This short article is spot on. The debt we have accumulated is not just a problem for our grandchildren, we are in the middle of a debt crisis brought on by unsustainable levels of debt and fighting it with more debt. Debt level charts show that we are in a classic blow off phase. Since debt is a proxy for currency, the money supply, broadly measured has gone ballistic. This is all an inevitable result of fractional reserve banking and fiat currencies--the complete lack of discipline that they foster.
March Madness: U.S. Gov't Spent More Than Eight Times Its Monthly Revenue | CNSnews.com: cnsnews.com/news/article/march-madness-feds-spent-...-time
http://chum.ly/n/7ebe9d
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