It is very clear that we are approaching a national debt crisis. This chart from the St. Louis Fed illustrates America’s tale of woe. Once interest rates start to rise–and inevitably they must and will–then the whole charade will abruptly end. We will suffer a debt crisis far more horrendous than what we witnessed in 2008. No nation can survive a sustained debt level greater than 100% of GDP for and extended time without a crisis.
Some interesting reading over at The Daily Bell: Chris Becker’s Austrian Perspective on South Africa, Gold and the Ludwig von Mises Institute
Items from The Economatrix: