A good article regarding fear in the markets and the long term prospects of economic growth.
Basic point: growth in the US was down to 2% even during the Bush Admin and the housing boom, suggesting the basic idea of 3% natural economic growth in the developed world hasn't been and won't be happening for a long time. Someone is going to need to take losses: taxpayers, recipients of public services (poor people), equity investors (stockholders), domestic debtors (homeowners, student loans), bondholders, foreign creditors. Politicians will decide who...
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