In response to:

7 Reasons Americans Are So Complacent About Our Country's Impending Bankruptcy

Francis W. Porretto Wrote: Jun 26, 2012 6:49 AM
...pair of hands to become less skilled, or one brain filled with useful knowledge to stop functioning. All the things that are required to generate ACTUAL wealth -- physical goods and services that Americans value and are willing to pay for -- will remain as they are. And most blessedly of all, no one will ever again lend money to Washington, no matter how high the rates might rise.
Matt in N.C. Wrote: Jun 26, 2012 11:59 AM
I wouldn't say I'm a fan exactly. I agree with him on gold and commodities, but not on foreign stocks. I'm not sure who won his controversy with Mike Shedlock. But I have to render a hand salute to anyone brave or crazy enough to run as a Republican in Connecticut.
binc Wrote: Jun 26, 2012 8:11 AM
True Matt, as they say, "when America sneezes, the world catches a cold". I assume you're a fan of Peter Schiff.
Matt in N.C. Wrote: Jun 26, 2012 7:28 AM
Good points, sir. But a default by the federal government would probably cause a global depression and other dislocations. Large bondholders, such as banks and pension funds, would go bust. If we stiff China, it might seize American companies' assets on its soil, close the Panama Canal to our ships (not that we have a merchant fleet anymore), or have North Korea attack our human shields. And if everyone stops lending to Washington, the government would probably just print more, causing ruinous inflation. Or the feds could skip directly to this step and try to make the national debt worth less by making the dollar worthless. In brief, the impending collapse won't be the end of the world, as you say, but it won't be pleasant by any means.

America is on track to go bankrupt. Just like Greece. The signs are all around us. We've lost our AAA credit rating. Trillion dollar deficits are the new normal. The Fed is buying 61% of our own debt. Barack Obama's 10 year budget will leave Americans with “more debt than has been accumulated by all previous Presidents in American history combined.” Nobody on the Left or Right seems to believe we'll ever pay off all of the money we owe. Life as we know it is very close to ending and yet Americans seem to be...