World Debt Crisis

The Debt Crisis in a Nutshell

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Hattip to Bookworm Room.  We are heading to debt repudiation both nationally and internationally, although I am sure that some euphemism will be used.  What this does to the global economy is anyone’s guess, but I think at best we are looking at a prolonged recession\depression lasting at least a decade.  Long range however, I share the fundamental optimism expressed by Milton Friedman in the video below, if we are capable of understanding how we got into this mess and make the necessary changes to radically alter our course. Continue reading

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