The crash keeps crashing

The banks continue to fail; what's left of American manufacturing is going broke; even the once legendary Microsoft and Intel are dumping thousands and thousands of employees. As if all these were not enough, now we're falling into the commercial real estate crash. And it's no surprise given the preposterous overbuilding of the last decade and the on-credit consumer spending spree--both effects of the same cause: the government's unrestrained expansion of credit and money.

I've previously said that in this fiscal year alone, the government will run a $2 trillion budget deficit (or at least attempt to). Paul Craig Roberts sees my $2 trillion and bets another trillion. Can you imagine such a sum? The total federal budget of the last fiscal year was $3 trillion. Now that will be just the budget deficit! Who will loan America such a colossal sum? Who's got that kind of money?

And that $3 trillion is just this year's deficit. Mr. Obama expects trillion and multi-trillion dollar deficits indefinitely into the future. How can these deficits ever possibly be financed? Are Iceland and Zimbabwe our future? How can we escape that dismal future if we do everything possible to achieve it?

Read Paul Craig Roberts here