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  • Another Financial Crisis To Come

    America is headed for another much more serious financial crisis in the coming years. Trillion dollar annual budget deficits are skyrocketing our national debt - now at a record $12.6 trillion - which is on track to more than double over the next decade. Moody's, one of the nation's oldest credit rating firms, warned recently that the US government could lose its triple-A credit rating in a few years if the current runaway spending is not reversed.

    Whether the government loses its triple-A credit rating or not, those who buy our trillions in government Treasury securities are becoming increasingly nervous about our ability to make good on those supposedly risk-free obligations. Foreigners own over half of our outstanding national debt. When these creditors decide they no longer trust our commitment to make good on this exploding debt, we will enter a financial and currency crisis that will make 2008 look like a walk in the park.

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