6.12.2009

A picture tells a thousand words



Public debt: the biggest bill in history.

THE worst global economic storm since the 1930s may be beginning to clear, but another cloud already looms on the financial horizon: massive public debt. Across the rich world governments are borrowing vast amounts as the recession reduces tax revenue and spending mounts—on bail-outs, unemployment benefits and stimulus plans.

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More stuff that broke around 1971

We've noted before  that a bunch of economic trends turned bad when Nixon closed the gold window and we launched into the current pure f...