A song written in 2005 about what is going down in 2011!
Into the Silos
What do I know?
Whispering sweetest secrets
For all the World to hear
It’s live on television
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The World is once again standing uncomfortably close to the edge of the abyss that was so narrowly avoided in 2008 when Lehman’s collapsed. If you don’t have vertigo..you are really not paying attention.
No one knows for sure what will happen when (and it is when) Greece defaults. Will Portugal, Spain and Ireland follow? What will happen to the U.S.?
There’s plenty of speculative reporting out there, just Google a bit and see what you find. Try search terms that include Financial Crisis, Greece, Fallout, United States
Look, I’m no financial expert.. but I have a nose for impending disaster.. My impression is that the people in charge of World affairs haven’t a clue, not even the slightest one, how the hell to get out of this mess, in large part because the leaders of the world are in hawk to financial interests. Oh wait’ we’ve seen this film before haven’t we? It was called the 20th Century.
Money does indeed make the world go round and when it is destroyed through wanton acts of ignorance, the world stops for a moment and then errupts into Anarchy until new monopolies of force carve out equilibrium between nations. To quote Pete Townsend…”Meet the New Boss, Same as the Old Boss.”
Whatever the mechanism, there are way too many people on the planet. It gets a bit of lip service now and again but the issue at stake not just a matter of Maltusian resource management. It is information management. Humanity is overloading from too many people striving for the same thing.. Wealth and Power.. it’s a story as old as the Bible. These conflagrations errupt from the most unexpected direction just when things seem to be getting under control.
If people could be more excellent to each other, all of this crap could probably be avoided. But then I guess life would be boring.
Go Habs Go!
Today at Naked Capitalism, Yves Smith compares the news that Greece is broke and needs a 45 billion euros bailout (60 billion U.S.) with the collapse of Creditanstalt, an Autsrian bank that collapsed in 1931 when markets thought a sustainable recovery was underway..
“The news about Greece’s bailout has me thinking a lot about Creditanstalt, the Austrian bank which collapsed in 1931. This account bears remembering because we should see the 1929-1933 descent as a two-part episode, with the second part starting in the Spring of 1931 with Creditanstalt.It should be noted that there were a lot of positive economic signs before the Creditanstalt ruined this. The key difference to today is the monetary liquidity and fiscal stimulus, which has buoyed both asset markets and the real economy. But, the situation in Greece makes me think a lot about Creditanstalt.”
She then points to a website that chronicles news from the 1930s to highlight the similarities with that era…
“First, there is the blog site News from 1930 which provides verbatim news from the Wall Street Journal exactly 79 years ago because the September 2008 Lehman bankruptcy roughly corresponds to the October 1929 crash . They have an entry from yesterday with a lot of good data points. The ones I want to highlight are bulleted below. By and large, they are very bullish. Everything is upbeat.”
In a nutshell we’re back to a situtation where just when things seem to be on the mend two years after a critical financial shock a systemically important financial player goes insolvent bringing down Europe and subsequently the U.S. along for the ride.
Check it out. Very interesting, if not unsettling, demonstration of Mark Twain’s insight into the rhymes of the times…