Morgan Stanley Says Government Defaults Inevitable
Posted on August 25th, 2010 by MoverMike
Arnaud Mares, an executive director at Morgan Stanley in London said, “… debt as a percentage of gross domestic product is a false indicator of an economy’s health given it doesn’t reflect governments’ available revenue and is “backward- looking.
“While the U.S. government’s debt as a percentage of GDP is 53 percent, one of the lowest ratios among developed nations, its debt as a percentage of revenue is 358 percent, one of the highest levels…”
They should know!
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