Ever since the Chinese recently expressed - in simple and plain language that even a barbed-wire barricaded, trash-talking Texas trailer troglodyte could understand - their ability to topple the US economy (even though they also stated in "equally clear" banker's lingo that China would be "a responsible investor in the international financial market"), only in the United States is there still the delusion that America is the world leader.
Watching the housing markets collapse over the last couple of weeks has been an illuminating experience for those who choose to learn from what is, and who are not going to continue to swallow the press-release drivel of the neo-confidence world that never was. For those who still swallow the Bush kool-aid, this way to The Egress.
[Jeopardy theme plays for a few moments]
OK, now that the mindless have returned to watching loving paeans to Karl Rove on Fox, we can get to it.
Liam Halligan, writing in The Telegraph, states what is in language as understandable as that used by the Chinese to remind us of their economic clout. "The Western world has got itself into a mess, and is now squandering its long-standing role as the bedrock of global finance."
A commenter to Halligan's article puts it in more common terminology:
In the "old days", of not that long ago, it seemed you could sort of trust your banker, and your politician, perhaps even your stock broker. No-one should trust anyone anymore, when there are vast sums of money around, and an old boys club mentality of let's screw the little guy, ordinary people are going to get burned. It really is too bad, though, that the poor buggers who have to scrimp for a few scraps are also the ones who have to bail out the arrogant not-so-smart arses who abuse the system.
- Posted by Don Richards on August 20, 2007 10:37 PM
As the late Linda Ellerbee used to put it, "And so it goes."
Few in the domestic media are doing anything like real economic reporting, opting instead to parrot the trite and tepid lines issued to them by Federal Reserve Chairman Ben Bernanke and US Treasury Secretary Henry Paulson. Bu in the rest of the world, the business press reports are much more likely to report factually about what is happening to the incredibly huge investment sums shipped over to the American Babylon to keep our party going. The Australian of Sydney reports what the international investor really thinks (rather than attempting to tell them what to think), and published the following observation: "The contagion from the US crisis over defaulting sub-prime mortgages ... and the associated falls in global markets has spread faster, wider and on a more frightening scale than the experts ... predicted.