Jomama points to this gem in the Daily Telegraph (U.K.):
The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.
A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.
Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.
According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''...
It's always fun to note how things like this are always reported as a "pensions and welfare timebomb" never a "cost-of-Imperial-aspirations and unchecked-dependency-on-fossil-fuels timebomb" by the bankers.
But jomama's right, the main$tream media mentioned nothing of it, although the paper is mentioned here by the St. Louis Fed Review. You can get a link to a .pdf version of the paper here.
I guess the bankruptcy of the United States just isn't newsworthy enough to go further than a trade journal... unless you live in any other country.
I wonder who the repo man will be?
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