Mending Our Monetary Maladies
Edwin Vieira, Jr. is an attorney who has won three cases before the Supreme Court of the United States. He earned four degrees from Harvard University, including his doctorate. A popular speaker, he is also the author of the monumental two-volume survey of monetary history in our nation entitled Pieces of Eight. He resides in Virginia. The following interview was conducted by John F. McManus, publisher of The New American.
The New American: Please summarize the economic condition of our country as you see it.
Dr. Edwin Vieira: If we’re talking about the solvency of the country — its financial status — I couldn’t do better than to recommend an article by Boston University Professor Laurence Kotlikoff. He wrote “Is the United States Bankrupt?” in the 2006 Bulletin of the Federal Reserve Bank of Saint Louis. Professor Kotlikoff did a mathematical analysis of what he called the fiscal gap, which is the difference between anticipated revenues and anticipated expenditures of the federal government. He came to the conclusion at that time (2006) that the gap was $65.9 trillion, not counting various contingent liabilities of the government.
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