Bill Bonner: Too Much of a Good Thing

“The most-important single feature of modern economies is growth. Without it, neither businesses, households nor governments can pay their bills. Without it, pension funds…private and public…go broke. Without it, the stock market is doomed….and bonds get crushed when debtors can’t pay. In fact, without growth, every government in the economically developed world faces catastrophe. Its revenues stagnate while its costs — largely driven by open-ended health and pension obligations to aging populations — continue to expand. By the year 2012, in fact, every major government in the developed world is already in trouble.”

http://dailyreckoning.com/too-much-of-a-good-thing/