That liability usually ends up as Treasury debt parked at the Federal Reserve in custody for foreign governments, the proofof purchase for billions of dollars in extra U.S. imports.
He declined to be more specific, but law-enforcement officials in several U.S. states have accused some debt buyers of submitting incomplete, sloppy and even fraudulent documents in courts as proofof what a borrower owes.
In Crash Proof , I talked about how our economy suffered from the co-morbid diseases of asset bubbles, excessive debt and consumption, and insufficient savings, capital investment, and production.