The US has turned into a "must borrow maniac." Listen to this paragraph from Barrons' Tom Donlan: "This is a country that is $16.7 trillion in debt. It must borrow about $700 billion in the next 12 months to keep doing what it did last year. It must borrow more than $5 trillion in the next ten years. It must borrow more than $14 trillion over the next twenty-five years. None of these projections consider inflation or the possibility of higher interest rates, or slower GDP growth, or longer life expectancies, or new spending programs."
Russell's response -- I can't imagine how we are going to get through all of this and come out whole. For one thing, the US will have to cut back drastically on its military and on its far-flung miliary empire. Throughout history, the strongest nation militarily has been the nation who owns the world's reserve currency. Therefore, ... Log in or subscribe to continue reading.
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