Something Feral

Digging up the flower-beds.


Monday, September 28, 2009

Jim Rickards on the US Dollar Three-Card Monty



Jim Rickards spells it out:
"If you go through all the contingent liabilities, the total comes to about sixty-trillion dollars... There is no combination of growth, no feasible combination of growth, and taxes, that can fund [those] liabilities."
Although I think that the total liability is quite a bit higher, nearer to something of Richard Fisher's estimates of $99.2 trillion, they ultimately reach the same conclusion regarding the untenable debt accumulated by our government: currency implosion.

Plan (and invest) accordingly, folks.

2 comments:

MikeT said...

Well, all I can say is thank God for the fact that so many mortgages got chopped up beyond being able to be sold. That might actually take the edge off of some of this since it'll make taking people's homes away that much harder...

Erik said...

I was finally able to get youtube to play this for me. I think I am going to post something on this this week. Need to ponder some implications about it first tho.