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"The aftermath of the financial crisis is poised to bring a simmering fiscal problem in industrial economies to the boiling point", said the Swiss-based bank for central bankers -- the oldest and most venerable of the world's financial watchdogs. Drastic austerity measures will be needed to head off a compound interest spiral, if it is not already too late for some.
The risk is an "abrupt rise in government bond yields" as investors choke on a surfeit of public debt. "Bond traders are notoriously short-sighted, assuming they can get out before the storm hits: their time horizons are days or weeks, not years or decade. We take a longer and less benign view of current developments," said the study, entitled "The Future of Public Debt", by the bank's chief economist Stephen Cecchetti.
Originally posted by Moonsouljah
Gotta love Ambrose Evans-Pritchard
Originally posted by SaturnFX
Well, I know of a certain plant that, if made fully legal and government controlled/taxed, could put a healthy dent in debt around the world...
I personally think most governments around the western world will have to simply collapse, a new thinking government instituted, and rules of the people installed....the governments are generally too stubborn and caught in tradition to think outside of the sinking box.