Monday, June 11, 2012
European Union
"One of the ironies of the European project is that this project that was set up to make us all love each other is actually beginning to make us hate each other.... Far from Europe coming together, Europe is being torn apart, and we are risking stirring up the very kind of nationalisms that the project was supposed to stop in the first place."
-- Nigel Farage, UK Independent Party
Wednesday, June 6, 2012
economic correction continues
If the Feds would just leave well enough alone, Mr. Market would have handled the whole thing; and we’d be out of this Great Correction by now. He would have knocked down almost all of Wall Street. He would have put dozens of our leading companies into Chapter 11, blown up trillions of dollars in derivatives, and forced thousands of bankers, brokers, businessmen, and hedge fund managers into early retirement.
That problem of unequal distribution of wealth, the rich getting richer and all? He would have taken care of it! And he would have done it all in a few short weeks in late 2008. By now, we’d have full employment again. And people building real wealth.
In other words, if the feds had not poured trillions of dollars down so many rat-holes -- good money after bad -- the whole thing would be over by now. We’d have a growing economy; we’d have real businesses producing real stuff and paying real wages to real workers.
But the feds are on the job, and the job they’re on is to protect their voters and their campaign donors -- from Mr. Market. Of course, all they can do is delay the fix. They can make the problem worse; they can make the losses bigger; but they can’t fix anything. Fixing requires pain, and the feds try to avoid pain at all costs -- especially when they are the ones who will feel it. So, they borrow and spend, and then print and spend, until the whole thing blows up.
-- Bill Bonner, The Daily Reckoning (June 6, 2012)
That problem of unequal distribution of wealth, the rich getting richer and all? He would have taken care of it! And he would have done it all in a few short weeks in late 2008. By now, we’d have full employment again. And people building real wealth.
In other words, if the feds had not poured trillions of dollars down so many rat-holes -- good money after bad -- the whole thing would be over by now. We’d have a growing economy; we’d have real businesses producing real stuff and paying real wages to real workers.
But the feds are on the job, and the job they’re on is to protect their voters and their campaign donors -- from Mr. Market. Of course, all they can do is delay the fix. They can make the problem worse; they can make the losses bigger; but they can’t fix anything. Fixing requires pain, and the feds try to avoid pain at all costs -- especially when they are the ones who will feel it. So, they borrow and spend, and then print and spend, until the whole thing blows up.
-- Bill Bonner, The Daily Reckoning (June 6, 2012)
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