Friday, June 18, 2010

The Man Who Destroyed The World

Uncle Alan tells us it is very sad that all the problems he predicts have not happened because it makes it more likely that the problems he predicts will happen.

An urgency to rein in budget deficits seems to be gaining some traction among American lawmakers. If so, it is none too soon. Perceptions of a large U.S. borrowing capacity are misleading.

Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of fiscal excess, have remained remarkably subdued. This is regrettable, because it is fostering a sense of complacency that can have dire consequences.

And The Great Recession will continue, becaus fools will continue to listen to this Very Serious Person.