kunstler lays it all out clearly for any who don't have a dog in the fight and neither 'side' will like his conclusions;
Somehow I doubt that this Christmas will win the Bing Crosby star of
approval. Rather, we see the financial markets breaking under the strain
of sustained institutionalized fraud, and the social fabric tearing
from persistent systemic political dishonesty. It adds up to a nation
that can’t navigate through reality, a nation too dependent on sure
things, safe spaces, and happy outcomes. Every few decades a message
comes from the Universe that faking it is not good enough.
The main message from the financials is that the global debt barge
has run aground, and with it, the global economy. That mighty engine has
been chugging along on promises-to-pay and now the faith that sustained
those promises is dissolving. China, Euroland, and the USA can’t
possibly meet their tangled obligations, and are running out of tricks
for rigging, gaming, and jacking the bond markets, where all those
promises are vested. It boils down to a whole lot of people not getting
paid, one way or the other — and it’s really bad for business.
Our President has taken full credit for the bubblicious markets, of
course, and will be Hooverized as they gurgle around the drain. Given
his chimerical personality, he may try to put on an FDR mask — perhaps
even sit in a wheelchair — and try a few grand-scale policy tricks to
escape the vortex. But the net effect will surely be to make matters
worse — for instance, if he can hector the Federal Reserve to buy every
bond that isn’t nailed to some deadly derivative booby-trap. But then
he’ll only succeed in crashing the dollar. Remember, there are two main
ways you can go broke: You can run out of money; or you can have plenty
of worthless money........http://kunstler.com/clusterfuck-nation/holiday-doings-and-undoings/
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