Each year, David Collum produces a review. It covers a lot. Let me begin with the overall assessment.
We have a massive global debt problem that will take years to unwind. Some think it is a zero-sum game, but I disagree. The World is blanketed with people fully aware of what has been promised to them but oblivious to their share of the tab. The average tax payer in the US, for example, is unaware that they owe $30,000 simply to pay off the state pension liabilities to some average tax payers. Larry Kotlikoff, the undisputed World’s expert on unfunded liabilities, estimates there are $211 trillion. This is approximately $2 million per taxpayer. Do you think taxpayers have budgeted for that one?
- Just Thoughts
- All the Devils Are Here
- Buffett Takes a Bath
- Precious Metals and Currency Wars
- Energy and Resources
- Federal Reserve, Bailouts, and Bank Reflations
- MF Global and Rehypothecation:
- Leverage in a Fractional Reserve World
- Nobody Saw It Coming
- Apocalypse Now—The Sequel: A Casting Call for Colonel Kurtz
- The Constitution and the Fourth Estate
- Where to From Here?