With a slow-motion bank run going on in Greece, this over at CNBC should send some financial shivers down your spine:
Europe is a “train wreck” and on the “brink of a major financial crisis,” Scott Minerd, CIO of the fixed-income firm Guggenheim Partners, told CNBC Tuesday.
“The way Europe is operating right now, it’s what I called recently ‘cognitive dissonance,'” Minerd said, or “basically doing the same thing thinking they’re going to get a different outcome.”
“They keep throwing more and more liquidity at it thinking it’s going to get better and it’s not,” he added. Europe fails to recognize that it has a “structural problem, not a liquidity problem.”…
The structural problems facing Europe are gigantic – aging populations, declining populations, low productivity in many countries (especially those which owe the most), too much welfare/socialism, too much debt…on and on it goes, and it can’t be sustained.
Here’s the bad news – Europe is just a few years ahead of us. We’ve already got an aging population, we’re just a few years away from having a declining population, our productivity is being hampered (mostly by government regulation), and Obama and his Democrats want to put us all on welfare as they build the United Socialist States of America. Europe has no way out – they’ll have to go through a really gigantic financial catastrophe in payment for their idiocy. We still have a few years left to avert that – we’ll still have to pay a pretty steep price, but nothing like what Europe will have to bear. The choice we make next year will decide it for us – bad times followed by good, or hideous times followed by a very long, slow climb back to health (if that can be managed, at all).
Think carefully about what you want…
…and Obama and his Democrats want to put us all on welfare as they build the United Socialist States of America. – Mark
C’mon Mark, you do remember that unemployment checks are a great way to stimulate the economy, right?
The fact is that Obama outlined his plan Sunday night, more stimulus and tax increases. The democrats are stuck on stupid
I remember when the old soviet union collapsed, a couple of economists were stating we were 15-20 years away from the same.
They were poopoo’d….well folks the time to pay the fiddler has arrived and we have no money to pay him.
So what de we do? we hire him to play on
America isn’t do so great either. How ironic is this MarketWatch headline from today:
Obama is Carter II. We’re just missing the misery index
what was the stock market at on January 20 of 2009, and what is it at now?
Thanks for your response old timer.