NATIONAL DEBT CRISIS HAS REALLY JUST BEGUN, SAYS THE AUTHOR OF A NATION IN THE RED
Congratulations to Congress and the White House for finally
doing their job and settling the debt ceiling crisis. But did they really
settle anything at all? In the short-term they averted a default but pushed
that date back only a few months for yet another showdown. In the long-term,
they did nothing but allow for more debt to pile up on top of an insurmountable
sum. One of my clients at Media Connect, author Murray Holland, lays out what
you need to know and do about the national debt in his new book, A Nation
in the Red, due out by McGraw Hill in a little over a week.
“My book is a call to action by citizens of the United
States to save the country from the economic train wreck being imposed on us by
Congress,” says holland. “Every mom and dad, especially those with children who
are in their teens, twenties and thirties, should become aware of the economic
future that excess debt will bring the rising generation, because it is that
generation that will bear the burden of Congressional dysfunction for the next
decades.”
The staggering debt burden (we bleed $1.7 billion daily) that Congress has placed on the United States
citizens and economy will soon surface as the greatest threat to the country.
The burden has been masked by the lowest interest rates in the history of the
country and will be exposed by rising rates, as either the economy recovers or
investors assess the risk as higher than advertised.
Holland, managing director of Dallas-based MHT Partners, LP, with over three decades of experience working in the finance industry, tells us about the real debt crisis that he has uncovered through exhaustive analysis and research for his new book. .
The crisis is not about what is happening today. It is about
tomorrow. He reveals the following:
·
How large our debt really is – and
is heading to be: It is far worse than previous calculations or projections – the
correct number is $19 trillion and may well be over $31 trillion by 2022..
·
What the debt truly means to
individuals, businesses, and the nation -- and takes us through the devastation a debt out of control can unleash
on the economy and individually.
·
How individuals and businesses can
actually contribute to the solution – and how to best insulate themselves from
a looming depression if Congress fails to act.
·
Why just a small increase in the
interest rate -- which is bound to happen given the 50-year average is an
annual rate of 6% -- will more than
double the amount of interest paid, and why that amount will swallow 25% of our
tax revenue.
·
Why the U.S. has, out of 183
nations, the 9th worst debt-to-GDP ratio – and why only two nations
that have ever had a ratio worse than our 121% -- averted a depression (but
most experience a depression like Greece, Portugal, and Spain or long-term
recessions like Japan, France and Italy).
·
There are only five options for
countries with our level of debt-- and then recommends his strongest, viable
solution – and even that will take over 30 years to unfold in order to get us
back to where we were five years ago.
·
What the Federal Reserve must do –
including its new chief – to steer the country properly.
Holland wrote the book to get a dialogue going so for the
nation to take responsibility of this impending danger. It is his call to
action. “Most people do not have a clue what is going on and how the national
debt hurts the economy. Congress thinks “it cannot happen here” but it can and
will. The laws of economics are immutable, like the laws of physics. Congress
cannot legislate around them.” He started to conduct research in wanting to
know the impact of the national debt on his investments. He wrote it like he
would an investment banking study. He ended up spending over three years
researching the history of government defaults, what governments in the past
and present do when they find themselves in the debt trap the U.S. has entered,
how they got into the mess and what affect government debt has on the country’s
economy and currency.
“The true debt of
the U.S. – right now – is over 19 trillion and not the stated 17 trillion,”
says Holland. “The government does not consider the unfunded pension liability
to federal workers a liability, but the finance world does.” Federal debt to third parties will hit 30
trillion in 2022 – just nine short years from now. We need to learn from Europe
and from history – and avoid a default or currency folly. There are only a few
options to get out of the trap, but only one leads us to where we need to be.”
Social Security,
pension funds, healthcare mandates and other government obligations in the
coming years amount to tens of trillions of dollars. Can the U.S. escape the
debt trap? Holland provides a doomsday scenario based on where the facts have
led him, but he holds out the possibility for a solution – if America has the
political will and fiscal discipline to enact it.
“Make no mistake,”
concludes Holland. “We are on a collision course with our spiraling debt and if
we don’t jumpstart corrective action now, the U.S. will be heaped upon the
large pile of failed countries: failed because of a blatant disregard of basic
economics. What we need now is leadership and courage to fix these problems.”
This is a call to action to save our country. Every
concerned mom and dad should become educated and lead by discussion within
their families, schools and businesses. For more information and a thorough
economic and currency resources section, you can consult www.anationinthered.com
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Brian
Feinblum’s views, opinions, and ideas expressed in this blog are his alone and
not that of his employer, Media Connect, the nation’s largest book promoter. You can follow
him on Twitter @theprexpert and email him at brianfeinblum@gmail.com. He feels more important when
discussed in the third-person. This is copyrighted by BookMarketingBuzzBlog ©
2013
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