While you are all arguing about Gay Marriage, Obamas Birth certificate, Black people and exactly how to define the term "socialism", a quiet revolution is occuring: The Western financial system is imploding. This weekend, the first French bank imploded: http://www.zerohedge.com/news/mortg...ter-are-french-bank-nationalizations-imminent The Spanish are in a world of trouble. Don't even mention Greece and Ireland. Britain is finished. The canary in the American financial coal mine just died - JP Morgan announced last week that it had lost Two billion on bad bets on its London desk, and the smart money suspects JPM has lost a lot more than that. Now don't lecture me about "European socialism", "Big Government" and suchlike, your turn is coming. The American banks are mightily exposed to Europe and America also has its own problems, as does Australia and every other country in the world. The West, or large chunks of it, is going down, including America. We are in for a period of "creative destruction" and what will arise once the crying stops will be a very different world order. It is difficult to see its outlines because it ultimately depends on whether wars will break out - or not. It is possible that we ma have a "Wag the dog" moment and attack Iran in an effort to take peoples minds of domestic American problems. Then there is China, Taiwan, Vietnam and the Phillipines. There is Turkey, Syria and Greece. There is an ungovernable Mexico. Saudi Arabia and the Gulf states are worried. Congress just quietly shelved its budget agreement over spending cuts. The debt ceiling is going to be hit again. Then there is a choice of which lying no good narcissist you will choose to occupy the White House. We live in truly awesome times. Don't prattle on about "Austerity" and living within ones means. Austerity creates a vicious circle of falling economic activity, deterioratign tax revenues - leading to further calls for more spending cuts and so on. The British and Irish found that out already. Attitudes among unemployed youth are hardening. Extreme Right wing political parties are gaining support. Scapegoats are being sought - initially immigrants, legal and illegal. There are really Three sets of problems. 1. The common currency - the Euro - prevents Greece from devaluing its currency to solve its many problems. Same with Spain and Italy - they are being held to German standards of financial rectitude which they cannot attain. 2. American Govenrment is inextricably perverted by big money special interest groups - which has prevented sound government decision making for at least the last Thirty years. 3. China, Brazil, Russia and India are growing and competing for finite world resources. This exacerbates Americas problems caused by (2). The riots will begin again in Europe this summer. They will also spread to America, where I predict that the ferocity of Government response will both surprise and repel the rest of the world - and a few Americans. Yes folks, there is a future, and its going to be very nasty for a lot of people who suddenly find that they aren't nearly as free as they think they once were.
