greece crisis resolved!!!
Posted by howard in nyc
6/19/2011 13:14
last spring, anyone with a brain and ten minutes to read up on the subject could clearly see that greece's debts will never be repaid in full. but the politicians and bankers lied and pretended, at the cost of billions of euros put into the pockets of said bankers.
a year later, rinse, repeat. except fewer people are believing the increasingly transparent lies. i don't even bother to listen to/read the bs. i'll wait until enough people in the usa open their eyes and brains and start taking action and taking to the streets, like the people of greece. and spain. and china.
so much is going wrong in the world. radioactive tea shipped from japan shows up in france. the uncontrolled meltdown at fukushima continues, and finally the 'cover it with concrete' solution is finally mentioned in public (when your decision-making process is outpaced by the soviet govt a generation ago, you ain't doing it right). and a nuclear plant in the usa has been flooded, damaged, and is at least a potential problem (gee, you'd think this would've been on tv).
despite obama's assurances, war continues in libya; currently a stalemated civil war, and we took one side, apparently because an election is coming up and it looked like an easy win. revolutionary and freedom movements in syria and yemen sprout up, to be put down with horrific violence, with the hand of the usa in effect in one of those places (so far).
and the true state of the us economy becomes apparent to at least a few more people who have managed to stay employed during this slow-motion collapse. every single piece of economic data is bad or worse. even the stock market has fallen significantly since early may. while unemployment is rampant, the housing market is falling (not even flat), and food/energy prices have substantially increased.
i readily admit, i was wrong by failing to forecast that the powers that be would be able to stave off an economic collapse as long as they have. that is ok. because i was absolutely right that bailouts, quantitative easing, fiscal stimulus, housing credits, shovel-ready half-assed job programs would all ultimately fail to overcome the causes of the credit crash of 2007-2008. not only fail, but these measures would have unforeseen negative effects. like war and revolution in the middle east and north africa. like rising food and oil prices, simultaneous with falling wages and home values at home. weak dollar and skyrocketing gold/silver prices.
the blogs i regularly read have hammered these themes repeatedly over the past three years. this week, the views of these diverse commentators have converged more tightly than usual, making the true state of affairs crystal clear. while the country thinks about the character of lebron james. and anthony wiener. and the merits of the 'debt ceiling'--a complete and total political farce.
but reality will slam the bullshit upside the head, sooner or later. maybe real sooner. the stock market has fallen 100 s+p points since early may; the stock prices of goldman, bofa and the other big banks leading the way; interbank credit in europe is starting to tighten as interest rates on all sovereign debt of the PIGS and other peripheral nations zooms.
feels like 2008 all over again.
