Bill Bonner is the Founder and President of Agora Publishing, one of the world's most successful consumer newsletter publishing companies, and the author of The Daily Reckoning. Bill Bonner is also a frequent contributor to Strategic Investment. Bill Bonner is the author, with Addison Wiggin, of the New York Times business best-seller Financial Reckoning Day: Survivng The Soft Depression of The 21st Century.
If the world enjoys another year of comfort, it will do so at great expense, great risk and great future discomfort, because behind the moderate GDP growth numbers are some other numbers that are outrageous.
Yesterday's big news barely sent a ripple of disquiet through the world's great pool of liquidity. The report came that the U.S. trade deficit hit a new record last year, and the markets shrugged. Who cares?
More than 22 percent of the 400-plus S&P 500 companies to have reported results for the fourth quarter of 2006 failed to meet Wall Street expectations.
Last week, a report from the Commerce Department told us what we already knew - that Americans are saving money at a lower rate than at any time in the last 73 years.
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