Wednesday, November 10, 2010

Economic Collapse?

The world seems on course for another crisis in 2012. The same people who caused the last crisis are still in charge. They'll get us into another.

Andy Xie

Federal Reserve Chairman Ben Bernanke with ex-chair Alan Greenspan. Greenspan presided over one of the largest periods of growth in US history. But it proved unsustainable. Now, he is warning that America must pay down its substantial debt. On average, the US national debt has been growing by $3.2 billion per day since 2006.

What is now even more disturbing about our future is that it is quickly becoming conventional wisdom that, not only do we need another inflated asset class to generate American-style prosperity, but that it’s the central bank’s job to make that happen.


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