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2010-09-20 — blogspot.com
A lot of pseudo-Austrian money managers in particular have been doing the hard sell to their clients, insisting and insisting that the U.S. is experiencing Japan-redux. They have been steering their clients’ money to Treasury bonds—because if you were in Japan in 1990, their sovereign bonds turned out to be the smartest investments in the long run. But as we have seen, the U.S. is not Japan.
Indeed, as I have pointed out here (but Gonzalo does not mention), the US doesn't even meet the Greenspan-Guidotti condition for solvency, which is an econo-wonk way of saying we can't even pay back our short-term loans from overseas creditors, nevermind the total debt.
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