The United States is Insolvent.
"The United States is Insolvent" by Dr. Chris Mortenson 12/17/2006
Let's see… My two favorite sections..
"In his accompanying statement to the report, David Walker, Comptroller of the US, warmed up his audience by stating that the GAO had found so many significant material deficiencies in the government’s accounting systems that the GAO was “unable to express an opinion” on the financial statements. In accounting parlance, that’s the same as telling your spouse “Our checkbook is such an out of control mess I can’t tell if we’re broke or rich”
and…
The Treasury department soft-pedaled the whole unsustainable gigantic deficit thingy in last year’s report but they have taken a quite different approach this year.
The really funny bit is that the news media seems to have missed this one entirely. Does anyone out there have doubt that the "Fourth Estate" either lacks the concern or the capability to bring such weighty issues to the forefront. Or maybe they have just been beaten down by the indifference to the financial future displayed by the "Greatest Generation" and realize that covering a Soccer Riot with glossy photos and video to be more in keeping with what the public wants from their news media.
And please don't take this this as an "anti-current administration tirade" (even though they have contributed at the very least an equal share to the problem). I have been aware of this issue since the 1970's and I was only 14 years old at the time.
December 26th, 2006
I’ve often thought it was a terrible mistake made when President Nixon ended the gold standard, whereby the value of our currency was backed by gold on deposit. Having our currency float freely against other currencies traded in the markets of the world seems much more risky. Further, sophisticated accounting tricks growing in number and use have done nothing to enhance our economic stability for the long term. It would appear that the dance may be winding down and folks are fleeing so as to avoid being stuck with having to pay the piper.
Then again, I may simply be too cynical.