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The Spectacle Blog
Bill Gross, the Managing Director of PIMCO, the world’s largest bond investment manager, has just published his latest monthly letter. It’s a great and sobering (but not yet panicky) read:
http://www.pimco.com/EN/Insights/Pages/Damages.aspx
Perhaps the most memorable line: “The U.S., in fact, is a serial [debt] offender, an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth.”
He adds that the US balance sheet “is in flames and that its fire department is apparently asleep at the station house” while getting into a discussion of an 11% “fiscal gap” which will require the combination of spending reductions and revenue increases of over a trillion and a half dollars per year and points out the sobering political reality that the Bowles-Simpson plan which was politically impossible to sell was aiming for only a quarter of the amount needed to eliminate our budget deficit.
Gross’ discussion of the Ring of Fire is well worth reading for anyone who is tempted to believe Barack Obama’s casual dismissal of the US federal debt and deficit as a major or short-term problem:
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More Blog Posts by Ross Kaminsky
http://spectator.org/blog/2012/10/02/a-budgetary-crystal-meth-addic
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axbucxdu| 10.2.12 @ 12:18PM
Paging Dr.(!) Krugmann, paging Dr. Krugmann. You out here? Anybody? Purp????
axbucxdu| 10.2.12 @ 12:20PM
Bill Bonner made the addict association years ago. Perhaps the king of bonds has been reading one of Agora's missives.
aware| 10.2.12 @ 5:47PM
If he's not he'll be very sorry. In the end bond holders will be slaughtered, as they were in Argentina repeatedly until they finally wouldn't take a 75% profit promise to even buy one.
But first the Shadow elite will crash stocks to drive the bond market a little further. The traditional "flight to safety" that no longer has any relevancy in a Through the Looking Glass psychotic nightmare world the current economic 5th Dimension is. Then when the herd is nicely corralled, slaughterhouse baby.
It's as plain as the nose on your face, the debt CANNOT EVER be paid. They will try to inflate it away first. But eventually after a hyperinflationary meltdown makes taking anything but hard assets impossible, and there isn't enough hard assets.......sovereign default.
What else would a criminal mind think to do?
jaytrain| 10.2.12 @ 1:35PM
So work with this . Barry as Walter White , Valerie and Michelle as Jesse and the MSM as Gus and the Los Pollos Hermanos network . Just got to eliminate that last 1 % impurity, the working /investing class .
fmm| 10.2.12 @ 2:33PM
Many SciFi books of the 50s and 60s predicted that the widespread use of things like crystal meth would be the only way to survive the misery of future societies. Seems again that such authors had a handle on the truth of human fallibility.
Oldefarte| 10.2.12 @ 4:38PM
Anyone having two nickels in a bank account had better begin digging a backyard hole in which to deposit same after November if Obaama is re-elected!!!!!!!!!
Tom Kyba| 10.2.12 @ 8:53PM
Relax, nothing to see here. At least, that is, until Romney wins in November. Then by some quirk of fate, the MSM will pay attention to the issue.