In January of 2016, U.S. government debt surpassed a record $19 TRILLION.

It took over 200 years to rack up the first $1 trillion in debt. But would you believe that Washington has racked up the last $1 trillion of debt in JUST 14 MONTHS?

Deficit spending is parabolic, and it's destroying the savings of unsuspecting Americans. Former head of the U.S. Fed Alan Greenspan put it simply: "Deficit spending is simply a scheme for the confiscation of wealth."

But while the U.S. debt is hurtling toward $20 trillion, there's another economic time bomb that's ticking down until it explodes...

This Is the "Economic Time Bomb" Alan Greenspan Worries About Most

Greenspan is warning of a pending "Entitlements Time Bomb."

The problem, he says, is that welfare programs like Social Security and Medicare are legal entitlements that have nothing to do with real-world economics.

When somebody reaches a certain age, they are legally entitled to benefits – whether the government is able to pay for them or not. And right now, the government doesn't have the means to pay. Greenspan says...   [ Question:  Why does not the government have the means to pay Social Seclurity, for exmple when people have paid into it via FDIC all their working years, as a savings account for when they retire?  Answer:  Because the government stole the money!  PHB]

"I don't know how it's going to resolve, but there's going to be a crisis."

How can one be so sure about the coming crisis? If you look at the numbers, it's a mathematical certainty: Since 2010, Social Security has been paying out more than it has collected in taxes.  [ Why?  because the government has paid Social Securty to those, who never paid anything into the program, such as illegal aliens, etc.  PHB] And as millions of Baby Boomers retire, the shortfall gets even bigger.

You Can't Count on Washington to Address This Crisis

Our elected officials aren't doing a thing to avoid this fast-approaching catastrophe. Greenspan says:

"Entitlements are considered the third rail of American politics. You touch them and you lose. Republicans don't want to touch it. Democrats don't want to touch it. You will never hear one word from either side."

Since Washington won't deal with the problem, the U.S. is like a high-speed train flying for a solid brick wall. Upon impact, there will be financial carnage at every level – from big government down to the average retirement account.

Are your savings protected from what's coming? Do you even know how to prepare?

If you have an IRA or 401(k), here's one way to prepare (before it's too late)...

To preserve your savings, Greenspan offers one simple piece of advice: Gold. In short, he says, "Gold stands in the way of this insidious process [wealth confiscation]."

And one of the best ways to move into gold and silver is to convert your IRA or 401(k) into a "Self Directed" Gold IRA.