Friday, February 10, 2012

John Williams: US Deficit Is Really 5 Trillions US Not 1.3

VisionVictory interviewed John Williams of Shadow Stats

Mr. Williams explains that if the government used Generally Accepted Accounting Principles (GAAP) like corporations do, the US deficit would actually be close to 5 trillions instead of the announced 1.3 trillions for 2011. This number includes NPV of unfunded liabilities. That's a deficit corresponding to a whooping 30% of GDP...

He also says that the loss of confidence in the US dollar has already started, you don't want to be in the US dollar and buy precious metals (Gold, Silver) or strong currencies such as the Canadian Dollar, Australian Dollar and Swiss Franc. 

Finally, he recommended people to store food, as when (not if) the financial system and the US dollar collapses there should be supply disruptions. 

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