A great American Apocalypse is upon us.

Insane government spending, massive debts, out-of-control money printing, and almost unimaginable political cowardice are about to exact a heavy toll from each of us.

And now, as these massive debts begin to implode, and as the U.S. dollar plunges in value worldwide, everything in your life is set to change —radically. Millions of Americans are about to lose their income, their savings, their buying power, their homes.

This great debt crisis
is about to change YOUR life!

You’ve probably heard already about the impact this great federal debt crisis is likely to have on your life.

In fact, at this very moment, Congressional Republicans and Democrats are desperately working on ways to cut federal spending. But they now admit that they can’t fix the problem without putting the biggest items on the chopping block: Social Security benefits, Medicare benefits and more.

That puts millions of older Americans between a rock and a hard place: Either Washington cuts their benefits — in which case their income goes down and their medical costs go up ...

Or Washington fails to cut those benefits — in which case the deficit explodes, bond investors go on strike, and interest rates soar like they did in Greece. That’s a scenario that could make it impossible for Washington to meet its obligations to seniors.

Meanwhile, we are now witnessing America’s SECOND great debt crisis, which is even more pressing:

Thousands of U.S. states, counties,
cities and smaller towns are
in even worse shape
than Washington is!

Our state and local governments owe the poor, the infirm and seniors up to $2 trillion more than they can pay. Plus they also owe more to pension funds than they can pay — a whopping $3.5 trillion.

For the past couple of years, the states have been scraping by on billions of dollars in federal stimulus funds, but now, that money is also gone. The day of reckoning is at hand: A massive chain of state and local bond defaults could begin at virtually any moment.

One after another, nearly every state in the country is revealing massive deficits, declaring a financial emergency, and cutting essential services.

There’s no overstating how serious or how pressing this crisis is: Unlike Washington, the states cannot merely print money to pay their bills. Unlike Washington, they are bound BY LAW to balance their budgets each and every year.

But most U.S. states and cities cannot balance their budgets. Decades of gross mismanagement and corruption have left them with only one choice: To cut their budgets to the bone and pray for a miracle.

And that’s precisely what they’re doing right now:

• States and cities are laying off police officers en masse. They’re putting prisoners back on the street because there’s not enough money to house them.
  
  
• Philadelphia, Baltimore, Sacramento and many other cities are laying off firefighters and emergency medical personnel, shutting down firehouses.
  
  
• Many states, including New York and New Jersey, have refused to pay their pension funds!
  
  
• Governor Chris Christie slashed New Jersey's budget by 26 percent. He laid off thousands of teachers, fired 1,300 state workers, and drastically reduced funding to cities and counties.
  
  
• Illinois recently raised income taxes 67% and it’s still not enough to solve its deficit nightmare.
  
  
• Also in Illinois, pharmacies have closed because the state failed to make its required Medicaid payments, state employees are being evicted from their offices for nonpayment of rent.
  
  
• Arizona is so desperate, it SOLD its state capitol, Supreme Court building and legislative chambers and now leases the buildings from their new owner.

As a result, even the New York Times recently warned that, for the first time since the 1930s, we’re likely to see U.S. states default on their debts!

And now, time is running out. The first major state or municipal defaults could explode into the headlines at any moment.

That’s not just my view: On 60 Minutes, analyst Meredith Whitney, who accurately predicted the global credit crunch, predicted that up to 100 MAJOR American cities are likely to go bust THIS YEAR!