Notes from JWR:
I was asked about the implications of the recent political power shift in Washington, D.C., following the November 2010 mid-term elections. Although it was generally good news, I must sadly conclude that we’re still in Deep Schumer. Another $600 billion in monetization was just announced by The Fed. And Senator Judd Gregg, (R-N.H.)–a sitting US. Senator–admitted that in a couple of years unless our level indebtedness is decreased, our sovereign debt position will be no better than that of Greece! (But this is mathematically impossible, since our debt is compounding, so the U.S. will be a great big Banana Republic.) …