Promises of Entitlement

“I don’t see how our governments can pay these liabilities. EU and US net liabilities add up to around $135 trillion alone. That is four times the capitalization of Datastream’s World equity index of about $36 trillion, and forty times the cost of the 2008 financial crisis.”

- Dylan Grice
‘Popular Delusions’, Societe Generale, 12th November, 2009

H.T. John Mauldin

We are going to wake up one day, and the implied volatility on anything denominated in USD, will be 50x it’s historic average.

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