Checkmate

Please follow the link to Karen Maley's article in Business Spectator today. This is the most articulate and focussed article on the global economy put to press for sometime. Particularly, the conclusion, that we have simply prolonged the hangover from the GFC, rather than have begun to deleverage and rebuild. By transferring private debt to public debt we have greatly exascerbated the problem and created the real possibility of a string of sovereign defaults over the next decade.

Unfortunately it remains my firm view that we are far from recovery or any semblance of the pre-GFC "status quo".

There remains a severe economic reckoning still to unfold.