California is the 8th largest GDP in the world… And traders got all scared when Dubai announced they couldn’t meet their loan obligations? Dubai isn’t anywhere close to the size and debt problems of California! But why doesn’t the financial media talk about this? We saw gold drop $25 in one day on the Dubai news. We saw the non-dollar currencies get taken to the woodshed on the Dubai news… But where’s the taking of the dollar to the woodshed on the California problems? Last time I checked they were part of the Union, right?
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Chuck Butler in Global Growth Gets Supporting Data Perspective, though I’m not sure you’d call it an optimistic perspective. |
