Upon surfing regular information channels this Saturday, an interesting article came up from a major website that is frequently visited. It seems that the US is officially bankrupt, and even the United States President has admitted it during an interview with C-SPAN.

C-SPAN Host Steve Scully went into an unusual tangent by asking difficult questions regarding the state of the US economy during a usual Washing Press Corps event with probing questions for the new President, Barrack Hussein Obama.

Below is a transcription of the interview:

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

So we’ve got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it’s putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don’t reduce long-term health care inflation substantially, we can’t get control of the deficit.

So, one option is just to do nothing. We say, well, it’s too expensive for us to make some short-term investments in health care. We can’t afford it. We’ve got this big deficit. Let’s just keep the health care system that we’ve got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything…

SCULLY: When you see GM though as “Government Motors,” you’re reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven’t seen since the 1930′s. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries…

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you’re seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they’re bringing less tax revenue in. And that’s a painful adjustment, what we’re going end up seeing is lot of states making very difficult choices there…

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation.

[ad#coinsrndm468ad1]

How You Can Protect Yourself Against Coming Government Consequences

If you are worried about your loved ones, the best investment decision you can make with your dollar right now is to purchase solid assets such as Gold, Silver, and other precious metals because they do not lose their value. Government issued currencies will and are losing their value right now, and will do so more in the future, because the government prints dollars and puts the public purse into more debt by this printing.

Actually, since the US has admitted it is bankrupt, it cannot even get more loans to act as collateral to print more money, so what will likely happen is the government will print money “out of thin air” (which it is doing already) in attempts to “stimulate” the economy. However, history shows time and time again that this will never work. Examples are the Weimar Republic of Germany after World War 1 when that government tried to print money in attempts to pay off debts and to stimulate spending. What happened is that by doing this, prices on goods and services accelerated faster than wages. So, everything was too expensive for anyone to afford.

You may contact EconoChristian.com for more information on how to secure your existing assets from this monstrous calamity that is awaiting, or you can search the archive for informational posts that detail the coming disaster, and what you can do to help yourself and loved ones.

The NEW 118-Page Independent Investor eBook – Download It FREE!

Tens of thousands of investors downloaded the original Independent Investor eBook. It changed the way they think forever. Now the new edition doubles the scope of the original you’ll get 6 brand-new chapters (43 new pages of valuable new insights) designed specifically to help you survive today’s environment. Best of all, it’s FREE!