Bond Outlook
Earlier this week, the US Federal debt ceiling was breached. All hell should have broken loose, with civil servants out on furlough, entitlement payments stopped and government services curtailed. Yet so far, nothing much seems to have happened, and it has been easy to miss such a significant event, given the scant attention paid to it in the press. Part of the reason may be the diversion provided by Strauss-Kahn, and part in ‘creative’ moves instigated by Geithner to keep the Government operating, including raiding the pension funds of federal employees. |
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