Recently in the news:
The Chairman of the US Federal Reserve, Ben Bernanke, made an unprecedented TV appearance on 60 Minutes last night. (WashingtonPost.com)
President Barack Obama will take his economic strategy to Jay Leno’s comic couch on Thursday in the first appearance by a sitting U.S. president on a late-night TV talk show. (Source.)
Here is what they will NOT tell you:
What can’t be paid, won’t be paid.
The total American debt of $75 trillion ($250,000 for every American man, woman and child) is too great to ever be repaid in full. As a nation, we can’t pay our debts; not all of ‘em; not even most of ‘em. Individuals are currently holding [paper] debt instruments with a number like “$10,000,” “$100,000” or “$1 million” written on them and believe that those pieces of paper are assets actually worth their declared face value. (Source.)
Those waiting to hear the “D” word from economic experts, talking heads and TV anchors before taking action will most certainly regret their indecisiveness.
By the way, Anglo American has sold its remaining 11.3 percent stake in South Africa’s AngloGold Ashanti for around $1.3 billion to Paulson & Co, the hedge fund run by John Paulson. You know, John Paulson, the same guy who shorted subprime two years ago and made an unearthly fortune.
Trust me . . . “This is your captain speaking, everyone remain calm, everything is under control.”