Market update about the economy
Just when we were wondering if it might soon be safe enough to step back into the water again, along comes the problem of sovereign indebtedness to muddy things up thoroughly. Is there something to be greatly worried about here? Hard to say.
What is rather stunning is the fact that we started with big concerns about the mortgage market, and then spread to the entire real estate market, and that spread to America's largest financial houses, and that spread to the entire economy, by and large. Now, it appears that the problems associated with out-of-control debt have spread to sovereign nations as well. That doesn't leave much for it to spread to, does it?
By and large, what we see are different shadings of the same unpleasant colors. If it's a subprime mortgage market or a country like Greece, most of the same basic problems are at work. My own tentative conclusion is that, though the powers that be have been doing all they can to keep the structure of the economy from eroding, the force of circumstance is very likely to make us look at the underlying problems until we throw up our hands and realize that we can't continue to "solve" the debt problem by pushing it further into the future and holding tenaciously to the past. We must review and revise even the most basic elements of our economy, including our currencies, our fiat banking, our assumptions about how the economy works.
Let me say it: We can do this thing.
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