60-Year Market Veteran Says US Is Bankrupt & Will Collapse

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/10/8_60-Year_Market_Veteran_Says_US_Is_Bankrupt_%26_Will_Collapse.html

Rotting, Decaying And Bankrupt – If You Want To See The Future Of America Just Look At Detroit

http://theeconomiccollapseblog.com/archives/rotting-decaying-and-bankrupt-if-you-want-to-see-the-future-of-america-just-look-at-detroit

Max Keiser: 'Barack Obama is clueless. Mitt Romney will bankrupt the country'

http://www.independent.co.uk/news/world/americas/max-keiser-barack-obama-is-clueless-mitt-romney-will-bankrupt-the-country-8269633.html

Of the many themes that Keiser returns to in his shows, one of the most interesting and incendiary is the relationship between big business and Congress. He has openly accused senior politicians of using investigations into financial malpractice as a way of acquiring market information so as to benefit themselves.

"Democracy is not well served by the current political configuration in America," he maintains. "The entire political establishment is designed around enriching a minority of people who have access to both information and capital. Take the CIA. They have recently opened up their services to hedge funds. Hedge-fund managers can now hire CIA agents to do research on pharmaceutical companies, defence contractors, or oil contracts."

What happens when a nation goes bankrupt

http://www.sovereignman.com/expat/what-happens-when-a-nation-goes-bankrupt

With the Lehman collapse, a lot of people got hurt… but it was mostly a financial and economic issue. When an entire nation goes bust, the pain is felt much deeper: the most basic systems and institutions that people have come to depend on simply disappear.

Argentina’s millennial debt crisis is a great example of this… suddenly the power failed, the police stopped working, the gas stations closed, the grocery stores ran out of food, the retirement checks stopped coming, and the banks went under (taking people’s life savings with them).

European leaders (with Chinese help) can postpone the endgame for a short time, but they’re really just taking an umbrella into a hurricane. It would be foolish to not expect a Greek default, and it would be even more foolish to not expect significant consequences. The only question is– how are you prepared to deal with what happens?

Former LA Mayor: 90% of cities and states to go bankrupt

http://www.economiccollapse.net/richard-riordan-90-percent-of-cities-and-states-to-go-bankrupt

Ron Paul: "The U.S. Government Must Admit It Is Bankrupt"

http://www.youtube.com/watch?v=ZO9KaSrj1sM&feature=player_embedded

Jim Rogers: 'Britain is totally insolvent'

http://www.thisismoney.co.uk/news/article.html?in_article_id=519495&in_page_id=2&ito=1565

'Greece is insolvent, Portugal has a liquidity problem, Spain has a liquidity problem, Belgium has been cooking the books for a long time, Italy has been cooking the books for a long time and the UK is totally insolvent.'

'Greece is insolvent, Portugal has a liquidity problem, Spain has a liquidity problem, Belgium has been cooking the books for a long time, Italy has been cooking the books for a long time and the UK is totally insolvent.'

'You need to let Ireland go bankrupt. They are bankrupt, why should innocent Germans, Poles or anybody pay for mistakes made by Irish politicians and banks.'

'It's dumbfounding and stupefying to me that you have a central bank in the United States that thinks that all it needs to do is print money,' he said. That has never worked, never worked anywhere in the world in the long-term or the medium-term.' 

Fed may go bankrupt

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/11/5_Jim_Rickards_-_Fed_May_Go_Bankrupt.html

Right now the Fed’s balance sheet shows about $57 billion in total capital. Current assets are about $2.3 trillion. The current money-printing plan will take total assets above $3 trillion. At that level, it only takes a 2% decline in asset values to wipe out the Fed’s capital. Put differently, it only takes a 2% drop in the average value of assets on the Fed’s balance sheet for the Fed to go bankrupt. And this is in an environment where various markets frequently go up and down 3% in a single day.

The Fed is saying don’t worry about mark to market losses because we will hold the bonds. The Fed is saying don’t worry about inflation because we will sell the bonds. Both of those statements cannot be true at the same time. You can hold bonds and you can sell bonds but you can’t do both at once. You will want to sell when rates are going up but that’s when losses will be the greatest. So the time when you most want to sell is the time when you will most want to hold.

So, here’s the bottom line on money printing, or QE if you prefer. If nothing happens, the whole thing was a waste of time. If inflation takes off, the Fed will have to choose between holding bonds and letting inflation get worse or selling bonds and going bankrupt in the process. Since no entity goes down without a fight, the Fed will naturally hold the bonds and let inflation take off. Do not ask about the exit strategy from QE; there is no exit.

US is bankrupt

http://www.bloomberg.com/video/62140030/

http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html