There’s snow in the economic forecast.
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Despite our fiscal problems, U.S. sovereign debt is still what the whole world wants. This is a good sign.
China has slowed markedly and will probably have a property crash. But the Chinese government is extremely flush and has shown considerable ability to withstand shocks to the economy and pump it back up.
The typical course of a recovery is that it comes when things look bleakest. That may not be true this time, but saying, “It’s different this time,” is usually wrong.
That being said, I am worried and genuinely afraid for the future of this country. And, yes, although payouts are low, people must have them, and must have cash.
We lack inspiring or even intelligent leadership. This genuinely frightens me. We are a great nation, now being led by punks. Europe is far, far worse. They seem to have zero idea that a major crash anywhere in the Eurozone will lead to bank failures and then to wild political upheavals. That’s how we got Nazi rule in Germany. Terrible economic conditions caused by monetary crises caused by failures of international co-operation…and unemployment disaster in Germany after the bank failures and then Hitler to “fix things.” Can it happen again? Why not? People are still people and respond with rage and fear to suffering and uncertainty.
It is scary and it’s sad.
That’s what I wrote to my dear friend. In the meantime, I wonder who Mr. Obama is listening to about the economy. He seems out there in outer space campaign land by himself. Who is advising him? That’s a question John Coyne posed some time ago and it’s a good question. And, as my pal Phil DeMuth said two days ago, “Didn’t Ben Bernanke promise to throw money out of helicopters if things got really bad? What is he waiting for?”
Scary and sad.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online