Professor Laurence Kotlikoff discusses The Inform Act and the true size of the American Debt. "The country is in the worst shape than Detroit, it is basically bankrupt." China knows it and buys record amount of Gold this year.
"Gold has started new year with the bang and is solidly up from the retest of the low in 2013. Bearishness in the sector is another reason for the big turn around and equity markets are taking a breather now as well. Great Rotation from Bubbles into the Real Assets could be just in the beginning. The action next week will be very important for Gold and Silver markets and Gold mining shares."
"Dear Fellow Economists and Other Fellow Citizens,
Please join the 15 Nobel Laureates in Economics, prominent former government officials, and others listed here in endorsing the INFORM ACT.
The INFORM ACT requires the Congressional Budget Office (CBO), the General Accountability Office (GAO), and the Office of Management and Budget (OMB) to do fiscal gap accounting and generational accounting on an annual basis and, upon request by Congress, to use these accounting methods to evaluate major proposed changes in fiscal legislation.
The INFORM ACT is a bi-partisan initiative. The bill was introduced Senators Kaine (Democrat from Virginia) and Senator Thune (Republican from South Dakota) and is being co-sponsored by Senator Coons (Democrat from Delaware) and Senator Portman (Republican from Ohio). The Bill will shortly be introduced on a bi-partisan basis in the House of Representatives."