from Economic Noise:
As the political primary season approaches a climax, so does the Federal Government. The primaries will tell us what two crooks/fools/imbeciles/Mafia types or whatever you want to call them will be running against each other. Sadly, it doesn’t matter in terms of the fate of the country. Regardless of who wins, it doesn’t matter because the government is nominally bankrupt and rushing headlong into a financial collapse that cannot be avoided.
To understand, read the following summary by Simon Black. Do you think the government understands this problem? Or do you think they just don’t care? Regardless, there is nothing they can do at this point other than default on their obligations. Hopefully, it will be a formal default and not a printing press engineered one which no one will be able to protect against.
Prepare to be scared, angry and disgusted:
February 26, 2016
Hot off the presses, the US government just published its audited financial statements this morning, signed and sealed by Treasury Secretary Jack Lew.
These reports are intended provide an accurate accounting of government finances, just like any big corporation would do.
And once again, the US government’s financial condition has declined significantly from the previous year.
For 2015, the government reports $3.2 trillion in total assets.
This includes everything from financial assets like bank balances to physical assets like tanks, bullets, aircraft carriers, and the federal highway system.
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