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Are advanced economies in purgatory?

With U.S. lawmakers sparring over whether to raise the country’s debt ceiling and Greece facing a potential default, one commentator warns that advanced economies are being squeezed on two fronts.

Charles Ortel, Managing Director at Newport Value Partners, says the United Stated and other developed economies are facing a situation where debt loads far surpass private income—pushing them into what he calls financial purgatory.

“We find ourselves in the United States with over $50 trillion US in total debt against private sector income that’s about $5.2 to $5.6 trillion—and that ratio is unsustainable in the largest economy in the world,” he says. “The United States and other advanced economies entered financial purgatory in September of 2008 when we tore up the rule book and engaged in stimulus programs that have proven not to be stimulus, but have added a lot of debt and embarked on a policy of weakening hard currencies.”

“This is a very vexing state of economic conditions and we’re at the end of our rope,” he concludes. CTV Two CTV News CTV News Channel BNN - Business News Network CP24