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June 28, 2009

FINANCIAL TIMES: “Once merely a worthy subject of concern, America’s fiscal outlook has rapidly become the object of widespread alarm. . . . Even on its existing course, many economists believe the US is heading for a debt crisis. The most pressing anxiety is over the declining confidence of foreign investors, whose support for the dollar has helped fund America’s growing trade deficits over the last decade. In the last three months, the yield on the 10-year Treasury bond has almost doubled from just above 2 per cent to almost 4 per cent.”

Posted at by Glenn Reynolds at 7:57 am