October 2013 - John Mauldin's Outside the Box

I am back in Dallas after a quick trip to see my dentist, Gary Sanchez, in Albuquerque. We had a very pleasant dinner and deep personal time last night and not so much fun today. They had to put me under to do some work on my gums, and though he is very happy with the outcome, I am still a bit drugged up, so I will just hit the send button. Have a great week!

Straightforward solutions to complex problems: they're nice in theory, but they're rare. Think of the Affordable Care Act, or Obamacare, for instance. It tries to address the complex problems of expanding access to healthcare while simultaneously controlling its skyrocketing costs. But, sadly, there is no simple solution, and certainly not one that is not contentious in the extreme.

Michael Lewitt has long been one of my favorite thinkers and writers on matters economic. He's incisive, thorough, and, well, pithy. No holds barred. Today's Outside the Box features an extended excerpt from the October issue of Michael's The Credit Strategist, which he has kindly allowed me to pass on to you.