Finally, so-called respected financial houses are admitting what many bloggers have been warning about for a very long time. Morgan Stanley admits that governments are insolvent and must default on their promises:
“Governments will impose a loss on some of their stakeholders,” Arnaud Mares, an executive director at Morgan Stanley in London, wrote in a research report today. “The question is not whether they will renege on their promises, but rather upon which of their promises they will renege, and what form this default will take.” The sovereign-debt crisis is global “and it is not over,” the report said.
The article highlighting this information can be found at Jesse’s Cafe.
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