While everyone is mesmerized by the news about the “debt ceiling countdown” in the U.S., there is a much deeper, more serious problem underlying this story – the now inevitable collapse of the US financial system. I mention it here because many people now feel that this will occur even before the impacts of Peak Oil begin to be felt accutely.
To get your head around the issues I recommend you watch these few videos which will make the unsustainable nature of the U.S. economy very obvious. The only reason to deny the obvious conclusions of the information in these videos is because, like global warming, it is an inconvenient truth.
- Sixty Minutes: The Wake Up Call (0:7:56) featuring David Walker, former Comptroller General of the U.S. and head of its National Government Accounting Office. See also America’s Financial Future (0:11:18) created when he was still in office (1998 to 2008).
- PBS Frontline: Ten Trillion And Counting (0:54:00)
- IOUSA (0:30:00)
- Chris Martenson: The Crash Course (video series – 3:23:00)
- Hard Numbers: this last is not a video but an explanatory article showing how the government improves its economic indicators (unemployment, GDP, inflation, etc) by changing what they are based on. This will unravel for you the mystery of why you can never get ahead.