Apparently, there are No “coincidences”.
Sigmund Fraud said that, I think.
A billion seconds, I just discovered, is about 30 years. Yikes!
Just saw this in an article about the US debt.
But the same, below, can be said about all the, ahem, “advanced” economies; i.e. including the Canucks , the EUro Peons, the Japan Ease, the…
The author does a good job of putting the concept of “a trillion” into perspective, too: Trillion is just a word. Let’s make sure we note the significance.
A *billion* seconds ago was 1993 (31 years ago).
A *trillion* seconds ago was 30,000 B.C.
And then multiply that trillion by 34.7.
That’s the scale of the United States debt bill.
It’s called a debt overhang.
A debt overhang makes it impossible to do anything other than pay back the debt.
That’s what makes it dangerous.
The people who “widely dismissed” the very idea that a whole nation could suffer from a debt overhang are a lot quieter now.
Also: The authors project that the advanced economies’ average debt-to-income ratio will rise to 120% of GDP by 2028, owing to their declining long-term growth prospects. They also note that with elevated borrowing costs becoming the “new normal,” developed countries must “gradually and credibly rebuild fiscal buffers and ensure the sustainability of their sovereign debt.”
“Rebuild fiscal buffers”!
Har! Har! Har! Har! Har!
Translation: MORE taxes.
Reading the financials news is much like reading Pravda (the old Soviet version; the new one actually tells the truth). Pravda means Truth!
Gerhard P. BISCHOF 