A few days after the election of 2012 the very talented Michael Ramirez published a political cartoon that perhaps conveyed a more profound meaning than he anticipated. He depicted a pair of hands extending from star-studded sleeves (presumably from a mendicant Uncle Sam), which were held in supplication, as though waiting for a handout or petitioning voters to relinquish more of their earnings to the federal government. There’s another way of interpreting this image, however; the hands appeared not only pathetic and a bit contemptible, but also aged and withered, as though belonging to an old man. In which case,...
This is not going to end happily. I see the signs every day. Us investors taking money out of the US, international investors, at least private equity and corporate investors, are stating an "anywhere but the US" strategy. Hasn't moved to gov't bonds yet because of liquidity, reserve currency status of the $ and disarray in Europe, but the signs are not good. The clock is ticking.
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