Continuity of the US government.. TOP SECRET!

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U.S. $10 trillion in the red

McClatchy News Service

As the national debt heads toward the $10-trillion mark, generous Americans are sending checks to the federal government.Donations to the Bureau of the Public Debt have topped $2.5 million so far this year. That’s the highest amount since at least 1996.

It’s not making much of a dent, though.

For the fifth time since 2001, Congress is raising the debt limit, increasing it by $850 billion to $9.815 trillion. The Senate approved the plan on a 53-42 vote Thursday. That’s $9,815,000,000,000.00.

The House of Representatives has already signed off on the plan, without a direct vote.

According to the folks who follow this stuff closely, the national debt has been rising by an average of $1.36 billion per day since September of last year.

And each citizen now has a share of nearly $30,000.

But Congress has an easy solution to deal with the rising tide of red ink. Instead of fretting over it, members simply allow the government to borrow more money, much to the consternation of some critics.

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Greenspan continues the destruction of the dollar

Alan Greenspan

Mr Greenspan left the Federal Reserve in January 2006

Greenspan’s outlook

One of the most influential figures in the world economy, former US central bank chairman Alan Greenspan, has warned that the good times are over for the world economy.Mr Greenspan, who played a key role in managing the US economy as head of the Federal Reserve from 1986 to 2006, says that higher interest rates and higher inflation are more likely in the future, leading to slower economic growth and lower housing and share prices.

In a wide-ranging interview with BBC economics editor Evan Davis, he warns that the UK cannot escape from global economic pressures.

And he says that central bank governors, including the Bank of England’s Mervyn King, face a far more difficult task in managing the economy in turbulent times.

Why is Mr Greenspan so gloomy for the world economy?

And why have his perceptions shifted so sharply, compared with his views when he was in charge of the Fed?

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