Sometimes I talk with students, other professors, neighbors and friends and I think some smart people don’t want to deal with reality. If you want a reality-based news round up, please note the following from today’s news stories:
3. “Fed Virtually Funding the Entire US Deficit” – Things that just can’t go on, don’t.
4. “Europe’s crisis will be followed by a more devastating one, likely beginning in Japan.” – Interesting analysis, even if the wheels come off at the end.
5. Coming Crisis to Make Japan’s Lost Decade Look Like a Cake Walk – “Forget mere economic stagnation: the danger now is of a full-scale financial collapse fueled by a crushing debt burden.” – It is all about the demographics, money and math…
6. “A massive 13% collapse in durable goods, the biggest since January 2009; a $20 billion miss to annualized Q2 GDP estimates, and well below the lowest estimate, 60+ weeks of constant upward BLS revisions to initial claims ‘data’…” – A view from Zero Hedge
7. “Obamacare hasn’t saved us from rising health care inflation.” – Continuing rise in US healthcare costs, now institutionalized.
But, if you don’t want to know about the above reality, I have a pretty picture for you: