Marc Faber: A lot of liabilities in the system have been shifted from the private sector to the government sector. The next train station in the global catastrophe journey is when governments go bust. That could happen in five, ten or 15 years.
Prime candidates are Greece, Ireland, Portugal, Italy, Ireland and Spain. Debt to GDP [gross domestic product] levels are also high in the United States and Britain. The US is bust today according to fair accounting standards. If it was a corporation it would be rated CCC and not AAA.
via SwisInfo
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