Downbeat about today. Upbeat about tomorrow.
With a new decade underway, Americans feel battered by hard times, record home foreclosures, stubbornly high unemployment rates and war. In the latest USA TODAY/Gallup Poll, they are fed up with Washington and convinced by more than 3 to 1 that the nation is heading in the wrong direction.
Even so, confidence that there will be better times ahead ”” and that the classic American dream endures ”” hasn’t been extinguished. It’s not even at its low ebb.
I think that this article demonstrates both how little the American people understand our current situation and why they don’t.
The entire world currency system is on the verge of collapse. Greece may well be the trigger for the cascade of sovereign defaults, but if it isn’t there are many more nations waiting in the wings to take that dubious honor. The Euro is in jeapardy as a currency (as is the entire union). If the Euro fails it may well trigger the collapse of the pound and that combination will likely spell the end of the dollar…the reserve currency of the entire world.
I cannot begin to understand the ramifications of that. I suspect it may be like the collapse of the Roman Empire…with nuclear weapons sprinkled into the mix.
This article, as most articles in the MSM, does nothing to educate the public. I am reasonably certain that that is by design and it is probably a good thing. The mass of humanity can do little or nothing to change the course of events. Perhaps it is best if we don’t really know what is coming.
There is a very interesting tidbit of information that wasn’t covered by the MSM but that was on C-Span about September of 2008 and how there was an electronic run on the banks to the tune of $550 B and how the Treaury had to intervene and eventually shut down trading (offering a deposit guarantee of $250,000 per account). If the run had been allowed to continue for a few more hours, they projected that there would have been a total withdrawl of funds of about $5 1/2 Trillion…collapsing the US economy and 24 hours later the entire world economy.
None of the fundamentals that created that scenario have significantly changed. Everything is still in place to allow a similar situation at any time at all. The biggest difference is that now the US has added several Trillion dollars in debt in the short year since then, and will be less able to respond. The amplitude of the cyclical economic wave is gaining strength…the volatility is increasing.
The US will be a nation at the end of 2011 only by the grace of God.
What is going on in the financial world right now is the stuff of the ending of empires and nothing short of that.
Americans for the most part are blissfully unaware and articles like this do nothing to educate them. As I said, this may be for the best.
#1 – I think that some Americans are picking up from somewhere a “feeling” that this is the darkness before the dawn. Irrational I know, but stranger things have happened. Indeed, all things are possible through God. I pray that their “feelings” are right.
Ok, I’m just a nobody blogger, so my opinion above is easily discounted. So if you are reading this, check out the story I am providing a link to:
http://finance.yahoo.com/tech-ticker/we're-“absolutely”-headed-for-another-crisis-without-reform-economist-stiglitz-says-425033.html?tickers=^dji,^gspc,gs,xlf,jpm,c,dia