Fareed Zakaria provides his typical sober and thoughtful commentary, this time on the topic of the US economy:
[T]he real fear that markets have is that the United States and every Western country have made promises that they simply cannot keep with regard to health care and pensions. We have to get honest about that, and we have to explain how we're going to pay for those things and how frankly we're going to have to scale some of that back. ...The third part, the heart of it, is that you have to create an environment in which businesses are willing to invest money in the United States. This in some ways is the absolute key. At the end of the day, government spending can only be a temporary measure. It is a bridge to the private sector investing in America and creating jobs.
The Bermuda Government would do well to heed his advice and be honest about the promises that they are not going to be able to keep (and in fact couldn't even in the boom years - FutureCare anyone).
