Time Is Running Short
by Mark J. Grant
From time to time it is necessary to quietly sit down and assess where we are going. Sovereign revenues cannot, by any stretch of the imagination, support the imbedded costs of countries. Investors of the world are in another reality altogether. They do not want to hear anything about these sorts of things. They are in the state of, “ignore and deplore.” You can live there for a while. Government induced fantasies have occupied the center stage before and for some time. Our current denial of reality is fueled by all of the money that the central banks have pumped into the world but that will be diminishing as the Fed and others examine the longer term consequences of their actions. There are always consequences. What has been put off will arrive. It was always just a matter of time.