by Karl Denninger, Market Ticker:
The fiscal disaster upon us is clear to anyone who has ever looked at a balance sheet.
The trope of we’re kicking the can down the road to future generations was a reasonable statement 40, 30, even 20 years ago. It no longer is, because the forward projections I (and others) made back in the 1980s and 1990s are now here within the next five years.
You can’t grow a human from zero in five years, ergo, there is no future generation anymore; we are the generation that must address this problem.
The problem statement is simple, and comes in the following components, all of which are facts: