That's the single word that summarizes everything you need to know about the next 20 years. The only question is how long can the charade be carried on before the piper has to be paid.
And the single word is provided courtesy of none other than Fed Chairman Ben Bernanke who told the House Budget Committee this week that the US Debt level was "unsustainable."
"Our nation's fiscal position has deteriorated appreciably since the onset of the financial crisis and the recession."
Bernanke went on to say that the budget deficit was necessary to help get the nation out of recession but will have to be addressed in the long term, particularly in light of the European debt crisis.
Sovereign Debt... the story of the next 20 years.
I note, with interest, that CNBC will be airing the BBC production of 'The Last Days of Lehman Brothers' today. For your enjoyment, this dramatized quote from Hank Paulson...
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Whisperer, have you read this piece from the WSJ. It's titled "Tax Hikes and the 2011 Economic Collapse" By ARTHUR LAFFER
Today's corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market. It's an interesting read.
Hope the link works.
Sorry. Wrong again.ReplyDelete
Global Recovery Too Strong To Be Derailed.