On the radio yesterday, Kevin Page was on talking about the problems facing this country fiscally. Unlike Paul Martin's time when the economy was strong, we are now in a period of weaker economic growth and he also mentioned the demographic crunch that is coming (aging population). That was something that I've been harping about to people who think the STRP can keep paying best 5 years instead of career average.
Today, on the Current, they were talking about the austerity measures that are wreaking havoc in Europe.
Yesterday, on Globeinvestor, there was a piece from David Rosenberg about the importance of what Bernanke didn't say.
What Bernanke did say amounts to printing money and quantitative easing.
Why all this mess? I think it has to do with the sense of entitlement people in developed nations have. Just like the buy it now pay later generation individually, we can expand this to how nations behave. We just can't cut that program - people feel they are entitled to it.
What is real anymore when it comes to money?
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