Only inside the crazed make-believe world of the Washington DC beltway - inside the nitrous oxide atmospheres of Capitol Hill or the White House - would the American economy be considered healthy, sound, or, as some wags would have it, "picking up," while there are homeless people who've dropped off the radar, while the credit default-swapping and mortgage-frauding banksters continue to draw down bonuses, and while America makes nothing anymore (except, perhaps, war).
Well, here's one that I couldn't believe, which many of you sent me. In fact, I still cannot believe it. In fact, I am still doing double takes, and chain-smoking like a locomotive to calm my anger at the "two" gutless political and the culture of mercantilist corruption in DC that has led to this mess. In fact, these are the most sobering numbers I've ever read, and trust me, I've read quite a few, for many of you send me this or that article on financial matters, commodity prices, bond prices, derivatives... you name it, I've read it, but nothing took my breath away quite like this one, and nothing has so angered me quite like this one.
And here's the rub, folks: these are the CIA's numbers, and the CIA is telling us "we're in a mess" (and that's putting it euphemistically):
That's right folks... a mere two decades after German reunification, when the wags on Wall Street and Washington were blitzing us with articles about how the German reunification spelled long term financial problems for that country (due to the colossal economic stupidity of the Communist Eastern Zone in ruining its portion of the German economy), a country the size of the state of Texas and with less than half the American population leads the world in account balance, while the United States comes in...dead last, behind such stellar economies as Lesotho, Tanzania, Ghana...
You get the picture. What does it all mean? Well, this article sums it up nicely:
And just in case you missed it in the second article, here it is again, country simple: "We are continually consuming far more wealth than we produce, and that is a recipe for economic disaster."
Years ago Ross Perot described the effects of NAFTA and GATT and all the other free trade kookery that the banksters and corporations were peddling as "that great sucking sound..."
Now, there's no sound, because there's no more economic oxygen to suck.
See you on the flip side.