Pardon my French, but gimme a friggin’ break France. People are rioting in the streets, burning down their own neighborhoods, bringing their entire economy to its knees (heck, Lady Gaga had to cancel a concert series in Paris – the horror!) over pension retirement ages? Here’s the funny part, teenagers are rioting. You tell me a 15 year old anywhere in the world cares about pensions or even understands how they work? Well, maybe when you’ve been trained to live off the public teet, it’s bred in at an early age. Nah, it’s an excuse to skip school and riot. See, there’s something these people don’t get – Americans either. We in the West have lived for decades now in a fantasy world where we could do the equivalent of run up credit card debt without ever paying the bill – by way of lavish spending consumption, services and promised obligations (like SS and Obamacare) that have not been funded – and cannot be funded, under the current tax burden. Well, the bill’s coming due.
When Debt/GDP ratios approach the levels they’re at now, questions start to arise over the ability to fulfill future debt obligations, interest rates increase, it becomes prohibitive to roll over the debt and countries default. While the EU and UK appear to be attempting to rein in the current debt and exercise some austerity, the US is about to embark on yet another round of quantitative easing – which means about another Trillion dollars in excess liquidity. When we eventually need to make some tough decisions here and people are rioting here…it will be much worse – Americans are heavily armed. Hence, politicians won’t even utter the word. For now, it’s “let the kids pay in down the road”. On that pleasant note, here are some outlets that published my content this week and some reads from around the web:
Darwin Around the Web
American Express Currency Blog: What the Latest Foreclosure Scandal Means to You
- I was Diggin’ the Tea Party…Until They Went Batshit Crazy
- Worst. Trade. EVER! …
- Unemployment Discrimination? Let’s Make Another Law !!!
- No COLA for Social Security in 2011: Here’s Why
- 100 Year Bonds – Great Yield or Sucker’s Game?
- How to Short Gold…If You Dare
- ETF Top Gainers From Last Week – It’s All About Commodities
- Trade 100 ETFs FREE at Ameritrade – Full List
- How to Own Gold in an IRA – But Should You?
- Store Theft Will Cost You $423 This Year…and Other Hidden Costs in Life
- Cool New Top PF Blogs Ranker at Money Crashers
- Workplace Recognition Goes a Long Way. Take the Time
Yakezie / Other:
KNS Financial – 5 Words that Mean Scam!
PF Music Videos – Check out Thousandaire. Seriously. You’ll enjoy.
Financial Samurai – How to become a CFP
Flexo – Is Debt Slavery?