The US economy is today kept -barely- alive by incest, moral hazard and creative accounting. It won’t be much longer, it’s heading for the center of the sun.
“If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,” Yu said in e-mailed answers to questions yesterday. “If it is not the end of the world, it is the end of the current international financial system.”
