Debt that Can Swamp the Planet

The U.S. national debt now exceeds $12.3 trillion in a $14.2 trillion economy, and the U.S. government is now piling it on with unprecedented new deficits. The U.S. Treasury's borrowing requirement is, as it were, coming up against the Great Wall of China.

Little things, such as the heart of the U.S. space program, are being gutted to make way for metastasizing social security entitlements and debt service payments that will soon swamp the entire federal budget -- thus requiring the elimination of more little things such as the army, navy and air force. At some point the entitlements simply can't be paid, without hyperinflation.

I am not exaggerating. The American debt is now at levels that ring bells at the International Monetary Fund. And as the world's biggest debtor rapidly accelerates its borrowing, the fiscal carrying capacity of the rest of the planet comes into question.