So I read a post on PIMCO by Bill Gross, who reinforces my juvenile belief. The American consumer is fked.
What people and quant people never take into consideration is that fact that 10% unemployment is huge, esp. when you are talking about a 330m population that consumes a large pie of the world produce.
About taxes being raised - hell ya!
Armageddonic projections for the US Govt. deficit just hint at a shift in asset power.
My belief - - - assets around the world are going to be chased, instead of a large chunk belonging to the US.
Lame example - Warren B diversifying out of the USD, and if only that great creature would live for long - I am sure he would start researching more and more non US stocks to eat.