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"I.O.U.S.A."

Billionaires Warren Buffett and Pete Peterson
The disaster they warn of could be bigger than any we've ever seen - bigger than an iceberg, bigger even than the current mortgage crisis.

If the U.S. doesn't do something, and fast, to tame the federal government's debts - now more than $50 trillion - the two Nebraska natives warn - we will saddle coming generations with economic problems that will make this year's financial turbulence look like a trip to the debt counselor's office.

Peterson endorses Republican John McCain for president while Buffett favors Democrat Barack Obama. But they say the nation's budget and trade deficits aren't really partisan issues.

Peterson - who co-founded the Blackstone Group LP (BX) private equity firm and served as commerce secretary under President Nixon - is financing the movie and the discussion in Omaha to advance the goals of his foundation, created in February, which Walker runs.
Peterson pledged $1 billion to help raise the alarm about the nation's budget deficit, the projected shortfalls in Medicare and Social Security funding, the trade deficit and the meager savings rate for most Americans.

The film follows former US Comptroller David Walker as he tours the country explaining to Americans that the country's fiscal policies are unsustainable.

Full text CNN

Full text Daily Telegraph

A long wave of credit stimulation has been allowed to obscure the underlying problem of capital accumulation in the United States.
American Thinker 4/8 2008

David_M._Walker_(U.S._Comptroller_General)

"Min reflektion är att det finns en optimism i den amerikanska kulturen,
en framtidstro som gör att man har större benägenhet att skuldsätta sig än européer.
Olle Wästbergs nyhetsbrev, augusti 2008

New figures coming out of the US economy confirms that in almost every respect it is doing significantly better than expected.
It is impressive.
Carl Bildt blog 6/12 2005

A little diversion

Mr Walker in Bengali

Major James Bigglesworth, DSO, DFC, MC