America looks like Russia in 1998

Hmmm.....Russia was pretty messed up. 

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"America today looks like Russia in 1998," Jochen Wermuth, Chief Investment Officer at Wermuth Asset Management, explained to CNBC today. "Consumers, companies and the government are all highly indebted. America as a result is a bankrupt Mickey Mouse economy."




Wermuth went on to remind pundits that "Even before the (Troubled Asset Relief Program) and the expansion of the Fed's balance sheet, total US public and private debt as a percentage of GDP...stood at 290 percent..."