Monday, September 19, 2005


"On one hand, starvation faced those who produced commodities as a national occupation. On the other hand, those that produced paper certificates were enjoying unparalleled prosperity. Debt was 'in' and cash was 'out.' To have a house fully paid for is even now considered retrogressive, anachronistic economics. Why isn't it wise to have that money at work making money when mortgages are being given away at paltry costs? Something had to give and it did. The U.S. dollar, as the common share of the U.S.A. Inc., made a high that we may not see again in this generation. There is no room for another replay of Chairman Volcker's action in 1980 because of the level of U.S./EU debt, but more so because of the level of special performance, unfunded, non-regulated, non-transparent, often fraudulent derivative contracts.

There is no policy initiative in place or even considered to reverse the triple deficits that are being caused by multiple wars, tax cuts for the super wealthy, pork barrel spending and now the need to rebuild New Orleans and much of the Gulf Coast.

1 comment:

Jenn said...

This article related to your 'slip events' in the article above... very clear, the end result.