In both the U.S. and Europe, the budget and balance sheet numbers do not work. When 'off-balance sheet' promises are taken into account, the U.S. and most countries of the Euro zone are insolvent.

Imagine how much capital a country like Argentina might attract - if instead of defaulting seriatim and affecting a pose of anger toward creditors, it borrowed responsibly and honored its obligations.

The world, in terms of choices available to educated, ambitious workers and entrepreneurs, is way bigger than just the United States, Japan and Europe.

Paul Singer Quotes