The Bankruptcy Of The US Government

6.2.23 - The Bankruptcy Of The US Government

Gold last traded at $1,948 an ounce. Silver at $23.62 an ounce.

Doug Casey On The Bankruptcy Of The US Government - ZeroHedge

Everyone knows that the US government is bankrupt and has been for many years.

Whenever the chattering classes talk about cuts, it's only about cuts over the course of 10 years. Which is a dodge, a fraud. Partly because most of the supposed cuts will be scheduled for the end of the period, but also because new programs, new emergencies and hidden contingencies are guaranteed to creep in, offsetting any announced cuts. The anticipated $2 trillion deficit for 2024 isn't a temporary worst case; it's the rosiest possible scenario.

People thought I was joking when, asked how bad the Greater Depression was going to be, I answered that it would be worse than even I thought it would be. But I haven't been joking.

To sum up the situation, given its financial condition and the political forces working to worsen it, the US government is facing a completely impossible and irremediable situation.

The problems we face are one hundred percent caused by the US government - not by bankers or brokers, although they have been complicit.