USA: The Mail reports that:
'Forecasters predict the U.S. debt will grow to surpass gross domestic product in 2012, based on data from the International Monetary Fund.'
UK: Alex Masterley reports that:
* Public sector net borrowing was £19.9bn in May, double the level of one year ago.
* The total outstanding government debt has risen to £774.8bn, £150bn more than one year ago, and equal to 54.7% of UK GDP.
* Capital Economics estimated that the total public borrowing was now on course to reach £200bn, or 14% of GDP.
* Corporation tax receipts in May down 27% year on year.
* VAT revenues down 18%.
* Income tax receipts down 11%.
Europe:
Rioting in Greece as cuts are made in public spending. Hungary signalling that the it was at risk of a Greek-style fiscal crisis. Loud protests in Germany about financing the rescue of the more profligate EU nations.
Buy gold, buy generators, buy canned goods...
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