Don't forget Fannie & Freddie in the back seat!

From Chuck Butler’s Daily Pfennig yesterday:

“Speaking of deficits... I was thinking last night that I've been blind to something that I should have seen a long time ago, since I talk about both of them all the time! The National Debt in the U.S. is nearing $13 Trillion dollars... But... It's really $19 Trillion... Where did the $6 Trillion come from? Ahhh, grasshopper, it even took me this long to figure this one out... You see... The debts of Fannie and Freddie total over $6 Trillion... And since these two were nationalized their debts are our debts now... And just because the Gov't doesn't count their debts with ours, from now on, I will...

How are we ever going to pay back $19 Trillion? (Oh and that's not counting the unfunded liabilities of Social Sec., Medicare, and Medicaid) Higher taxes? That won't work folks... Gov't spending cuts? That would help, but going forward with all the baby boomers like me nearing retirement, the unfunded liabilities become "funded" and those alone will be more than tax receipts and spending cuts can cover!”

Chuck Butler is right! So, exactly how are we going to cover that? Helicopter money! Our government will have to break off the E-stop button from the printing presses as I have said before!

What is your alternative to this madness? Own physical gold. Own a small gold coin. A sovereign gold coin is your line in the sand against the printing press!