Friday, November 22, 2013

It's Impossible to Deal with the Debt

“The United States is already insolvent. They announced their own GAAP budget deficit, which was $6 trillion last year. $6 trillion! They (only) had revenues of $3 (trillion). And the combined debt and entitlements is now $60 - $70 trillion.
Now, can you expect somebody with $3 trillion of annual revenue to be able to deal with $60 trillion of debt? It’s impossible. So, mathematically it’s over...."

- Eric Sprott via King World News: