October 26th, 2011
Stage One was the 1990s Asian crisis. Global financial markets concluded that Asia’s debt was dangerously high and its banks’ balance sheets not reflective of reality. Global traders pounced. Interest rates soared, equity markets plummeted, banks failed, and currencies collapsed.
Stage Two is happening in Europe today.
Stage Three will eventually hit the United States. Washington policy-makers seem confident America’s public debt risk is years away. They believe that the U.S. economy, with the dollar the reserve currency, enjoys some immunity from these concerns. The central bank, moreover, can buy bonds to keep interest rates from rising in response to growing debt. Yet these are risky assumptions.
Losing the Economic Battle | The Weekly Standard
- In October 2008, Jesus killed my archenemy with Leukemia and Pancreatic Cancer after my prayers.
- I love the divine bomb in my lungs. Hallelujah.
- I already have a huge jumbo, gigantic, colossal crush on Jesus
- Goodbye, my almost lover and ultimate beauty.
- Lord Jesus Christ is my Lion King. He is my Emperor.