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Jim's Quote of the Day:
"All over the world, interest rates have been cut and budgets padded.
France's deficit is running at 8% of GDP. England is running a deficit of more
than
12% of GDP. And the U.S. is mobilizing as if it had been attacked by Martians.
On the credit side, the feds have cut rates more than ever before, for a monetary
boost equivalent to 18% of GDP, according to Grant. As to spending, $13 trillion
has been pledged...an amount equivalent to a full year's annual output of the
United States of America. This response is three times more (adjusted to today's
dollars) than the U.S. spent to fight WWII. It is 12 times more (relative to
GDP) than the total committed to fight the Great Depression." - Bill Bonner,
The Daily Reckoning. May 4, 2009
