It would seem like a strange paradox. It's the most powerful country the globe has ever seen - militarily, at least. Yet its weakness economically is turning up in all sorts of spots. Stubbornly high joblessness. Zombie banks. A shaky stock market. Terrible foreclosure stats. And debt - both public and private - out the wazoo, in numbers we can't even grasp. Can both occur together? A powerful military along with a deteriorating financial system? Probably not. In fact the question could be asked, why hasn't the entire thing collapsed by now?

Yes, the U. S. government is bankrupt. There can be no way it might meet its promises to future generations of Americans regarding health care and old-age pensions, not to mention sustain its military presence around the globe. And I've not yet mentioned the expense of servicing the national debt - never mind paying some of it back which isn't even on the radar screen. When I claimed the federal government cannot do it, I meant that. Not even by raising taxes.

It truly is bankrupt and it maintains itself through its ability (until now) to borrow from foreign governments and to create dollars out of nothing at all in order to make payments on its obligations. Once the first has gone, the next will go, as they say, "to the moon." The consequences of practically unlimited money creation by the Federal Reserve to satisfy the financing requirements of the central government is going to be disastrous. Plan for it like your future will depend on it, because it does.

If you're planning your retirement living based on the supposition that you'll get the same government benefits in your old age that your parents did, you're in for a ugly disappointment. For you, as well as millions like you, retirement is going to be repealed.

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