US Bankruptcy

[mumuy]

Currently, the US government faces a grim reality, since its estimated national debt stands at 16.7 trillion dollars officially, however according to economist at the University of California; the national debt is more than $86.8 trillion dollars. This dire situation needs an urgent solution, in which the Obama’s administration must find ways to prevent this from happening before October 1, since it needs the consent of the US congress to raise the government debt ceiling.

Consequently, there are only two scenarios, either the US declares bankruptcy or raise it debt ceiling that will lead the country to the tough economic measures. With this in mind, the US may be facing a grim future.


For more details:

http://www.ft.com/cms/s/0/9569ab36-fde2-11e2-a5b1-00144feabdc0.html#axzz2bjyozQuG

http://www.silverbearcafe.com/private/02.10/bankrupt.html

http://www.paxforex.com/forex-blog/us-bankruptcy-fantasy-or-reality

 

[Rambo35]

Great post! I do think that the US will eventually default on its debt which will have catastrophic ripple effects for the US. I would not trust Washington with a single penny and those who think the US will continue to stay afloat because it is the US are due for a reality check.

 

[michael77]

You are right and thanks for sharing all those links. They also need to fix some other issues if they want to come back strongly to world's economy. I also read couple of other articles and it says that the government and other agencies are now taking some good policies to come back strongly, but the current situation is obvious that it would not be as easy as they have planned.

 

[Rambo35]

You are right and thanks for sharing all those links. They also need to fix some other issues if they want to come back strongly to world's economy. I also read couple of other articles and it says that the government and other agencies are now taking some good policies to come back strongly, but the current situation is obvious that it would not be as easy as they have planned.

What policies are you referring to?

 

[mumuy]

In my opinion, the US bankruptcy issue would entail that China's economy will prevail and would add addition burden on the quality of products coming out.

 

[Rambo35]

In my opinion, the US bankruptcy issue would entail that China's economy will prevail and would add addition burden on the quality of products coming out.

I think China's economy will prevail and for quality I would look around in Europe.