muses of the moment

January 30, 2011

Michael Pento……crying and laughing at $100 trillion more in debt

Great interview with Michael Pento over at Click here.

groovygirl comments: Michael talks about a serious concept. Expanding debt level beyond sanity. But since the US can still print whatever and borrow whatever, the bankrupt balance sheet is not a problem….yet. But the collapse will occur when we have a cash flow problem, when we have no ability to service the interest on the outstanding debt. Accounting gimmicks can cover up a bankrupt balance sheet, but cash flow problems will be where the rubber meets the road.

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