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Quote of the day

10 Apr 2011 by Jim Fickett.

Or, why you don't want to be holding dollars for the long term. The Financial Times writes:

The world had better start paying attention to the US government’s inability to govern. …

But [in contrast with the silly farce about a shutdown] a real fiscal crisis is coming. … The current dysfunction shows how hard it will be to stop.

Recall that Barack Obama’s budget in February failed to address this. The president calls for large deficits long after the economy has returned to full employment, and an indefinitely rising ratio of public debt to gross domestic product. It has come to something when the White House makes eventual fiscal collapse official policy. That is novel even in Washington.