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05 July, 2011

United States of Denial

United States of Denial: "The suggestion that there is anything remotely approaching a recovery in the United States, or the world economy, is pure cow pie, as evidenced by the requirement for more borrowing, more easing, and more deterioration in employment and housing. But as the title suggests, its not just America. I’m referring to the heads of state around the world. Apparently too busy jetting back and forth from Washington, New York, Vienna, Athens, Berlin, London and Paris to have anything approaching a grip on reality, we’re delivered surreality by world leaders immersed in United States of Denial. Now the banks in Europe are carving up the assets of Greece as vig for continued lending...

... Do the banks holding US$114 billion of Greek debt want the money back, or would they prefer to exercise the option to have first choice over the plum producing assets driving the deteriorating Greek GDP? Since money is worth nothing, and the whole default dance is just a case of bullying the junior members of the Trillionaires Club if they want to keep their seat at the table, I think the answer is somewhat obvious. The top 8 economies in the world are essentially So Big that they Won’t Fail, not because they will ultimately and miraculously get their financial houses in order, but just becasue there’s nobody to force them to sell their assets in exchange for a bailout. They’re the top of the heap, the Big 8, the G8, and with each member approaching or exceeding debt loads in excess of 100% of GDP (Japan’s at 225%!), it is mathematically impossible for a balanced check book to materialize anywhere in that mix. Unless of course GDP for each of the countries were to miraculousy double, or in Japan’s case, triple. But they’re the main conspirators in this wealth agglomeration exercise, and they’ve divied up the booty already in exchange for a nudge-nudge, wink-wink understanding when it comes to voting on certain matters in key organizations such as the IMF, the World Bank, and of course, in their own Treasury departments..."

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