Sustaining the Unsustainable Treasury Secretary Tim Geithner had me laughing out loud over his statement yesterday in Beijing where he took part in the two-day U.S.-China Strategic and Economic Dialogue. “European leaders face the difficult challenge of trying to restore sustainability to an unsustainable system.” Yes Tim, that challenge would indeed be “difficult”, in fact, impossible by definition. It is a contradiction in terms and thus logically impossible to …

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Geithner on "Sustaining the Unsustainable"; Bill Gross, Robert Mundell say Sovereign Default Likely Inevitable