Security.
And that's The Savage Truth!