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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (15073)	11/8/2004 8:53:40 AM
From: mishedlo	Read Replies (1) of 116555

financial crisis coming? signonsandiego.com Paul Volcker, former chairman of the Federal Reserve Board and a Republican, says we face a 75 percent chance of a financial crisis within five years. Robert Rubin, former economic chief under President Clinton, says we are confronting "a day of serious reckoning"..But perhaps Peter Peterson, former chairman of the Federal Reserve Bank in New York, chairman of The Blackstone Group and a moderate Republican, put it most succinctly: "We are not paying our own way," he says. "As a nation, we are running on empty. If the ultimate test of a moral society is the heritage it leaves to its grandchildren, I would say we are failing that test." In short, these men – our best and brightest – are telling us that, while the nation is fixated on delusions of empire in the Near East and illusions of omnipotence, we are simply going broke.

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