US government flunked audit, financials an “unauditable” mess. What happened next? (Short tragic-comedic video).
But hey, the volcano hasn’t erupted yet. So let’s just party on.
For individual Americans, economic “growth” has meant the opposite.
We’re shocked and appalled: they’re lying to us, here in the land of open and transparent governance?
The US gross national debt ballooned far faster in fiscal 2014 than what government accounting of the budget deficits would have you believe.
The inevitable end of the dollar’s hegemony has consequences.
The US economy has repeatedly failed to resume normal growth after the crash. But potentially worse is the decline in long-term growth estimates.
State and city pension plans have been in a heap of trouble for years. What they need in order to be there in the future is a booming economy year after year and endlessly inflating asset bubbles. Otherwise, forget it. And even then, there’s a $1.1 trillion hole.
Belgium is known for its surprises. For example, it got by amazingly well for a couple of years without a national government, to the chagrin of a lot of people. Now that tiny country with a tiny economy is suddenly piling up a mountain of US Treasuries.
For a while, rumor had it that banks weren’t lending, and that this was the reason the recovery has been so crummy. There was no demand for loans, and banks were too tight with their lending standards. Or so the story went.