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It’s enough to make any sane investor wonder if the human race has suddenly lost its mind!
Like Greece, Washington is drowning in debt.
Like Greece’s, our government is using “creative accounting” to greatly understate its total debt — by excluding from its balance sheet the debts of agencies that it owns and controls — such as Fannie Mae and Freddie Mac.
But unlike Greece, Washington has not yet taken any substantive steps to curtail its debt addiction.
Quite to the contrary …
Our government’s “solution” is to pile on still MORE debt — with a $1.6 trillion deficit this year … with continuing massive deficits until at least 2010 … and with still more creative accounting to cover up the far larger deficits.
Adding insult to injury, today and early next week, Congress will try to push into law a new health care bill that could add another $940 billion to the deficit.
The Congressional Budget Office says it could save us money in the long term. But their long-term, “out-year” forecasts have been notoriously shaky. And even if they’re right, the near-term impact will be MORE borrowing! Meanwhile …
The Federal Reserve’s “solution” is to continue printing money to finance deficit. The Fed’s decision last week reaffirmed that course. And so far, we see no one — in or outside the Beltway — with the courage and the power to stop them.
Washington’s message: “Damn the torpedoes! Full speed ahead! Give the public plenty of lip service about defending the greenback … but crank up the printing presses and run them 24/7!”
Have our leaders in Washington totally lost their minds?
Since when is it sane to ask investors — especially foreign investors — to lend you more money while knifing them in the back every time they open their wallet?
Since when is it sane to believe that to solve a crisis, you must do more of the thing that caused the crisis in the first place?!
Any way you look at it, our leaders are proving that if you’re going to protect your future, you’re going to have to do it yourself.
I am here to help you any way I can. I cannot guarantee success. But I can guarantee that, God willing, my team I will be there with you through thick and thin.
Good luck and God bless!
Martin
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