In the News (from The Big Money): “A Stimulus Won’t Save Us Now” The World Bank report confirms what some had already feared—there is “little hope that the [developing world] countries will provide the spark for the global economic engine,”… Reuters quotes the World Bank report as saying that “the prospects for the global economy remain ‘unusually uncertain.’…”There is a moment where you can’t spend anymore and you can’t accumulate any more debt. I think we are at that moment,” European Central Bank President Jean-Claude Trichet said on Sunday, warning that governments will have to now start paying down the massive deficits they’ve created rather than look to stimulus spending.

My Comment: But how can we pay down the debts without relying on the printing press?  We are at an impasse!

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