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....What I shall try to demonstrate is that even if there is wide disagreement amongst researchers on whether income disparity has been accelerating and is creating growing inequality, what can?t be argued is that the disparity is a fact and its size is phenomenal. The result of this gigantic gap between different income groups has numerous effects that need to be taken into consideration when assessing past economic trends and behavior. This disparity creates biases and even a few dislocations that reach far further than first meets the eye. Also, as we shall see, these may create investment opportunities should they persist or reverse....
This month I am going to touch upon the great paradox that is public debt as I believe it represents one of the greatest macro-economic changes of all. Only touch upon, the subject being so gigantic that even a lifetime dedication would be insufficient to cover this confusing pillar of finance and economics; moreover, I clearly do not have enough aspirin to do so and I suspect you might be inclined to use my letter as an effective sleeping pill. Debt is as much the nucleus of capitalism as it could well be its epilogue.
This month I was hoping to explain why this conclusion did not apply to all countries and explain why. Talk about timing. Since then, hell has broken loose for the Club Med countries and the short Euro suggestion I was about to share is like offering you flood insurance after a tsunami has transformed your home into some underwater attraction for scuba diving tourists. Too late to offer the flood insurance trade, the European Union ship is sinking with the Euro sinking even faster, the question now is whether there are any life boats...