Janus Henderson Investors asks, “Would you lend to this man?” – with the man in question being Uncle Sam. That is a very important question, but one that is too easy to dismiss, as formulated. Ask instead, “Who will bail out this man?” and perhaps we’ll arouse greater interest. The reason is that Uncle Sam and his fraternity of ne’er-do-wells across the world will get the last laugh, or at least the last tax.
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