Via Drudge, a “panel of experts” is warning the U.S. government to fix its balance sheet or brace for a currency crisis:
The national debt has risen above 50 percent of GDP (gross domestic product) from 40 percent two years ago, and within 20 years will blow past a previous record above 100 percent of GDP set after World War Two without stern official steps.
Mounting debt could sap investor confidence in the economy, and the nation’s ability to honor its obligations, pushing up interest rates and causing a steep fall in the value of the dollar as international creditors seek safer returns elsewhere.
My piece on NRO today concerns this very topic.
I doubt people are going to take this story very seriously. The phrase “panel of experts” makes people’s eyes glaze over. We need to spice things up: ”A panel consisting of Kobe Bryant, Ron Paul, the Burger King and Nicole ‘Snooki’ Polizzi announced that the U.S. must act soon or risk a crippling dollar crisis…” etc. I would pay attention to a story like that.