from Mish Shedlock. Mish has reported regularly that more and more state pensions are grieveously underfunded, while public employees continue to see more and more generous benefit programs unabated.
Global Imbalances Mount
- Global imbalances are cropping up like weeds in places like Greece, Spain, Vietnam, Iceland, Vietnam, Latvia, and Lithuania.
- There are massive property bubbles in China, Canada, the UK, and Australia.
- Japan is in a foolish fight against deflation and sinking further in debt
- Commercial real estate in the US is on the verge of bringing down hundreds of regional banks.
- Cities in the US are under massive pressure because of unsustainable pension plan promises.
- Global terrorism is on the rise
How long this mess hangs together without a huge crisis in a major currency is the question everyone should be asking. Sadly, most are oblivious to the widening structural cracks.
