Jim Rickards: The United States Is Going Brok

One big problem with this bit of propaganda, it make a flawed comparison.

The big question, and one that is so basic it's stunning these so called experts avoid it, how does the debt stack up against the actual wealth of the US?

Example, when someone applies for a loan, the bank looks at income, of course, but it also looks at net worth. Why else do they ask for a list of assets on a loan application?

So, how much is the US worth?

Recent estimates place that number at about $230 trillion.

So is the US going bankrupt?

Not even close.

 

Debt is a very big problem. For example, now 15% goes to repay debt. Critical weight 25%. If you look at the rate of increase in debt, there is little time left. But I agree with you that there are very smart people among Americans.

 

How much did the USA cost in 1929? I think that not a little. But what happened on October 24th? I hope you know the history of your country?

 

LOL

What happened on May 8, 73 years ago?

What happened on June 11, 49 years ago?

What happened on December 26, almost 27 years ago?

 

What happened?

 

I'm sure many saw the fall of the western Roman empire in a similar way. But when powerful nations fall, the power vacuum often makes the cure worse than the disease. Be careful what you wish for.

 

I agree with you a thousand percent. You never know what will follow when the rug gets pulled out from under the bully's feet. Will another bully takes its place or will peace and harmony rule the day? I think though that it would be foolish not to topple the villain the first chance you get. Masochism must surely be the minority.

 

For at least one date I thought you would know the history of your country.

 

The US is nowhere close to going broke. We could literally rack up 50 trillion USD more in debt and still have no problem maintaining it.