PG (usagold.com 04July2009; 14:02)
MOUNTAIN OF DEBT: Rising debt may be next crisis
[T]he debt stands today at a staggering $11.4 trillion — equivalent to about $37,000 for each and every American. And it’s expanding by over $1 trillion a year.
The Peter G. Peterson Foundation, established by a former commerce secretary and investment banker, argues that the $11.4 trillion debt figures does not take into account roughly $45 trillion in unlisted liabilities and unfunded retirement and health care commitments.
That would put the nation’s full obligations at $56 trillion, or roughly $184,000 per American, according to this calculation.
The mountain of debt easily could become the next full-fledged economic crisis without firm action from Washington, economists of all stripes warn.
Link
PG comment: If you are sitting on the fence, looking for one good reason to make your first gold purchase — or add to your existing gold holdings — this is it.
Happy Independence Day one and all!
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