How much of what goes on is just blah…blah…blah…just people talking?
Probably 90%. People come to think what they must think when they must think it. Then they blah…blah…blah to convince each other that they’re right.
But what really matters are the deep, long patterns…patterns of history that no one can control and few take the trouble to try to understand.
Bill Gross: “I think it is important to recognize that General Motors is a canary in this country’s economic coal mine; a forerunner for what’s to come for the broader economy. Their mistakes have resembled this nation’s mistakes; their problems will be our future problems. If the US and General Motors have similar flaws and indeed symbiotic fates, they appear to be conjoined primarily by the un-competitiveness of their existing labor cost structures and the onerous burden of their future healthcare and pension liabilities. Perhaps the most significant comparison between GM and the US economy lies in the recognition of enormous unfunded liabilities in healthcare and pensions. Reportedly $1,500 of every GM car sold in the dealer showrooms goes to pay for current and future health benefits of existing and retired workers, a sum totaling nearly $60 billion. The total future healthcare liability for all US citizens can be measured in the tens of trillions.”
for The Daily Reckoning Australia