He believes there is a limit to how long consumers can put off the day of reckoning.
It could not run deficits for ever but the day of reckoning might be years away.
Well that day of reckoning has arrived, and the time to take charge of our future is here.
It has several tools to alter its cashflow, but these measures can only last about eight weeks or so, pushing backthe day of reckoning to mid-July at the latest.
Higher walls, tougher visa restrictions, and ships patrolling borders in increasing numbers will only postpone the day of reckoning.
The day of reckoning could likely be delayed at least until early July with creative bookkeeping.
California Governor Arnold Schwarzenegger said yesterday that the day of reckoning is here.
Whatever one thinks of Mr Obama's reforms, there is no denying that they have brought that day of reckoning closer.
And credit card defaults look like the next shoe to drop as cash-strapped Americanshave run up credit card debt to postpone the day of reckoning.
Right now, the Fed is delaying the day of reckoning and, in the process, exporting the US's problems by adopting policies that, intentionally or not, weaken the dollar.
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