Tuesday, January 18, 2011

Bankruptcy Of U.S. Is ‘Mathematical Certainty,’ Says Professor & Former CEO Of Nation's 10th Largest Bank

John Allison, who for two decades served as chairman and CEO of BB&T, the nation's 10th largest bank, told CNSNews.com it is a “mathematical certainty” that the United States government will go bankrupt unless it dramatically changes its fiscal direction.

“Now, countries don’t go bankrupt the way companies do,” said Allison. “They don’t file bankruptcy. They usually hyper-inflate. They print a bunch of paper money, or they become Third World economies like Argentina--unless we change direction. So, we absolutely have to change direction. And the irony of that is it requires an interesting combination. It requires both discipline, but it also requires a focus on growing our economy. And it means a fundamental philosophical change from where we are today, from the idea of redistributing wealth to the idea of creating wealth.”

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"In questions of power, then, let no more be heard of confidence in man, but bind him down from mischief by the chains of the Constitution." -- Thomas Jefferson