Efforts to correct this coming economic crisis by austerity and sacrifice have been rejected by the public and the politicians worldwide. Besides, these entitlements, the rest of the expenses are paid for with borrowed or printed (fiat) money that has little chance of being repaid unless perhaps by subsequent generations or by increases in taxes. So, one can see that the people of the USA do not have the resources to pay their expenses. The total value of all the assets of all the people in the USA is $99 trillion dollars. The unfunded promised benefits to the citizens of the USA in Medicare, Medicaid, Social Security, and pensions plus the USA debt amount to about $140 trillion. The spread of centralized government control of the economies, the growth of the welfare state worldwide, the expenditures on entitlements beyond what any nation or even most states can afford, the cost of wars, the rapidly climbing debt of the USA and other countries and their inability to pay for these excessive expenses, the actions of many countries to print “fiat” (false) money to pay for their debts, the raising of taxes to pay for these debts, the rise in immigration to developed countries from the undeveloped world, the associated costs to their societies of this immigration, the promises made by politicians to get elected that cannot be fulfilled, and the desire of the public to have what they want, now, paid for by credit cards (debt), are all contributing to the coming economic crisis. Few are aware or believe that this event could happen. The gravest challenge facing the USA and the nations of the world is the coming economic crisis of the world economies, if present policies are pursued.
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