Posted on 03/07/2011 2:27:03 AM PST by TigerLikesRooster
Hidden Debt Makes Governments Insolvent: Bear
Posted By: Patrick Allen | CNBC EMEA Head of News
CNBC.com | 07 Mar 2011 | 12:13 AM ET
/snip
On top of these, a mountain of debt is growing but because it is off governments' balance sheets it has been so far ignored, one man who worries perhaps more than most, Albert Edwards from the global strategy team at Societe Generale, said.
One of the world's most famous bears, Edwards is adamant the global economy and financial markets are not in a good place.
"The global economy is critically ill. The fact that it has just risen from its sick-bed to perform a frenetic Irish jig is more a function of the financial morphine and steroids that have been pumped into its emaciated body than any miracle cure," he wrote in a recent piece of research.
"You don't have to be Dr Doom to expect the patient to collapse back into a deep coma after the stimulus has worn off," Edwards added.
(Excerpt) Read more at cnbc.com ...
P!
This guy makes me feel more confident of this prediction.
If you add up all the debt in the US from the feds to states and localities, include all the unfunded entitlements and liabilities you get around 140 Trillion. There is NO WAY to even begin to pay that.
“The fact that [the world economy] has just risen from its sick-bed to perform a frenetic Irish jig is more a function of the financial morphine and steroids that have been pumped into its emaciated body than any miracle cure.”
BUMP to that!
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