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Obama must wake up and watch Standard and Poor’s decision to downgrade its outlook for British sovereign debt from 'stable'' to ''negative''
UK’s financial system is melting down. Titanic 1 is sinking fast. But big brother and heavier armored Titanic 2, the US financial system is not far behind. Standard and Poor’s decision to downgrade its outlook for British sovereign debt from “stable” to “negative” is not a joke. The US Administration must wake up. America may be in line next.
The budget plan, the federal debt is exploding under the Obama Administration. Trillions of dollars were misappropriated and wasted in wars, giveout to wealthy friends and so on by Bush Administration. Obama Adminsitration has to continue the same path to rescue the sinking and worhless institutions. Instead of natioanlizing them they just blew off trillions of dollars.
UK’s financial system is a history. The US debt will continue to rise – much faster than gross domestic product, a measure of America’s ability to service it. Sooner or later America will fail to service it unless it decides to print endless and worthess dollars. Even then nirvana will not be in sight.
The US federal debt was equivalent to 42 per cent of GDP at the end of 2008. The rise in debt is astronomical. The debt servicing is going on by borrowing more money. That is the last stage before bankruptcy and total insolvency. The Congressional Budget Office projects that the budget deficit will increase to 82 per cent of GDP in 10 years. With no change in policy, it could hit 100 percent of GDP in the next three years.
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