WOULD THAT I WERE BEATING A DEAD HORSE. But I don't think so. In fact, I believe the above drawing absolutely captures the treacherous walk to fiscal sobriety our country and the developed nations (G7) of the world would be on if we were willing to rein in spending and roll up our sleeves to tackle the gargantuan, growing deficits and feel our pain now. Tragically, the quick-fix, puerile Obama administration seems to be going backwards, away from fiscal sanity and the difficult choices it embodies. It's called 'recovery through the power of the monetary printing press' and through raising taxes. It gives us only a short-term illusion of well-being. But when spending is only increasing at exponential levels, this is a walk towards true disaster, leading to a deadly fall from such heights to such depths that none of us really want to fathom how it will unfold. So we hide our eyes and refuse to watch or listen. And live like there's no tomorrow or piper to pay.Zero Hedge puts it this way:
For Greece, with on and off balance sheet liabilities at over 800%, it's game over. For the Eurozone, with the same ratio at about 500%, it is also game over. For the US, at 500%+, it is, you guessed it (sorry Joseph Stiglitz), game over, but since we have the printers, it will simply take a little longer. Following up on yesterday's popular post on prevailing delusions as captured by Albert Edwards' colleague Dylan Grice, we present Albert's latest outlook. Please don't read this if you want to keep believing there is any hope left for the (developed) world.
Pretty raw stuff in direct contrast to the softer, more sanguine stories in the MSM and on conservative Internet. ZH is savvy, sophisticated, blunt and we ignore its wisdom at our great peril. We don't need to panic, but we do need to prepare as best we can. I'll talk more about that over the course of coming weeks and link to what I consider good sources.
Image/Similar View, The Economist
10 comments:
Questions: why would 40+ GOP congressman speak out forcefully against the stimulus bill, and unanimously vote against the stimulus bill, then gleefully hand out stimulus money to their constituents, praise the jobs that the stimulus created, and use this funding to score political points and take credit for it?
Why are GOP congressmen against things that they previously supported under Bush that are clearly good for the fiscal health of our country, like a deficit commission, pay as you go, etc... but have reversed themselves as soon as Obama endorsed these proposals? What does this say about the character of these GOP congressmen? What does it say about the reasons for the very low approval rate of congress? What does this say about the ability to lead, about the concept of bipartisanship?
Why oh why Ellen can't you get off your simpleton view of politics? The Dems and the GOP are ALL compliant in their ruinous, self-serving body politic that is taking this country down the tubes. Bush is out of office. Get over it already. Your guy won. How is your life? Any better? I don't see any difference in mine. Could that be because there is no difference between the two? I know, this is a rational rebuttal and you will parse it and most likely find a way to personally attack me. That is the way of the ilk that think like you. But hop on over to www.thework.com with Byron Katie and start working on your own issues...because every time you open your little fingers and type, your blind hatred of Bush, GOP'ers and anyone that thinks differently then you is revealed for what it really is-You Don't Like Your Own Behavior. Katie can help you see your own truth and be free...finally. Please do yourself, and those of us that come to Ms.Web's sane piece of the internet not have to read your often biased and myopic view of yourself. It is you that you are mad at...not the rest of us.
WOW, S.S.F.! I couldn't agree more with everything you say. Somehow I doubt that Ellen will heed your good advice...it's those turn-arounds that might get too scary! Cause someone, as we both know, has to want to grow and get the log outta their eye before they'll submit to the tough but freeing kind of process that Katie facilitates. It is remarkable though. Thank you.
One more thing, you're right, as you know, about it being both sides of the aisle for decades that's brought this coming train-wreck on.
S.S.F.,
What's the matter? Did you find some of my questions a little unsettling? So, much so that you couldn't specifically address a single one, but to do exactly what I expected ... attack me personally?
Readers, take note: I proposed valid questions, and what I got was someone attacking me as a 'simpleton', telling me what I think, portraying me as having some pathological hatred.
Try again, read what I wrote. What is unreasonable and hateful? Please, address some of my questions. These are valid question based in reality, not some emotional denigrating rant like S.S.F. just delivered.
Is there someone here capable of rational discussion? Or do you just hate the reality that my questions suggest? Or maybe you find the answers to my questions embarrassing so much so that you have to attack the messenger?
I think that this says more about you than it does me.
Ellen, first off, you need to be more specific in your questions. Which Senators are you talking about and give specific examples? It's impossible to address sweeping generalizations unless you're specific. Deficit commissions? There would be no need for them if this Congress and President reined in spending. The biggest deficit commission I'm for is the Tea Party deficit commission that will work to get candidates elected that will rein in spending.
Embarrassed by your questions? Mostly for you. You seem to lack the ability to see we live in a fallen world and that our country is headed for disaster. The causes precede this president and go beyond either party. But the solutions have to start now. The GOP imperfect as it is embodies principles that most closely align with what I believe. Solutions do not begin with bigger government, higher taxes and deficit spending no matter what it's for.
I continue to wonder why you come to this blog and am getting close to banning you from commenting at all. The gap between our views is too wide.
I'd be happy to supply you with specific examples of the actions of cited GOP congressman:
Bobby Jindal, governor of Louisiana who has railed against the stimulus, went around the state handing out big fake checks with his own name on them as if the money came from him instead of from the stimulus that he‘s been railing against.
Congressman Phil Gingrey of Georgia. Doing just like Jindal, handed out giant fake checks for funds that he voted against and criticized as 'worse than worthless.' He called the money and that check he‘s holding 'a boondoggle and a dismal failure.'
Republican John Mica of Florida trashed the stimulus, voted no, then praised its effect in his home district as "helping improve one of our key economic generators."
Republican Frank Wolf of Virginia trashed the stimulus, voted no, then praised its effect in his home district by saying, "We could use that money desperately. There are a lot of things up here that that money could be used for."
Republican Senator Kay Bailey Hutchison of Texas trashed the stimulus, voted no, and praised its effect in her home state by saying this funding "will spur growth in Texas communities."
The rest can be seen and believed at Rachel Maddow and MSNBC.
Thank you. Rachel Maddow/MSNBC do not represent the views of this blog dame. Am grateful that all the politicians above voted against the stimulus. Period.
The topic of this post is the precarious fiscal ground Greece and other countries walk on.
Obviously Maddow doesn't represent your views, but isn't that what political discussion is about? Or would you simply prefer to surround yourself solely with people who agree with you?
To me, that is not in the spirit of blogging or even being a participant in American democracy.
There comes a time when 'discussion' is no longer possible---the gap is too fundamental, wide and deep---and we've reached it here, now.
Ellen, this is your last comment for the foreseeable future. Start your own blog and show us how it's done---correctly. You've made your points here over and over. From here on I will neither read nor publish you. I will delete unread. I wish you well.
Anyone who continues to write and threaten me in the comments will be tracked down. Ariana, Ellen et al, I am giving you a heads-up. Your constant harassment and intimidation will no longer be tolerated in any way.
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