Two trillion in stimulus funds and we are worse off but the bankers and Wall Street Apparatchiks are better off than before.  Our wayward and frivolous spending has sent us down the road of no return. Like Rome Burning, America now does not have the means to put out the fire. We are in the most difficult time in our history, one that does not sit well with most Americans. There is only one answer,  cut government spending by 50%, taxes by 50% and entitlements by 50%. We cannot fool our selves any longer. And the longer we wait, the more pain we will endure. We are only being kept alive by foreigners who continue to buy our debt. Rolling over debt, paying the interest only, similar to a minimum Master Charge or Visa payment, is a catch twenty two. The interest keeps piling up, because spending and borrowing continue.

The red ink, which is a sign of default on our part, is a warning to our creditors. Pull back, make contingency plans for an eventual default. We say eventual, the Government/Federal Reserve, have plans in place to face this eventuality. They are in the second phase now, trying to determine if a restructuring of our debt is possible or if we should plain out default. Our take on this likely scenario is to pay 50% on the dollar, go to the gold standard and make the cutbacks necessary to stimulate the economy. However, none of this will occur with the present administration, nor will it be pushed by any of the political parties. It is not good politics to take away what has been given. To even bring it up in a conversation is heresy. But the day of reckoning is here. Not next year, not 2012, but today. Do our politicians have the guts to act or will they react? That is the question.