John Williams: US Facing National Bankruptcy As The Dollar Becomes Worthless
The US government can’t keep its commitments and remain solvent
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Jim welcomes back John Williams, Executive Editor of Shadow Government Statistics. John states his case that the US government can’t keep its commitments and remain solvent. According to a US Treasury report, the real national debt is not $16 trillion, but more like $86 trillion on a present value basis. John also points out that this year’s US budget deficit isn’t $1.3 trillion, but $5 trillion when calculated on a GAAP basis. John believes the Federal Reserve is getting ready to announce an open-ended money-printing program. Lastly, John still sees the 2014 hyperinflation scenario as intact, unless the Republicans win in November and make significant and lasting changes to spending and taxation.
John received an A.B. in Economics, cum laude, from Dartmouth College in 1971, and was awarded a M.B.A. from Dartmouth's Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar. During his career as a consulting economist, John has worked with individuals as well as Fortune 500 companies. Formally known as Walter J. Williams, his friends call him John. For nearly 30 years, John has been a private consulting economist and, out of necessity, had to become a specialist in government economic reporting.