A Parable, A Warning, And A Fact Check
First, the parable, as cited by Denninger, from Charlie Munger, long-time business partner of Warren Buffett and Vice-Chairman of Berkshire Hathaway:
Basically, It's Over
Next, the warning, as cited by Jim Sinclair from Zero Hedge:
FDIC Hits Record "Default" Level As Deposit Insurance Fund Plunges By $12.7 Billion To NEGATIVE 20.9 Billion
Finally, the fact check, from your friends at the Central Intelligence Agency, courtesy of Jr Deputy Accountant:
Per the CIA, the United States is the Brokest Nation in the World
The top five (based on "a country's net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms."):
* 1 China $296,200,000,000
* 2 Japan $131,200,000,000
* 3 Germany $109,700,000,000
* 4 Switzerland $79,180,000,000
* 5 Norway $58,560,000,000
Those are positive account balances in case the coffee hasn't kicked and you're confused.
Putting this into perspective, Zimbabwe comes in #112 with an account balance of -$597,400,000. The United States?
Read the rest for Uncle Sam's score.
Any questions why Zippy sez: