The Snare of Debt

Debt is the Achilles heel in today’s high-flying American economy. Vast wealth is being accumulated on a crumbling foundation of massive debt. What will happen when the economy slows down? How will that debt be repaid?

Mankind has just completed what can be justifiably called the “American century.” No other nation has impacted the world and history more by its military, economic, diplomatic and cultural power since the ancient days of Rome.

A January 14 article on the Internet’s CNNfn, “Party on Wall Street,” stated, “U.S. stocks rallied for the second straight session Friday, pushing the Dow Jones industrial average to a record high [11,716 points] after government data and words from the nation’s most powerful banker [Alan Greenspan] convinced investors that only a modest interest rate hike lies ahead.”

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