Since the early twentieth century, Western society has been in the grip of a culture of repudiation â€“ rejecting one by one the institutions, offices, traditions and achievements of the past, while having often little but sentimental emptiness with which to replace them.
Here in America we’re inundated by warning signs and cautionary labels, a clear indication that the powers that be don’t consider Americans to be responsible actors in own lives. This is a problem but an even bigger problem is that these same patronizing elite fail to post the more important warning signs.
Caution – Obama Is A Financial Hazard
Given the number of warning signs posted to make people aware of hazards so obvious as to be beyond all logical need of warning, you’d think that they would post signs warning of an equally clear and present danger to every American’s financial well-being. 😉
It’s been a couple of weeks, maybe even a bit longer, the Obamas must be tired from all the campaigning, even with Barack’s occasional breaks to “telesign” some legislation. It’s about time for them to take another vacation. I mean they’re entitled to it, aren’t they, as the First Black Family? It’s sort of like reparations by proxy. 😛
Personally, I’d suggest that the Obama’s take a European vacation. It’d be quite educational for Sasha and Malia.
The Obama’s Studying European Archeology
They could tour the historic ruins and Obama could teach his daughters about how Europe continues to influence the “America” that he wants to build. He could also explain how creative destruction is necessary when The One wants to fundamentally change something…
I’m not one to pay overly much attention to the various things that spew from the maw of Paul Krugman. The pontifications, ramblings, and rants of a rabidly fanatical Keynesian neo-Socialist who makes his rent working for the filthy rag known as the New York Times aren’t the sorts of things that I, or any other American, normally pay much heed to – except to keep an eye on what our nation’s enemies are thinking or emoting.
Krugman is willfully dead wrong more often than not on causation and dead wrong, again willfully, every time when it comes to remediation
All that being said, Krugman is not an idiot and he is skilled enough to make solidly plausible predictions of future events, especially relatively near-term ones.
Some of us have been talking it over, and here’s what we think the end game looks like:
1. Greek euro exit, very possibly next month.
2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.
3a. Maybe, just possibly, de facto controls, with banks forbidden to transfer deposits out of country and limits on cash withdrawals.
3b. Alternatively, or maybe in tandem, huge draws on ECB credit to keep the banks from collapsing.
4a. Germany has a choice. Accept huge indirect public claims on Italy and Spain, plus a drastic revision of strategy basically, to give Spain in particular any hope you need both guarantees on its debt to hold borrowing costs down and a higher eurozone inflation target to make relative price adjustment possible; or:
4b. End of the euro.
And we’re talking about months, not years, for this to play out.
Of course this isn’t exactly rocket science or even one of the more arcane examples of the semi-mystical art form known today as the study of Economics. Both hyperinflation and the end of the Euro in the near future are easy predictions to make in the wake of Greece’s Keynesian meltdown and financial collapse.
NOTE: Krugman’s prediction of a European financial meltdown matches my own and naturally feeds into whatever level of Confirmation Bias that I’m saddled with.
Of course these events will happen and happen soon. They were foreordained from the moment of Greece’s financial implosion under the weight of their Socialist economic policies.
I’ll add though that these event will, in turn, most likely lead to the breaking of the European Union by 2015. They can’t hold together as a government – or meta-government, or whatever they are – without a common currency.
Is the economy broken? I keep hearing – and hearing, and hearing, and hearing – how the US economy is broken, but is this really true or is the truth that the US economy has been broken for decades and what we’re painfully experiencing is it fixing itself?
It seems to me that latter possibility is far more likely true than the former.