Thursday, November 22, 2012

Government credit is the most unproductive credit of all

So far, so typical for the doom-n-gloomster. Noting total US debt at 379% of GDP, “if we included the unfunded liabilities then this chart would jump to the fifth floor of this hotel!” said Faber, waving his red laser pointer at the ceiling. After the private sector “responded rationally” to the runaway 20% credit growth of 20% by collapsing credit in 2007-2009, the US government stepped in to take over – and “Government credit is the most unproductive credit of all.” - in International Business Times

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