When I was running construction jobs for a living, it always set off alarm bells in my mind when someone said "Don't worry, Ed". I had learned that people would say that to stop me asking difficult or unwanted questions. Of course, it got to where that remark would automatically make me search for whatever it was that they were hiding, or not wanting to think about. You can imagine my reaction when I saw this:http://www.zerohedge.com/sites/default/files/images/user5/im... Ed. (alarm bells ringing)
Here's an informative chart on JGBs.http://www.zerohedge.com/sites/default/files/images/user5/im... Ed.
I was in Japan in 1965 on an exhausting tour of recent volcanism. I learned that when a Japanese turned to me and said "Don't worry." if I wasn't worried, I should be. I did have a 300 word vocabulary at the time but (a) this wasn't enough to know what was going on and (b) they spoke to fast for me to know.When I first started riding the subway in Tokyo, a voice would call out the stations. At first it sound just like ha we ha, but after a while I slowly understood they were saying things like Tok-yo It was a great day when I finally understood them to say O-cha-ni-misu, which was my station. It is also the name of a river - River of Tea Water - to be exact (cha is tea and misu is water). It used to be that the river water was so pure that you could use it for tea water. Not is 1965 when you could see all sorts of trash floating down the river. By 1975 when I returned, the river was pretty well cleaned up because of a program by the government, but I still wouldn't want to drink it for tea.brucedoe
When I was running construction jobs for a living, it always set off alarm bells in my mind when someone said "Don't worry, Ed". I had learned that people would say that to stop me asking difficult or unwanted questions. Of course, it got to where that remark would automatically make me search for whatever it was that they were hiding, or not wanting to think about.You can imagine my reaction when I saw this:http://www.zerohedge.com/sites/default/files/images/user5/im......Ed. (alarm bells ringing)That's kind of the way that I felt when I read this:Confessions of a deficit denier"For there is actually no fiscal crisis in the United States, Britain or most European countries — including even Italy and Spain. Greece is another matter. But the very specific Greek disaster hardly justifies a generalized global panic about all government debts.Consider some statistical facts. Interest rates are lower today than at any time in history, meaning that governments find it easier to borrow money than ever before. This hardly suggests impending bankruptcy."http://blogs.reuters.com/anatole-kaletsky/2012/11/15/confess...Crises by their nature come on suddenly. The economy seemed to be humming along until 2007. Few people predicted the coming crisis. Ron Paul, Peter Schiff, and some others predicted it, but not enough to stop the market from maintaining high valuations. The S&P 500 proceeded to plummet to less than 50% of its high, and we all know the economic fallout from the financial crisis.
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