Even the Russians Get It

You know financial matters for the U.S. may be going south in a hurry when the Moscow Times publishes an article like this.

Russia has “resilience” after going through “several crises over the past hundred years,” whereas the United States “can’t sustain shocks,” said Taleb, whose 2007 best seller argued that most people underestimate the frequency of rare events that have a major effect on markets.

The Federal Reserve is injecting $600 billion into the U.S. financial system by purchasing Treasuries in a second round of quantitative easing to stimulate the economy.

The budget deficit in the United States is worse than the fiscal problems in Greece, which received a bailout last year from the European Union and the International Monetary Fund to stem its soaring borrowing costs and avert the risk of a default, Taleb said.

The United States is covering its fiscal shortfall “partly by printing, partly by going to find the fool to buy the bonds. So really we have a very fragile situation in the United States, without, unlike Greece, having the IMF on top,” the New York University professor told the conference.

See it here; http://www.themoscowtimes.com/business/article/author-russia-looks-good-versus-us-china/430356.html

Ouch!....partly by going to find the fool to buy the bonds! Double OUCH!!....fiscal problems in U.S. worse than Greece!

Wait a second...who is this clown? What?? A professor from NYU?? Oh.

Hat tip to Julie E.