SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : Stockman Scott's Political Debate Porch
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: SOROS who wrote (9685)11/21/2002 10:17:45 PM
From: westpacific  Read Replies (1) of 89467
 
The US is roughly $20 trillion (that's trillion) in the hole, according to Peter Fisher, the Treasury's under-secretary for domestic finance. Said Mr. Fisher, "Think of the federal government as a gigantic insurance company with a sidesline business in national defense and homeland security. This particular insurance company, it turns out, has made personal promises to its policyholders that have a current value of $20 trillion or so in excess of the revenues it expects to receive. An insurance company with cash accounting is not really an insurance company at all," he added, "it's an accident waiting to happen."

And this from the guy who's chief job is to sell US Treasury debt? What the devil is going on?

Well, nothing that's very different. What Peter Fisher it telling us is that the whole Federal government's financial structure is unsustainable. Then how will it work out? I guess the government will either declare bankruptcy or print the nation out of its problems. Gold anyone?
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News