Skolnick: USA In "Financial Anguish"

 
"We are headed for economic collapse," warns Skolnick. The Bank of Japan is pulling away from its previous support of Treasury Bills. These T-Bills are not savings bonds; they are bills and notes, debt that the U.S. promises to repay. The T-Bill market is "much bigger than the stock exchange." And these T-Bills are not especially attractive investments at this time. In 1981, T-Bills yielded 16.5 percent. Compare that with now, with T-Bills yielding almost nothing. Forget the stock market: the T-Bill market is much bigger and a collapse there would be catastrophic.

"We are headed for economic collapse," warns Skolnick. The Bank of Japan is pulling away from its previous support of Treasury Bills. These T-Bills are not savings bonds; they are bills and notes, debt that the U.S. promises to repay. The T-Bill market is "much bigger than the stock exchange." And these T-Bills are not especially attractive investments at this time. In 1981, T-Bills yielded 16.5 percent. Compare that with now, with T-Bills yielding almost nothing. Forget the stock market: the T-Bill market is much bigger and a collapse there would be catastrophic.

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