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I thought we might have got the 'clock is right twice a day' thingy too but alas.....

From casual observance over the years, the above is to be expected when the future is uncertain - a human trait whereby bad or negative news is somehow wished away or ignored, and eventually repeated negative news becomes the morm and is in fact totally ignored, a bit like the global financial system now.

Five years ago if a country announced it was insolvent there would be a major market correction - now the markets actually go up because they know that big brother Bernanke and his Euro mates will continually print more money to bail out entire countries!

Until, that is, 1 country (ie Finland) decide not to pay their portion of bail-out funding because they can't see why they should support poorly run countries. It starts off slowly but then one after another, the funding dries up, while the number willing to buy the debt bonds (Pimco & China) say 'had enough'...........

Now, for the unbelievers, you have to tell us how the US will get the green line in the following chart back to or close to zero, while at the same time attracting the money to cover the shortfall. It's simple maths really - either the expense side has to reduce dramatically or the income side has to rise dramatically, or a combination of both.

I don't believe it's possible, under the current political  system, for the humans resposible, to impose the conditions neccesary for a balanced budget to exist. You only have to observe what happens in the insolvent countries when austerity measures are enacted. The US is still in recession.

The Jaws Of Death

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