Jim’s Quote of the Day:

“The US is the world’s most indebted nation and is trying to bail itself out by printing money, thus monetizing the debt. The world knows it and many are concerned because of their large holdings of US securities. The printing of money would force up interest rates (long bond rates are already rising), thus putting more strain on the US and global economies. A debt downgrade of US debt could follow, and the looming debt battle in Congress could see a US debt default in the worst case. Any or all of these events could lead to chaotic conditions in the US and a break down in the social, political and economic order.” – David Chapman