Our federal officials have passed laws that guarantee an incredible variety of debt and debt-like obligations. The amounts run to 50—100 trillion dollars or so. If events occur such that they have to pay off a cluster of these guarantees, they cannot do so. They can pay off in paper but they can’t pay off in terms of real assets. This means that federal government guarantees are not worth the paper they’re printed on. This fact has not yet been brought into the public consciousness. Most people still believe that government guarantees mean something. Correspondingly, outgoing President Bush and incoming … Continue reading Federal Financial Guarantees Are Worthless