Saturday, Jan. 22

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I read a story the other day on DrudgeReport that said the fed govt was exploring ways for states to declare bankruptcy in order to get out from under the financial commitments they have, like pensions, contracts, etc.  Look at the order of magnitude:  we have had a tidal wave of individual bankruptcies, followed by the onset of commercial real estate and business failures and moving on up the chain to the state level.  What's next?  For years there has been mention about how exposed the US is with the soveriegn debt from China and the Middle East.  Our leaders response has been to wage expensive wars and borrow the money from China and the Middle East to fight those wars.  Our national debt is over $14 trillion.  with a T.  Like the proverbial drug dealer, countries line up to loan the US money to satisfy our insatiable appetite to spend.  to consume.  to waste.  to throw money at lost causes.  What happens when the US declares its inability to pay its debt?  Will the next world war be over debt repayment?  Will we look at our national assets to see which can be sold to the highest bidder?  I wonder if there is a plan for this, or am I being too alarmist?

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