HOT MARKETS AT MID-YEAR — ECONOMIC DEFICIT DISORDER

The politics of fear are dreadful enough, but #25 Federal/State Governments ($4.3T; with $2.9B to print; -20 percent) are scarier. Many states are running deficits, and Congress has raised the federal public debt “ceiling” to more than $10T at over 75 percent of GDP. Worse, it is spending the borrowing “power” this fiscal year.