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July 18, 2011

U.S. Debt Limit

We have all heard or read about the current fight about the U.S. debt limit.  The issues that are discussed relate to infinite aspects of our lives including: economic, international, social, political, cultural.  Many of the issues being discussed have been argued and resolved before.  
As the current “situation” unwinds, we are seeing a lot of misinformation and rewriting of history.  The Peter G. Peterson Foundation  has been trying for some time to increase public awareness of the nature and urgency of key economic challenges threatening our future and motivate us to make changes.  Their statement about the current state of fiscal negotiations advocates compromise by both sides.  READ MORE 
I  saw an interview on TV that concerned me.  The journalist asked the politician if he knew of any economist that did not think there would be severe negative consequences if the U.S. defaulted.  His response was that he knew better because he has been working on this issue.  I “googled” the  politician.  Although one source indicated he had an MBA, none knew where he went to college or when he graduated.  Before becoming a politician he was in market research.  
There are an increasing number of articles about what investment vehicle will replace U.S. debt as the “safe haven” of the world.  
“The U.S. Debt Limit: Questions Answers” was recently released by Forefield.  The U.S.Debit Limit: Questions and Answers
My concern is that our country was built on a society that encourages innovation.  Those that benefited from the innovation provided a powerful growth engine for our society.  Our country learned from its experiences, both the failures and successes.  There were many disagreements and a diversity of views.  Today there appears to be an inability to understand and see how other views and approaches may have merit.  That hampers innovation and the ability to grow.   

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