Tag: collapse

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Crash 2012

Fighting the coming Great Depression

October 8th 2011

British Prime Minister David Cameron, who has spent the past year assuring people that the Euro would not collapse, and then that it could not collapse, and then that it must not collapse, is now reduced to hoping “the Americans won’t let it collapse.” To that end, he put in a lot of phone time with Barack Obama over this Columbus Day weekend.

That he is doing so tells us several things. The Euro is in immediate trouble. Merckel’s effort to contain a revolt among the right wing members of her parliament is unraveling. And the recent downgrades to Spain and Greece are sending shockwaves through the markets, even as they defy economic gravity.

Obama’s response, if any, will tell us what the investment sector in the US wants to see happen. Normally it would be politically impossible for Obama to get a bailout package for Europe through Congress. With the American economy on the ropes, he would have a revolt on his hands.

And nobody except the fundamentalist morons of the Church of Saint Rand think that the financial sector is capable of following its own best interests. The meltdown three years ago pretty much assured all and one that they couldn’t and wouldn’t. Even their top acolyte, Greenspan the Rationally Inexuberant essentially admitted that the markets couldn’t tie their own shoelaces.

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The Cave

Heigh ho, into the darkness we go!

 August 2nd 2011

Right up until the end, I thought Obama was gaming the Republicans. I figured that he was just letting them climb further and further out on a limb with their unreasonable and extortionate demands, and then would suddenly shake their branch, announcing that negotiations were canceled, and to either extend the limit or wreck the economy, and they could put the rest of their demands up to a separate vote.

It turns out that, at best, he was being gamed, and at worst, he was gaming us. He’s either weak, or a liar, or perhaps both. With his capitulation on the debt-limit increase agreement, he has assured himself of being a failed one-term President.

I’ve been comparing him to Neville Chamberlain. That’s a little unfair to Chamberlain, who faced a more horrific and vicious foe, stood to lose more if the negotiations didn’t work out, and didn’t have to sacrifice his own political base in order to do so. Indeed, he returned from the Munich Conference with his bumbershoot, grandly announcing there would be peace in our time, to wildly cheering crowds. He had much more reason to capitulate, but is seen as an class example of weakness and lack of resolve 70 years later.

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The heat is on

By August 2nd we’ll all be sweating

July 15th 2011

I have kin in a small town in Oklahoma, unlikely as that sounds, which is why I know something about the weather in that small town. The forecast for tomorrow is humid and 107. That actually represents a cooling trend; it was 108 today. But they should be used to it—this is the 43rd straight day they’ve had triple digit highs. And I thought Fresno was bad.

There’s no end in sight: the next 10 days all forecast 107 or 108. However, Oklahoma, parched, barren, dessicated Oklahoma, is getting ready to share the wealth.

At NOAA, meteorologists are frantically warning the upper midwest to expect the heat wave to expand over their region, sending heat indices to over 110 over much of Minnesota.

And then it will expand east, reaching Washington just in time for deadlines on the credit limit crisis to begin falling.

Only in America could the weather become politicized. The heat wave and drought in Oklahoma and Texas is the worst those states have ever recorded, far worse than the one that caused the dust bowl of the 1930s. Conservatives are furious when you mention that. Even the weather sites are susceptible: a stat today showed that 72% of Texas is now in extreme drought, and some sites couldn’t resist noting that only 10% of the state was in extreme drought when Governor Goodhair had his day of prayer for rain.

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