Wednesday, June 22, 2005


As of last year, Americans were holding onto $37 trillion in debt - more than $123,000 for every man, woman and child in the United States. This amount of debt is more than three times the total number of dollars in existence anywhere - in home and business equity, checking and savings accounts, stock markets and even those held by foreign investors (66% of all dollars are held by foreign investors, by the way). If all of this debt comes due, there literally isn't enough money on Earth to pay it.
Dr. Kurt Richebacher, in The Daily Reckoning





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