Lies from Alan Greenspan: debt doesn't matter

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I find it stunning that Alan Greenspan, who should know better, is stating that household debt doesn't matter. The Bush Administration has said the same thing about federal spending: national debt doesn't matter either. So they just keep on spending our country into an economic tar pit.

It's economic nonsense. Debt does matter because debts either have to be repaid, or you have to reboot the whole system (declare personal bankruptcy or national bankruptcy). And that's exactly where the United States is heading, both on a personal and federal level. We are a nation of spenders, not savers, and due to the fact that there seems to be no fiscal discipline left in the country, the most likely outcome will be, someday, a complete collapse of the U.S. dollar on the world currency markets coupled with widespread economic ruin in the U.S.

Party while you can, folks, because this spending spree won't last forever. You can't change the laws of physics or economics.

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About the author: Mike Adams is a consumer health advocate with a passion for sharing empowering information to help improve personal and planetary health He has authored and published thousands of articles, interviews, consumers guides, and books on topics like health and the environment, reaching millions of readers with information that is saving lives and improving personal health around the world. Adams is an independent journalist with strong ethics who does not get paid to write articles about any product or company. In 2007, Adams launched EcoLEDs, a maker of super bright LED light bulbs that are 1000% more energy efficient than incandescent lights. He also founded an environmentally-friendly online retailer called BetterLifeGoods.com that uses retail profits to help support consumer advocacy programs. He's also a successful software entrepreneur, having founded a well known email marketing software company whose technology currently powers the NaturalNews email newsletters. Adams also serves as the executive director of the Consumer Wellness Center, a non-profit consumer protection group, and practices nature photography, Capoeira, Pilates and organic gardening. He's also author of numerous health books published by Truth Publishing and is the creator of several consumer-oriented grassroots campaigns, including the Spam. Don't Buy It! campaign, and the free downloadable Honest Food Guide. He also created the free reference sites HerbReference.com and HealingFoodReference.com. Adams believes in free speech, free access to nutritional supplements and the ending of corporate control over medicines, genes and seeds. Known by his callsign, the 'Health Ranger,' Adams posts his missions statements, health statistics and health photos at www.HealthRanger.org


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