"Prudence and truth"

The Market Ticker blog warns that Italy is the next European country we are going to be hearing about financially. Some quotes from the post:

"The world is being dragged kicking and screaming into recognition of two fundamental facts:

You cannot borrow your way to prosperity.

You have to pay for what you demand from the government."

"This crap has to stop and stop now. We cannot have the government spending more than it takes in via taxes. It's that simple. Nor can any other nation. If you want to call this names ("austerity") that's fine; I call it prudence and truth, because it is.

The so-called "supercommittee" isn't going to do jack and squat in this regard. They'll pull some dog and pony show, but this much I assure you: When, not if, Europe comes apart if we have not erected the walls necessary to withstand that financial tsunami first we're all going to be 500' below sea level."

The link: http://market-ticker.org/akcs-www?singlepost=2776108