Wednesday, August 11, 2010

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..."
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2 comments:

  1. AnonymousAugust 12, 2010 at 7:32 AM

    It may actually be worse than Russia. America may be in a position to lose the designation as a world economic leader because it has spent its way into a hole that it may never dig itself out of.

    Have a look at the aricles below:

    America Goes Dark

    http://www.bloomberg.com/news/print/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html

    U.S. Is Bankrupt and We Don't Even Know: Laurence Kotlikoff

    http://www.nytimes.com/2010/08/09/opinion/09krugman.html

    Summer of no recovery

    http://www.americanthinker.com/2010/08/summer_of_no_recovery.html

    Desperate Economic Action Ahead?

    http://www.americanthinker.com/2010/08/desperate_economic_action_ahea.html

    ReplyDelete
  2. AnonymousAugust 12, 2010 at 9:16 AM

    It appears that all is not well!

    More Economic Stimulus needed - global economy is too fragile - industralized nations should continue pumping money to support the recovery - and where exactly is all of this money coming from if most industrialized nations are broke!!!!

    http://money.ca.msn.com/investing/news/business-news/article.aspx?cp-documentid=25170576

    ReplyDelete