What the Pros Say: US Is Now 'Bankrupt'

"What the Pros Say: US Is Now ‘Bankrupt’

Global stocks traded higher, as did the dollar against the euro, Thursday after the Federal Reserve’s surprise announcement it would buy $300 billion in US Treasurys in order to help the ailing economy.

But experts tell CNBC they have concerns over the Fed’s latest move and that the current national balance sheet is a disaster.

US is Already ‘Bankrupt’

Technically, the U.S. is already “bankrupt” because it has a debt that is almost four times the size of its economy, says Puru Saxena, CEO of Puru Saxena Wealth Management. He tells CNBC that the U.S. is at risk of hyperinflation." …

Source: cnbc.com/id/29769858

:(:(:(:(:(:(:(:frowning:

I don’t know how true this is, but I said something along these lines about 4 years ago.

With the market doing so well 4 years ago means that eventually it would do equally bad.

Larger hills lead to larger valleys.

We have just received nothing less than a lethal dose of debt and the band plays on. :shrug:

This started a long long time ago. :frowning: The day we stopped producing our own basic needs and went on an economy based on services we were doomed. Our money is based on nothing, our services are based on excessive wants and we buy buy buy and me me me.:shrug:

We need to become producers again not consumers to be part of the solution for a stable world economy. Workers that are able to produce our needs and many of the needs of the world.

:confused:

As near as I can tell the US GDP is more than $14 trillion, while the US national debt is $11 trillion. Where is the basis of Mr. Saxena numbers?? Granted, I am not citing impeccable sources but they do seem wildly at odds with Mr. Saxena’s claims, as do other statements I have read in the news.

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