Basically what is happening today is the shifting of debt from the private balance sheets to the public balance sheets. This doesn't deal with the underlying problem....debt.....The policy changes are behind the curve and it is likely to catch up at some point. It took 6 months to reach a decision on how to help Greece and a Trillion bailout didn't really calm the markets. What started as insolvency in the private sector is spreading to the public sector.
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