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IPFS News Link • Federal Reserve

James Howard Kunstler: Next

You could probably pick the next location in the Middle East revolution derby by pitching a dart at the map. Just about all of them are ready to go up in flames for one reason or another - that really boil down to dwindling resources. And then, there are the various beefs, grudges, and jealousies that could prompt conflict between them, too. Lots of folks, for instance, are probably wondering what Hezbollah aims to do with its impressive collection of rockets. I don't blame poor Mr. Obama for trying to keep the lid on all this - which is arguably a conceit in itself - since the country that he is most in charge of whirls around a very impressive drain of hopeless debt and vanishing prospects. But my guess is that the next big event in the center ring of current affairs will be a First World money crisis. It is true that the stock market only goes up. And then, one fine day, a large, angry, long-necked bird unfurls a set of elegant black wings and goes honking off into a red sun, and suddenly you are in a new realm where the stock market only goes down... and certain sovereign bond rates soar with that angry bird... and things Too-Big-To-Fail fall on their asses and fail... and everything changes.