Capitalism in America is broken

08-04-2011 – Why The Market Gods are Angry

“We are witnessing well-informed investors conclude future employment and production in the West is in jeopardy as a result of the governments’ apparent inability to solve problems. They are seeking to reduce their exposure to the future production of Western countries because it does not appear that these governments can deal with expectations of sustained unemployment and diminished prosperity in a way that is constructive.

“We have a broken financial system, and capitalism has been broken in this country for some time,” said Seattle-based hedge fund investor Bill Fleckenstein. “Folks need to take a step back and realize that this reaction that happened today was not a reaction to the debt ceiling. We’ve done that dance many times before.””

 

This is a very good summary of the problem.

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