The G-7 leaders are meeting “even as we speak” to come up with a plan to “save us”. Of course, as in anything else political, the definition of “us” should be of interest to those of us on Main Street and the highways and byways and side streets.
And one thing’s for sure, when the G-7 talk about “us”, they don’t mean those of us on Main Street and the highways and byways and side streets.
The problem for our money managers is that as it turns out, they are not as smart as they would have us believe. The lie of the modern world is that money markets and etc are infinitely manageable by wise politicians. That’s what’s gotten us in the present mess, and not a surprise, that’s what’s being proposed to get us out. Nationalization of banks. Guarantees of interbank lending. Stock purchases by governments. Yadda, yadda, yadda. Take from the real economy of Main Street and give to the parasites on Wall Street. That’s the sum of their bright ideas.
Which is why we should be more than a bit concerned when he says this is the start of the “Greatest Depression“.
Kondratieff Winter. Greatest Depression. What can this mean?
I think we are seeing the slow-motion-but-accelerating collapse of the American Empire. I’ve been yadda-yadda-yadda-ing on that theme for years.
The big problem we Americans have is an adolescent sense of invulnerability coupled with our patriotic feelings of American Exceptionalism. We think we are God’s chosen people, and that because of this, God will never let anything really bad happen to us. “How soon we forgot” the lessons of the first first Great Depression and World Wars I and II.
We think we have a special American exception to the “what goes around comes around” principle, a/k/a karma, a/k/a “you reap what you sow”. See also “Sow not in furrows of injustice lest you reap a seven-fold harvest.”
This is as true in the world of finances as it is anywhere else. We thought we could go on the biggest spending binge in history while running up a giant tab for un-funded government expenditures and fighting an unjust war in Asia. Trillions upon trillions upon trillions of dollars of debt.
What were we thinking of?