From USAWatchdog.com:
What is the biggest financial problem the world faces? Investment manager Catherine Austin Fitts, who is an expert in the federal budget and a former Assistant Housing Secretary, says,
“The reality is, the big mother lode on the whole planet — whether you are talking about derivatives, the bond market or the stock market — is the U.S. federal budget. What is happening is the dawning realization that we are not only going to have to re-engineer and cut the federal budget, but we are talking about reinventing the U.S. economy.
There are going to be extraordinary choices, and this is why nobody wanted to be the Speaker of the House. Paul Ryan did not want to be the Speaker because Paul Ryan knows this is coming. They will probably be able to delay it until after the election (2016), but then after the election, we’re going to have to sit down and say we can’t keep doing this.
Why is this relevant? All the markets globally work off the federal budget. It is extraordinary the amount of cash flows and credit that work off the federal budget. The reality is it is going to have to be re-engineered. That’s going to be a very shocking experience for many people.”
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