The financial boat Titanic is sinking. Given the huge rally in the S&P500 over the last 4 weeks from 1080 to 1285, no one would know that. It is time for a reality check.
Underneath the waves, however, this ship has already hit a financial iceberg and ripped a hole. The ship is rapidly taking on water and will sink. It is simply a matter of time.
Whether it is in Europe, US or elsewhere, the debt load is now so great that it cannot be repaid or serviced without extraordinary pain. Bailing and pumping is not an option. Critical mass has already been achieved. For example, just this past week in the US, total current debt has risen to 100% of the GDP.
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