And when will this happen? I don't know! My best guess is that it will occur during the next recession as the following happens:
1) Revenues to the US government collapse due to lay-offs and fewer people are working.
2) Demands for entitlement spending skyrocket, and more and more people require help with housing and food.
Of this I am certain:
1) The interest on US government debt is now about $1/2 trillion per year.
2) The US government will borrow an additional $1/2 trillion this fiscal year.
3) The Congressional Budget Office forecasts that by the end of the next president's first term of office, the US will be borrowing $1 trillion/year! That's about 1/4 of the budget!
This guarantees a debt crisis sometime in the next few years! It will collapse the bond market and the US Dollar. It will bring a depression that will dwarf the Great Depression of the 1930s. It will likely also bring horrible bloodshed as desperate people engage in desperate behavior to survive.
