Part 1 of Money Master makes predictions of "an economic crash of unprecedented proportions" primarily related to crushing debt that the U.S. is incurring.
Economist Henry Pasquet is a tenured instructor in economics. He agrees the end is near for the U. S. economy. "No, not when you are adding roughly a billion dollars a day. We just can't go on. We had less than 1 trillion dollars of national debt in 1980, now it's $5 trillion - 5 times greater in 15 years. It just doesn't take a genius to realize that this just can't go on forever."
Webskeptic agrees that ever increasing public debt is unsustainable and is not about to defend the irresponsible deficit spending of the government.
Webskeptic does disagree with where the blame for deficit belongs. Bottom line: Deficit spending is the result of a joint decision by congress and approved by the president. If congress consistently passed a balance budget year after year, public debt would disappear in about 10 years (when most T-Bills would mature).
This would leave 'intra-agency debt', which is essentially government IOU's to itself. Most intra-agency debt is in Social Security which re-invest surplus funds into T-Bills. The Federal Reserve accounts for about $800B
(to be continued)