“Much of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund. The IMF working paper said debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, either negotiated 1930s-style write-offs or the standard mix of measures used by the IMF in its ‘toolkit’ for emerging market blow-ups. Financial repression can take many forms, including capital controls, interest rate caps or the force-feeding of government debt to captive pension funds and insurance companies.”
Related posts:
Illinois’ credit rating downgraded; state drops to worst in the nation
The bionic bunch: Gathering of exoskeleton-wearers walk for charity
CIA Was Involved In U.S. Spying On Germany
Man finds 300 pounds of marijuana stashed in gun safe he bought on the Internet
Clear Bitcoin Tax Rules Needed, Taxpayer Advocate Says
Gold’s dichotomy: Investment demand plunges, but consumers keep buying
SF Police shut down chess games on Market Street
Bill to Restrict N.S.A. Spying Blocked By Senate Republicans
VTA can keep transit cardholders' personal data for seven years [2012]
State Department slams Pakistani minister’s $100,000 filmmaker bounty
Millions of Americans might need passports to fly domestic in 2016
Vast Greek war claims against Germany explode like a 'time-bomb'
Facing pressure from U.S., encrypted email service Lavabit shuts down
After IRS Targeting, Now The Gibson Guitar Raids Make Sense
Argentine leader's image falls as inflation soars