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News Link • Government Debt & Financing

Damned if you do, doomed if you don't

As the real economy is being gutted to the bone, the rising markets are nothing but a mirage, a talk-to-the-hand scheme devised by the spin masters who know what all of you like to hear and who feed you exactly that. Until their masters decide the time has come when they can't squeeze enough money out of you anymore to justify keeping the game going. And then it will all vanish into thin air. And you won't even know what hit you. You’ll be left with a whole load of nothing. No services, no benefits, no jobs, no homes, just a huge bunch of empty bags. Don't let the markets fool you, look at the situation on the ground. That reflects the future much better. We will probably see another set or two of positive numbers for jobs, and the stock markets may not have reached their highest peak. But it's all the hot air of false optimism: the economy is irreparably broken. For a while, you can delay debt payments by creating more debt, but that is a dead end street, and the piper waits at the other side. The overall message of the poll is that a large majority of Americans don't want significant cuts to entitlement programs. Unfortunately, as Richard Russell indicates, those cuts will come anyway, and soon. American leadership has decided that saving banks trumps saving people, and once you're on that road, it’s very hard to get off it. The die is cast, les jeux sont faits, there's no way back.

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