Saturday, October 04, 2008

Friday, October 3rd, 2008: The Depression Starts Here

Oh dear, it's Cassandra time again. Nobody wants to hear it, nobody wants to believe it, and the reaction is to want to shoot the messenger; however, Ladies and Gentlemen, lest we should ever forget it, Friday, October the 3rd, 2008, shall from this moment henceforward be known as the official start date of the Great American Depression, Mark II.

The U.S. government had the chance to do the best thing it could, i.e. absolutely nothing, but blew it. It could not help itself but to take just one more enormous congressional swan dive into the pork barrel.

The resulting train wreck will be clear for all to see. Though many will, of course, choose not to see it, and pile on even more stupid and criminal interventions in the hope that one last Keynesian heave will do the trick.

They will fail. The American Empire is over. The dollar is dead. It is merely a question of how long it takes everyone else to notice, and whether or not we can avoid this leviathan dragging us into a cataclysmic and senseless world war in its final death throes or propelling us into the clutches of an appalling fascist world government.

What an absolute disaster.


Bill said...

I haven't put it in quite such apocalyptic terms in my own blog (I wrote about the Congressional 'no' earlier in the week as being a good decision), but basically I fear you are quite right.

Jack Maturin said...

I fear that your fear is right! :-)