미국은 파산을 선언해야한다, Doug Casey

미국은 파산을 선언해야한다, Doug Casey

이번 주 오바마는 미국의 16조달러 상한선에 대한 공화당의원들의 경고에(대가지출 삭감을 주장할 수 없다는) 대한 대책을 위한 작업을 시작했다.

같은 날, 연방 준비 의장 벤 버냉키 교수는 채무 한도의 제거를 주장했다. 워싱턴 포스트에 의하면 버냉키는 미시간 대학에서 부채 상한선은 단지 "상징적 가치'를 가진다 라고 말했다.

대부분의 미국정부프로그램이 파산위험을 초래할 만큼 자금부족이 될 때 의원들에 의해 2 월 중순과 3 월 하순 사이 어느 시점에 데드라인은 도달한다.

두 전직 미국정부의 관리는 월스트리트 저널에서 미국부채는 86,800,000,000,000달러, 또는 GDP의 550 %를 상회한다고 한다.

FDIC 예금 보험과 같은 약속이 반영될 때 케이시는 100조달러를 상회한다고 주장한다

2013. 1.18

 

America Should Declare Bankruptcy: Doug Casey

http://finance.yahoo.com/blogs/daily-ticker/america-declare-bankruptcy-doug-casey-124119100.html

This week started with President Obama Monday demanding lawmakers raise the U.S.’s $16.4 trillion debt ceiling, warning Republicans not to insist on spending cuts in return.

The same day, Federal Reserve Chairman Ben Bernanke advocated getting rid of the debt limit altogether. The Washington Post reports in a conversation at the University of Michigan Bernanke said the debt ceiling has only “symbolic value

And the week ends with lawmakers still careening towards a deadline somewhere between mid-February and late March, when the U.S. will run out of funding for most government programs and risk default.

They have no plan to raise the ceiling or abolish it.

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Even so, perhaps playing chicken with the debt limit, a charade we already witnessed once before in 2011, is not the real story.

“Bernanke is quite correct, it is theatrics,” Doug Casey, chairman of Casey Research, professional investor, and author of Totally Incorrect: Conversations with Doug Casey tells The Daily Ticker. “The problem is the amount of debt itself. The problem is so big at this point, I think it’s very questionable whether this can be solved at all.”

Related: Debt Ceiling Theatrics Could Spark 10% Sell-Off

Casey points to the money America owes above and beyond the official $16 trillion in national debt, as the real issue. This includes the so-called unfunded liabilities from entitlements like Social Security and Medicare.

Two former U.S. government officials put the federal government’s actual liabilities in excess of $86.8 trillion, or 550% of GDP, in a Wall Street Journal Op-Ed.

Casey argues we’re talking of upwards of $100 trillion when you also factor in the liability of promises such as FDIC deposit insurance.

“This is far more than can conceivably be repaid, so the debt is going to be defaulted on, it’s simply a question of how,” he says.

There is the specter of outright default like we’ve seen in the case of Argentina, where Casey himself spends much of his time. There’s also the scenario of “destroying the dollar,” devaluing it so the debt burden isn’t as heavy.

Related: Bill Gross: Fed’s “Hot Air” Will Keep Bond Bubble Aloft in 2013

Casey takes it one step further.

“I think the U.S. government should default on the national debt,” he says, pre-empting his statement with the admission that it may sound outrageous and too radical. “I say that for several reasons. The most important of them is if they don’t default on it, it’s going to make the next several generations of Americans into effect indentured servants, serfs, to pay off the debt that their parents and grandparents have incurred.”

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