“Everyone already knows that the U.S. has lost its ‘AAA’ status,” Rogers said (while alternately lambasting the press for taking seriously what he called the ongoing Washington “charade”).
“Anyone who knows what is going on, already knows that the U.S. is now the
biggest debtor nation in the history of the world. It’s only S&P and Moody’s [the ratings agencies] that haven’t figured out what is going on. The investment world knows that the U.S. is not ‘AAA.’”
The truth is, the ratings agencies have figured out the U.S. is not triple-A. But those entrusted with grading the U.S. debt at the ratings agencies have been on the phone frequently with Washington, which means their allegiances are subject to crushing political pressure. Continue reading The Chickens Must Eventually Roost→
So there’s this small issue of the world being debt-ridden and nobody hiring and the delicate financial machinery of our country breaking down in a way that can only be called utterly embarrassing.
This is not altogether bad news. For those who have long been looking for their moment to escape a lifetime of professional drudgery, it is a chance to hit the reset button. Go back to university, take a master class in sculpture or become a Cordon Bleu chef. Our favorite course of late is this one.
Go to the desert and paint your masterpiece knowing you will be unmolested.
The great thing about no opportunity is this: if you remove yourself from the world to do what you want to do, as opposed to doing the fake thing you’re pretending to want to do, it comes with no opportunity cost. You will not be missing out on all the good jobs. There are no good jobs!
The best part is, after taking a year or two out to reposition yourself, the odds are you’ll be returning to a world of renewed opportunity. Maybe not of the milk-and-honey variety, but certainly superior to what you see today.
Not my words, just something an observant Canadian living inside the U.S. had to say today about our country’s death match over the debt ceiling — before remarking that it might be wise to, uh, “back-migrate.”
Instead of an espresso shot this morning, take a gander at our impressive U.S. Debt Clock. If that doesn’t jolt you awake, nothing will.