2
Dez
2005

By 2008, $8 trillion of U.S. debt will be owned by foreigners

Better start preparing...does anyone have any idea what will happen durring the next great depression?

beefree


THE ECONOMIC, MILITARY and cultural reach of the U.S. may be unrivaled, but as an empire it's no strapping young buck. Those days are over, say Addison Wiggin and Bill Bonner in their new book, "Empire of Debt: The Rise of an Epic Financial Crisis." The authors describe with sardonic humor — and no small amount of name calling — how America has become an overfed, imperial has-been and economic basket case.

Ostensibly, America is the most prosperous nation on the planet. But it's also the world's largest debtor and biggest consumer, the "world's mouth," according to Wiggin and Bonner, who are respectively the founder and editorial director of Agora Financial, a Baltimore-based publisher of financial newsletters and web sites1.

Meanwhile, as the country inches toward bankruptcy, Americans buy houses as investments, drain their homes of equity and spend what they don't have, say Wiggin and Bonner. Folks are living well above their means, yet drowning in an ever-rising sea of debt. A recession is imminent, predict the authors, and American hegemony will wane.

http://www.smartmoney.com/theproshop/index.cfm?story=20051201

Empire of Debt

Book Link:
http://tinyurl.com/dmx3f
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