America is in deep trouble. Dead broke in fact. If America were a listed company, the plug would have been pulled long ago. The receivers would have checked out the books, pronounced the company dead and called time.
Like a family whose expenditures exceed income and then makes up the difference by borrowing on credit cards, the US government`s own deficit spending is largely financed by Asian central banks, notably China and Japan.
Did you know that just twenty years ago America was the largest creditor nation the world had ever known? Now it lays claim to being the largest ever debtor nation. After years of spending like a drunken sailor, America`s net foreign debt now approaches a staggering three trillion dollars.
Under the Bush administration the deterioration has been particularly rapid. Soaring government expenditures, greatly boosted by the Iraq war, tax give-aways, homeland security, all further undermine the financial well-being of the country.
Now you won`t hear much talk of this from government spokesman, nor from much of the sold-out mainstream press and business media. You certainly won`t hear it from the hucksters on Wall Street. To...
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