“Record-low interest rates encourage present consumption and generate massive debt. In just five years, total financial as well as nonfinancial American debt has surged by 51 percent or $10.9 trillion to more than $32 trillion, three times the annual Gross National Product. The Federal government itself is chafing under a $6.8 trillion debt and adding $1.6 billion a day. At present interest rates, this debt alone commands charges of $300 billion a year, or more than $1,000 per man, woman, and child.” According to Hans F. Sennholz in his essay - Saving the Dollar from Destruction - we are presented with a bleak financial future.
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