An Unsustainable Formula
America’s economy remains in grave danger. Our politicians not only spent tomorrow’s entitlement and defense dollars yesterday, but they’ve also added a mountain of debt that cannot realistically be repaid. Through the mixed blessing of the dollar as the world’s currency, the U.S. has had the temporary luxury of printing our way out of our mess. That formula works only if no one notices and foreign creditors retain faith in the value and security of the dollar.
Both illusions are being shattered. The most recent Treasury International Capital flow data illuminates a frightening reality – foreigners are being spooked by America’s spending and printing addiction. In October only 7.5 billion in government securities were purchased compared to the 51 billion anticipated. In fact China sold 6 billion in treasurys and agency debt during the same period.
We’ll know more in January, but if this trend continues, very dark days are ahead. We should all be ashamed of our part in the unethical mismanagement of our economy…
Dr. Carl Mumpower
Read more at NC Freedom Western
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