In response to:

About That Fiscal Cliff

Corbett_ Wrote: Nov 21, 2012 4:22 PM
Smyles: I am not far behind you. I'd take the 10% hit if I could think of anyplace safe to put the money. But the government has confiscated gold before and will do it again. And I doubt any offshore haven will be safe if Uncle Sam says, "Hand over the money or go to war." We went to war with Iraq over their plan to stop using the dollar for oil. As the government gets increasingly desperate, I can easily see them threatening any tax haven with annihilation if they don't come across with the funds.
Yikes, we're headed toward a fiscal cliff! It will crush the economy! Or so the media and politicians tell us.

The "cliff" is a series of tax increases and budget cuts that automatically go into effect Jan. 1 unless Congress acts.

Will Congress act?

It will! I see the future: The politicians will meet and fret and hold press conferences and predict disaster. Then they'll reach a deal.

It will just postpone the reckoning, but they'll congratulate themselves, and the media will move on.

America, however, continues to go broke.

"They're not going to admit that we're bankrupt, and they won't...