Around the world, people are learning real lessons in mathematics. First it was Iceland, then Greece. This week, Ireland's bonds were collapsing and students were rioting in London over tuition hikes. This on the heels of the French protests for raising the retirement age by 2 years to a whopping 62.
Of course, back here in the United States, the budget commission is out with a number of measures, including raising the retirement age to 69 years by 2075.
The Chinese are yelling about the devaluation of the U.S. dollar. Yes, one cannot spend more than they take in, at least not for long. When one subtracts outgo from income, and the answer is negative, it ultimately has to stop, and collectively, the world has reached that spot.
Will it result in a currency war, a trade war, or a real war? Will there be massive rioting in the streets?
In 1970, when they started taking Social Security (the U.S. retirement pension) from my paycheck, I stated, "They might as well burn it right in front of me -- I'll never see it." Looks like my perspicacity was dead on, and thus, at this point, 40 years later, I am not disappointed. Sometimes it is good to have low expectations.