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I don't believe America will cease to exist. It will go on. It will be far different than it is today. We may start over with a new monetary system and form of government. History says that is usually what happens. $60 trillion in unfunded liabilities will eventually lead to promises we can't keep. Who gets the shaft and who doesn't will in part shape the future of the country.
Below is a quote from FOMC member Dick Fisher. The whole speech is well worth the read here. http://www.dallasfed.org/news/speeche...
Fisher: Just recently, in a hearing before the Senate, your senator and my Harvard classmate, Chuck Schumer, told Chairman Bernanke, “You are the only game in town.” I thought the chairman showed admirable restraint in his response. I would have immediately answered, “No, senator, you and your colleagues are the only game in town. For you and your colleagues, Democrat and Republican alike, have encumbered our nation with debt, sold our children down the river and sorely failed our nation. Sober up. Get your act together. Illegitimum non carborundum; get on with it. Sacrifice your political ambition for the good of our country—for the good of our children and grandchildren. For unless you do so, all the monetary policy accommodation the Federal Reserve can muster will be for naught.”
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