We live in the Bankruptcy Age. It hasn't been declared, yet. But it is everywhere you look. If you googled "unfunded pension liabilities" back in 2004, the search would have come up empty (except for obscure academic papers). Do it today and the links run off the page.
The problem is global. In Japan, they sell more diapers for adults than they do for infants. The arithmetic of that societal equation does not compute. In Europe, there's so much debt that getting out from under it is literally impossible. The only question inside the eurozone is who gets the bigger "haircut."
[Photo-Gen. Stan McChrystal]
[Photo-Gen. Stan McChrystal]
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