Wall Street Journal (August 5)
“They say there’s always a silver lining. Yesterday there wasn’t.” Worldwide, markets were battered and a common “theme among the wreckage was a generalized loss of confidence in the policy-making role of governments, here and in Europe.” More specifically, the Journal points to the main problem. “The economies of Europe and the United States have arrived at the moment when they no longer have any conceivable hope of being able to pay for the huge public commitments they’ve amassed the past 40 years.”
“They say there’s always a silver lining. Yesterday there wasn’t.” Worldwide, markets were battered and a common “theme among the wreckage was a generalized loss of confidence in the policy-making role of governments, here and in Europe.” More specifically, the Journal points to the main problem. “The economies of Europe and the United States have arrived at the moment when they no longer have any conceivable hope of being able to pay for the huge public commitments they’ve amassed the past 40 years.”
Tags: Confidence, Government, Markets, U.S., UK
