Your comedian wasn't funny.
After recording the Peter Schiff vs James Galbraith interview on CNBC 4/26/10 , it seemed appropriate to post the following email to CNBC:
Subject: 4% interest rates for 20 years???? Your comedian wasn't funny.
Hi CNBC!
It doesn't matter whether Prof. Galbraith is right about interest rates remaining at 4% for 20 years (like drawing 10 blackjacks in a row in Vegas. -- OK, 20), it's the "off balance sheet" unfunded liabilities that everyone so glibly dismisses with a single sentence.
The minimum estimates of the cost of those (Social "Security" and Medicare -- before Obamacare) was somewhere around $66 trillion.
The debt clock currently shows them at about $108 trillion.
Health, happiness, & long life,
L. Reichard White
P.S. OK, like drawing 100 blackjacks in a row. And as Prof. Galbraith suggested in a backhanded manner with his "U.S. controls its currency" comment, inflation is the nearly inevitable outcome.
Subject: 4% interest rates for 20 years???? Your comedian wasn't funny.
Hi CNBC!
It doesn't matter whether Prof. Galbraith is right about interest rates remaining at 4% for 20 years (like drawing 10 blackjacks in a row in Vegas. -- OK, 20), it's the "off balance sheet" unfunded liabilities that everyone so glibly dismisses with a single sentence.
The minimum estimates of the cost of those (Social "Security" and Medicare -- before Obamacare) was somewhere around $66 trillion.
The debt clock currently shows them at about $108 trillion.
Health, happiness, & long life,
L. Reichard White
P.S. OK, like drawing 100 blackjacks in a row. And as Prof. Galbraith suggested in a backhanded manner with his "U.S. controls its currency" comment, inflation is the nearly inevitable outcome.
Labels: Armageddon, debt clock, deficit, fiat, fiat currency, government debt, national debt, The BIG One
posted by L. Reichard White @ 7:12 AM
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