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In recent news, much to everyone's relief, the financial crisis has been called off. But, with that intro, I would like to step aside and let Mr. Kunstler speak for himself. The excerpts below are just a teaser for the real thing which can be found at http://kunstler.com/blog/2009/08/fin...-off.html#more
Read it.
Read it. You will be amazed at the catharsis it will provide as it assures you that you are, indeed, not the only one who sees that our esteemed leadership is nuts.
Read it.
Whew, what a relief! Everybody from Ben Bernanke and a Who's Who of banking poobahs schmoozing it up in the heady vapors of Jackson Hole, Wyoming, to the dull scribes at The New York Times, toiling in their MC Escher hall of mirrors, to poor dim James Surowiecki over at The New Yorker, to - wonder of wonders! - the Green Shoots claque at the cable networks, to the assorted quants, grinds, nerds, pimps, factotums, catamites, and cretins in every office from the Bureau of Labor Statistics to the International Monetary Fund - every man-Jack and woman-Jill around the levers of power and opinion weighed in last week with glad tidings that the world's capital finance system survived what turned out to be a mere protracted bout of heartburn and has been reborn as the Miracle Bull economy. Our worries over. If you believe their bullshit. Which I don't.
America loves the word "recovery" as only a catastrophically sick society can. "In recovery" is the new universal mantra of loser individuals and loser nations. Everybody in the USA is in recovery.
......
The key to the current madness, of course, is this expectation, this wish, really, that all the rackets, games, dodges, scams, and workarounds that American banking, business, and government devised over the past thirty years - to cover up the dismal fact that we produce so little of real value* these days - will just magically return to full throttle, like a machine that has spent a few weeks in the repair shop.
......
The key to the current madness, of course, is this expectation, this wish, really, that all the rackets, games, dodges, scams, and workarounds that American banking, business, and government devised over the past thirty years - to cover up the dismal fact that we produce so little of real value* these days - will just magically return to full throttle, like a machine that has spent a few weeks in the repair shop.
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