On the Brink of Catastrophic Economic Collapse

On the Brink of Catastrophic Economic Collapse
http://www.marketoracle.co.uk/Article25418.html
Jan 06, 2011 - 12:50 PM
By: Mac_Slavo
  We’ve been told a lot of things since the global economic crisis first became apparent in 2007. In March of that year Federal Reserve Chairman Ben Bernanke said, “the impact on the broader economy and financial markets of the problems in the sub-prime markets seems likely to be contained.” Clearly, Mr. Bernanke’s assessment was incorrect and the sub-prime real estate issues were only part of a broader, systemic issue.


The Treasury Secretary of The United States of America just said that if we don’t get another $1 trillion or so dollars by March of this year then this country will begin to default on its debt obligations. These remarks are extremely serious and should be understood for what they are.

We are, literally and without mixing words, on the brink of economic catastrophe.

The scary thing is, according to Mr. Geithner and the many supporters of raising our debt ceiling, that borrowing more money is the only solution available.

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