John Williams: America and the Dollar is in Trouble!

[youtube=https://www.youtube.com/watch?v=j5JIDiO-f3Y]

• John Williams: America and the Dollar is in Trouble! 
  by Greg Hunter’s USAWatchdog.com 
  Economist John Williams is not buying the recent 3.9% GDP upward revision. Williams explains, “No one I know thinks we are growing at 3.9% other than they are trying to sell a bill of goods to the markets, specifically the currency markets. 3.9% is nonsense. You had 4.6% growth in the second quarter and 3.9% in the third.  Here you had two quarters at close to 4%, and we have not seen anything like that since 2003.  This is the strongest economy we have seen in 11 years, and I can tell you Main Street USA is not seeing that. . . . If you understate inflation, which the government does, you overstate inflation adjusted growth, and that is probably the biggest problem in the GDP report.”
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  Recently, the U.S. deficit passed the $18 trillion mark, but using honest accounting, Williams says the debt picture is much worse, “Using generally accepted accounting principles with expenses and obligations, what you are seeing is the actual deficit. Instead of being half a trillion dollars last year, it was more like $6 trillion in the same length of time.  The gross federal debt right now is $18 trillion.  If you add on the unfunded liabilities such as Social Security and Medicare, you are approaching $100 trillion in terms of total federal obligation.  There is just no way that can be covered. . . . The government, long term, is bankrupt.”
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