America will pay a heavy price for Obama’s economic illiteracy

Goes back to the vital question I ask in Thoughts on Stiglitz. In an economy where “services” constitute 80% of GDP, how much real wealth creation is embedded in that 80%? The amount of real wealth available, will dictate how long you can service your debt burden and, when the deflationary bust sets in, how much of your debt burden you can extinguish with your assets.

http://www.brookesnews.com/090902obamanomics.html

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