Sactions against North Korea? Yes ... unanimously ... (btw if you get a chance to catch the chilling CNN documentary about the smuggled video out of that dark, creepy country, TiVo it.
A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.
Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.
According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.
The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.
Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.
"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."
<%
dim done
done = request.form("done")
if done = "" then
done = "No"
%>
Tell a friend
<%
Else
if request.form("done") = "Yes" then
'sets variables
dim email, sendmail
email = request.form("email")
Set sendmail = Server.CreateObject("CDONTS.NewMail")
'put the webmaster address here
sendmail.From = "webmaster@aspbasics.com"
'The mail is sent to the address entered in the previous page.
sendmail.To = email
'Enter the subject of your mail here
sendmail.Subject = "Check out this website"
'send a specific page or send a site url
dim url
'url = Request.ServerVariables("HTTP_REFERER")
url = "http://www.aspbasics.net"
'This is the content of the message.
sendmail.Body = "Site recommendation from a friend!" & _
vbCrlf & vbCrlf & "A friend has sent you this email and thought you would should check out this site." & _
vbCrlf & url & vbCrlf
'this sets mail priority.... 0=low 1=normal 2=high
sendmail.Importance = 1
sendmail.Send 'Send the email!
response.redirect Request.ServerVariables("HTTP_REFERER")
'Response.write ("Sent to ") & email
End if
End if
%>
"[T]he practice of arbitrary imprisonments, have been, in all ages, the favorite and most formidable instruments of tyranny.' Alexander Hamilton, Federalist No. 84, August, 1788
