posted on May, 6 2011 @ 11:51 PM
The US Federal Debt Is Unpayable
[QUOTE]Around 1918, the UK went into decline. By the mid 1970’s, it was bankrupt. Starting in 1979, it experienced a bounce-back rally of sorts –
thanks to their oil fields in the North Sea. Most people give Maggie Thatcher credit for their comeback, but the real white knight for the UK was the
North Sea oil discovery,” he said.
You give me the largest oil field in the world, and I’ll show you a good time too. But the US would need four or five North Sea oil fields to save
the current situation...because the Federal debt is unpayable.[/QUOTE]
[QUOTE]Because the Federal debt is unpayable.” The financial profligacy of the United States disturbs Rogers quite a bit – he believes we’ve
reached a point of no return, and thinks another crisis could start as early as this fall.
“Foreigners are already starting to get cold feet about investing in the US,” he said, citing the fact that some Swiss banks are no longer buying
any US shares.[/QUOTE]