No matter how the G-20 slices or dices or schmoozes or obfuscates, the world is awash in debt, the welfare state and the edifice of crony capitalism steadying this structure is in the process of toppling over, and there isn't a darn thing they can do about it other than to prolong it a bit more by, you guessed it, throwing more of our money at the problem, which in turn adds more leverage to the system. [Had you penned a financial novel with the current economic backdrop which portrayed pols and financial elites as being such feckless beings, no publisher would have considered it. Yet we are living through this real-time experiment of how to destroy what once was a decent global financial system.]
Here is how it might play out from here unless there are some very serious coordinated policy changes-to say I'm bearish is an understatement of huge proportion:
Currency Currents 3 November 2011 |
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