The thing that really bother sme right now is the complacency I see amongst most of the people in the system. I am talking about some really intelligent people. I think they just don’t want to confront the problems that will be so difficult to handle in the future.
As a result we see the stock and bond markets performing very well in the face of what is a very harsh reality. So virtually everyone is comfortable that the economy is going to grow and there is no problem, but this is absolutely wrong.
There is an insoluble problem and it relates to excess debt in the system. When you look at the situation in the United States, there is $17.5 trillion of admitted debt and trillions of dollars more for funding of things like wars, Fannie and Freddie, and a whole bunch of dubious undertakings.
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