Bernanke: U.S. Debt Is Out of Control and Nobody Gives a Damn

In testimony before the Senate Committee on the Budget, Federal Reserve Chairman Ben Bernanke made it clear that the U.S. government debt situation can not continue the way it is, but that no one is doing anything about it:

It is widely understood that the federal government is on an unsustainable fiscal path. Yet, as a nation, we have done little to address this critical threat to our economy. Doing nothing will not be an option indefinitely; the longer we wait to act, the greater the risks and the more wrenching the inevitable changes to the budget will be.

Bottom line: Bernanke knows the debt problem is not going to resolved by others and that the Federal Reserve will simply have to print money to "fix" the problem. A "fix" that will create huge price inflation as the Fed prints more and more momey.