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The Sky Is Falling! The Sky Is Falling!

Tuesday, August 01, 2006 seriously, I think this may be real this time. Patrick Wood has a good article over at that you should read. It's a piece which highlights our impending doom (said with dramatic echo effect):
A stunning 23 page report by Professor Laurence J. Kotlikoff titled "Is the U.S. Bankrupt?" was issued by the Federal Reserve Bank of St. Louis in November, 2005, and quietly posted on their public website. Although publicly accessible, it was totally ignored by the U.S. press.
Kotlikoff is professor of Economics at Boston University and has penned at least 355 papers published by the Federal Reserve over several years.
Kotlikoff concludes that "Countries can and do go bankrupt. The U.S., with its $65.9 trillion fiscal gap, seems clearly headed down that path."
Hmmm... $65.9 trillion you say? Makes one wonder how safe his retirement is if its wrapped up in U.S. currency and/or assets.


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