A good market analysis post here by Karl Denniger. This is the bit that leapt out at me:
The fiscal gap is the value today (the present value) of the difference between projected spending (including servicing official debt) and projected revenue in all future years.
Got that? Just like in the 2003-2007 time frame, the deficit that has been built into the economy by the actions of government has become STRUCTURAL. This is exactly what I’ve been arguing now for THREE YEARS.
(Emphasis and underlining are author’s.)
The structural, planned nature of today’s deficit spending is what separates it from World War II debts. By intending deficit spending, Obama and Co. are financial enslavers of everyone under the age of 18.
Does that seem too harsh? Would you prefer I call it taxation without representation plus interest? Fine. But ask yourself: whose side would the Founding Fathers be on if America’s children rose up against America’s 21st Century government? “Rose up” as in “Colonists vs. King George” rising up?
Whose side would you be on?