A few weeks ago when discussing the imminent debt ceiling breach, and the progression of US debt/GDP into the 100%+ ballpark, we reminded readers that in February S&P said it could downgrade the US in as soon as 6 months if there was no budget plan. Not only is there no budget plan, but the US is about to have its debt ceiling fiasco repeat all over as soon in as September.
In the face of ponzi-enabling status quo adversity, Sean Egan is not one to mince his words. Sure enough, here comes today's downgrade of Italy from BB+ to BB, an event which has reminded BTPs, if not stocks for now, just what reali... Read Post
Only the first of many French downgrades, this time by the rating agency which is always ahead of the pack. And like in Italy's case, EJ sees a soaring French debt/GDP, rising to 117% in 2013 from 91% currently. Summary note: Disast... Read Post