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GAO head reveals just how bad our fiscal situation is

Most gold and silver investors are drawn to the metals because of concerns about the dollar. But, do most gold and silver investors know just how bad the financial situation really is for the United States government? Probably not, says David Walker, the Comptroller General of the United States and head of the General Accountability Office, commonly called the GAO.

The GAO has the responsibility for auditing and investigating “all matters relating to the receipt, disbursement, and application of” federal funds. The GAO has the authority to audit any government agency and the responsibility to report those findings to Congress. Because the Comptroller General is appointed for fifteen years, he cannot be replaced by either incoming presidents or by Congress if it does not like his reports.

Despite the GAO’s awesome responsibility, few Americans even know that the agency exists. And, unfortunately, most that do know about the GAO probably treat it with the same disrespect that they hold for other government agencies. That would be a mistake for the GAO is the one creditable federal agency.

So, how bad is the fiscal state of affairs for the federal government? David Walker says that “the most serious threat to United States is not someone hiding in a cave in Afghanistan or Pakistan but is our own fiscal irresponsibility.”

Here is a link to a 10-minute 41-second YouTube video about David Walker’s efforts to inform the American people about the precarious financial state of affairs of the federal government. The last four minutes show Congressman Ron Paul lecturing Fed Head Ben Bernanke about the immorality of the Federal Reserve. (Ron Paul is probably the only member of Congress who recognizes that the Fed is truly an immoral institution.)

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