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America Is ‘Bankrupt Mickey Mouse Economy’: CIO

Posted By admin On August 11, 2010 @ 3:49 am In Money Watch | Comments Disabled

Patrick Allen
CNBC [1]
Aug 11, 2010

America is a “Mickey Mouse economy” that is technically bankrupt, according to Jochen Wermuth, the Chief Investment Officer (CIO) and managing partner at Wermuth Asset Management.

“America today looks like Russia in 1998. Consumers, companies and the government are all highly indebted. America as a result is a bankrupt Mickey Mouse economy,” Wermuth told CNBC.

The comments followed news that the Fed was extending its quantitative easing program [2] following what the Federal Open Market Committee (FOMC) described as a fall in the pace of growth in output and employment.

The Fed has spent the past three years on a route of aggressive rate cuts and purchases of trillions in various securities but it is running out of measures it can take [3], Pimco’s co-CEO Mohamed El-Erian told CNBC.

Full article here [1]

Having A Supply Of Healthy Foods That Last Just Makes Sense [4]

America Is Bankrupt Mickey Mouse Economy: CIO 150410banner7 [5]

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URL to article: http://www.prisonplanet.com/america-is-bankrupt-mickey-mouse-economy-cio.html

URLs in this post:

[1] CNBC: http://www.cnbc.com/id/38654017

[2] the Fed was extending its quantitative easing program: http://www.cnbc.com/id/38645428/

[3] it is running out of measures it can take: http://www.cnbc.com/id/38638873/

[4] Having A Supply Of Healthy Foods That Last Just Makes Sense: http://www.efoodsdirect.com//index.html?aid=14&adid=43

[5] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[6] Some European Countries Are Bankrupt: Jim Rogers: http://www.prisonplanet.com/some-european-countries-are-bankrupt-jim-rogers.html

[7] Pepsi’s lawyers say Mountain Dew can dissolve a mouse: http://www.prisonplanet.com/pepsis-lawyers-say-mountain-dew-can-dissolve-a-mouse.html

[8] Cloning from the grave: Scientists create new life from a mouse that has been frozen for 16 YEARS: http://www.prisonplanet.com/cloning-from-the-grave-scientists-create-new-life-from-a-mouse-that-has-been-frozen-for-16-years.html

[9] Mickey Rourke defends George W Bush over 9/11: http://www.prisonplanet.com/mickey-rourke-defends-george-w-bush-over-911.html

[10] The US Economy Will Need A Miracle To Get Back To Normal: http://www.prisonplanet.com/the-us-economy-will-need-a-miracle-to-get-back-to-normal.html

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