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US Debt Crisis: How to Avert the Next Financial Collapse
Is the US economy already bankrupt? The world's largest economy reached
its statutory debt limit last month. The US Congress must raise the
US$14.3 trillion debt ceiling by 2 August 2011 to avoid the government
defaulting on its loans. Renowned economist Larry Kotlikoff, a professor
at Boston University, insists the US was broke long before the global
financial crisis. US governments have been disguising the real level of
national debt for decades, claims Kotlikoff who tips an imminent
meltdown in the US bond market and skyrocketing inflation. Averting a
future financial collapse requires numerous reforms, he suggests,
including a switch from covert "trust me" banking to a new transparent
system.
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Is the US economy already bankrupt? The world's largest economy reached
its statutory debt limit last month. The US Congress must raise the
US$14.3 trillion debt ceiling by 2 August 2011 to avoid the government
defaulting on its loans. Renowned economist Larry Kotlikoff, a professor
at Boston University, insists the US was broke long before the global
financial crisis. US governments have been disguising the real level of
national debt for decades, claims Kotlikoff who tips an imminent
meltdown in the US bond market and skyrocketing inflation. Averting a
future financial collapse requires numerous reforms, he suggests,
including a switch from covert "trust me" banking to a new transparent
system.
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