If they keep spending like this will the country end up like California, bankrupt?

[James L]

fewer and fewer people rowing and more and more people jumping aboard. and the boats not getting any bigger. Pretty soon the people rowing the boat jump out and swim to shore. Our country is bankrupt but people are too scared to admit it. When the world finally admits that the US cannot pay its debts, central banks around the world will collapse because their treasuries are filled with US bonds and T-bills. When they finally confess out loud that America is broke, they will be broke too. So they are all going to quietly try to sell off US securities so that they won't be crippled when the US fails. No one wants to be left holding the bag. So they keep pretending America is still solvent so all their assets still have value. Basically we are too big too fail so people are not willing to admit that we have already failed. But the administrations policy of flooding the market with money that we don't have is stretching the ability of people around the world to keep lying to themselves. Obama is overwhelming the system and forcing the devaluation of the dollar. I think he plans to deliberately collapse the currency so the debt will become meaningless. All our debt is measured in dollars, all $13 trillion of it. When a Trillion dollars becomes bus fair like Zimbabwe, paying off the debt will be easy. But then he will have to discontinue the dollar and issue a new currency. I think he sees the destruction of all monetary assets around the world and the nullification of all debt as an opportunity to create social justice and distribute assets and resources equally to all people. I see it as an invitation to utter chaos, but I'm not a progressive.