| | | You're right, and there is much irony in the human condition. The majority of people demand instant gratification. To acquire all of their wants today, they must live far beyond their means and borrow money to the point of never being able to repay it, even over many lifetimes. This is the flawed mentality that feeds the concept of a fiat currency.
To quote Wimpy from the Popeye cartoons, "I'll gladly pay you Tuesday for a hamburger today." With most people, that is the way of things, and governments choose to kick the can down the road to accommodate them.
The truth is that the U.S. government was flat broke many, many years ago. It grows far worse with each passing day. When and where does it end, if ever?
To keep this on topic, I think that the overnight news out of Greece, today's downward revisions of the January and February U.S. unemployment figures, the anemic March U.S. unemployment report, and the Federal Reserve cutting the growth forecast to zero all suggests that Monday should see significant declines in the U.S. equity markets; however, I could also see the cut in the growth forecast as super-charging the growing belief that the central bank will not raise interest rates this year, and perhaps even engage in yet another round of QE. If spun that way, stocks could soar Monday, but, I don't think that will be the case. I think that Monday should be a red day on Wall Street. |
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