bank secrets

[kandrathe]

No question, you're in a tricky bind, as are most countries. At least you're not as (relatively) indebted as Iceland, then you'd owe something like $25 trillion.

Speaking of Iceland... I read an entertaining article on Iceland in Vanity Fair.

"Yet another hedge-fund manager explained Icelandic banking to me this way: You have a dog, and I have a cat. We agree that they are each worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners, but Icelandic banks, with a billion dollars in new assets."

Still, by 2019, we will have every household in the USA owe more than $200K. That is, depending on how fast the US Treasury prints money, and how fast the value of dollar declines. If the dollar devalues at the same rate (not likely but... ), then that number might double or triple.

The USA's decline may not be as fast or spectacular as Iceland, but nevertheless, likely, unless something is done to decrease spending, and increase revenues.