Alasdair Macleod, John Rubino and Michael Oliver return. An unpleasant conjunction of events is beginning to undermine government finances in more developed nations including the arrival of a long-term trend of rising welfare commitments with an increasing certainty of a global-scale credit crisis. Those problems are in turn the outcome of a combination of the peak of the credit cycle and increasing trade protectionism. Few observers seem aware that an economic and systemic crisis will occur at the same time as government finances are already precarious. However, the consequences are unthinkab
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