USA,Inc.

The center of the financial universe is no longer New York or London but Washington, D.C. Unprecedented intervention, regulation, taxes and command/control combine to equal a huge amount of uncertainty for individual investors. The overarching assumption is only government can solve our ills. the U.S. government will issue about $2 trillion of new debt this year about 20 times the amount of anticipated aggregate corporate debt for this year. Several states are in very poor financial condition because of the huge mis-match between "fixed" expenses and revenues. Some estimate that the underfunded public pension liabilities could be 4 or 5 times the often cited figure of $400-500 billion. All of this portends difficult decisions ahead .