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WALL ST JOURNAL: "WHY AMERICA IS GOING BROKE" (IT' S MUCH SOONER THAN YOU THINK!)
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Our FEATURE today focuses on a subject that most Americans brush off as impossible or highly unlikely. John C Cogan, a Sr Fellow at Stanford University's Hoover Institution, in his book "The High Cost of Good Intentions" reveals that bankruptcy is inevitable unless there's drastic efforts to ameliorate the out of control entitlement programs in the US. He assists The MYTH BUSTER in de-bunking a well established myth. Defense spending is NOT the cause of these massive deficits that will exceed $1 trillion in this fiscal year. In fact defense spending is only 4% of our current GDP whereas entitlements are 23%. The problem Cogan asserts is that "Congress has no stomach for entitlement restraint." The US Treasury is having difficulty finding buyers for its' debt at current yields. Covering these deficits will become impossible as the USD sinks and loses its' position as the world's reserve currency. Other topics include: IP Watchdog: The DOJ argued at the US Supreme Court that patents are a public right, Home builders are the hottest stocks, Apple, Inc takes a big market hit in Asia, The bitcoin government regulator in S. Korea dies suddenly, Hurrah for the Norwegians, The cost of our Olympians, An Evangelist icon dies and the DOJ investigates the FBI and itself. "Disclaimer: This commentary is provided for informational and educational purposes only. The information, analysis and opinions expressed herein reflect our judgment as of this date and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. All investments carry a certain risk and there is no assurance that an investment will provide positive performance over any period of time. Information obtained from third party resources are believed to be reliable but not guaranteed. Past performance is not indicative of future results. H. L. Quist is an Investment Advisor Representative."
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