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* ​Nothing in the Congressional compromise reached over the weekend makes a significant dent in our $1.5 trillion deficit.
* In addition to an existing nearly $10 trillion of outstanding Treasury debt, the U.S. has a near unfathomable $66 trillion of future liabilities at “net present cost.”
* Aside from outright default, there are numerous ways a government can reduce its future liabilities. They include balancing the budget, unexpected inflation, currency depreciation and financial repression.
PIMCO IO AUG 2011.pdf
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Note: David "Davy" Crockett (August 17, 1786 – March 6, 1836) was a celebrated 19th-century American folk hero, frontiersman, soldier and politician. He is commonly referred to in popular culture by the epithet “King of the Wild Frontier”. He represented Tennessee in the U.S. House of Representatives, served in the Texas Revolution, and died at the Battle of the Alamo. |
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