Over the last few years I have read so many books about the economy and basic economic theory. Most of them were too hard and were difficult to understand. John Mauldin, Endgame book is very easy to understand. He uses lots of very simple examples to get his point across. As he points out governments are no different then people, both can get themselves into financial difficulties. He compares governments to households with a mortgage. It's easy to pay down your mortgage with easy monthly payments. But if your mortgage payments are going up faster than your income, your debt level will grow. For countries it is the same. And can reach a point of no return for countries, when interest rates are rising faster than their growth rates. At that stage, there is no hope of stabilizing the deficit. This is the situation so many countries in the developed world now find themselves in. Mr J D Thomson, Wellington, New Zealand.
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