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Deficit red ink will keep rising exponentially. Over $1 trillion adds to it annually. Congressional toing and froing changes nothing. Real fiscal cliff issues remain unresolved. They go unmentioned.
Bond markets have final say. Central bankers and finance ministers can't control them. They'll decide when excess went too far. Bond investors are getting skittish.
Rising rates are the flip side of lower prices. It's automatic. The lower the price, the higher the rate. Financing costs rise with it. Everyone pays more.
It happened before. Expect it again. What goes around comes around. Bad policies assure it.
Sentiment drives markets. Excess turns them negative. It happens eventually. This time isn't different.
Expect the unexpected. Both parties share blame. Sequester is self-destructive austerity. It's bad economics. It's counterproductive politics. Troubled voters blame politicians for inflicting harm.
Obama's teflon coating may wear thin. He's not the only villain in town. He's got lots of company. They say one thing and do another.
They support austerity when stimulus is needed. They want America's social contract destroyed. Safety net protection is old-fashioned, they believe.
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