What makes former Congressman Bob Barr’s call for the repeal of the Defense of Marriage Act noteworthy is not that Barr is a Southern conservative – but that he wrote it.
It’s hard to imagine the economy will bottom in the middle of this year, as many are anticipating – though naturally I hope I’m wrong. We’ve lived beyond our means for decades now.
(How we’ve laughed at the French in their tiny four-cylinder cars – the French! They barely use credit cards at all, preferring debit cards – sad, no? They lacked the sense, or perhaps the cojones, to see the wisdom of the Iraq war when even Tonga sent troops – the French! And their health care? Never mind that it’s been rated first in the world – it’s socialist!)
Not to say there isn’t more than enough good about our wonderful country to brim with pride. But it still can set one’s teeth to gnashing thinking how dumb we’ve been about so much these past few decades.
And now the chickens really are coming home to roost, with a lot left to come.
Tom Anthony: ‘This month’s US Financial Data is very interesting. As you can see from the charts beginning on page 3, there is a tremendous monetary inflation taking place right now to try to prevent a deflationary depression. Unfortunately, this will ultimately cause a parallel price inflation and large drop in the purchasing power of the dollar and fixed income securities sometime in our future. The charts on our ongoing Zimbabwe-like monetary inflation as well as the charts on energy prices and stock prices are examples of the extreme and unprecedented swings going on right now.’
☞ Getting back onto an even keel, with a strong currency, a vibrant economy, and a healthy national balance sheet (not to mention generally adequate retirement savings . . . and adequately dredged waterways), could take a decade or more.
One important thing to remember, though, is that for most of us, those years can be filled with purpose (nothing like a good challenge!), good cheer, and – for all the belt tightening – a level of comfort and possibility undreamed of until virtual moments ago. Air conditioning! Gore-Tex! Cell phones! Google!
Quote of the Day
Talking to politicians about the economy is like talking with eight-year-olds about sex. They have heard all the words, but they haven't a clue.~Michael Aronstein
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