Russ --- re: “WFYT” as yerba mate, bitter Argentine medicine.
Interesting and perceptive comments.
I have a minor caveat.
I know Argentina, and the good ole USA isn’t Argentina (((yet))).
Argentina is not a country, bur rather, a certain number of square miles of earth surface occupied by a fragmented, totally dis-articulated population, where trust does not extend much beyond the family unit, if that far. Argentina is a feudal regime dressed up in the garb of democratic institutions, easily dominated by a handful of powerful men, who gain control of the reins of government, and suck up for themselves most of whatever is created in the way of wealth.
Last year Argentina got knocked down hard but kept on ticking. The reason why: she was never very elevated in the first place. She fell but not from high up. Most of the people down there are used to struggling to get by. Last year they did what they always do, they just did it a bit more intensely.
On the other hand, the USA is a country (or used to be one), and is built up very high.
The USA needs the sort of medicine you suggest the Asians will be spooning out(“WFYT” – e.g., cut back on debt expansion, rein in consumption, etc. etc.) Trouble is, such measures would knock us down, and if we fall, we won’t be falling onto the sidewalk from two steps above the sidewalk. We’ll be falling from 60 stories.
This fall is going to have to happen. We no longer have the power and wealth to live at 60 stories. But in no way is this fall going to be negotiated, that is to say, in no way is this fall going to be voluntarily acceded to.
My minor caveat is with your timetable. Too fast and too orderly. Washington will want to look as if responding to a crisis not of its own making. The last thing Washington wants is to appear to be in anyway responsible for the changes that are coming. The whole Inside-the-Beltway crowed will work to delay adjustments until something cracks. Then they'll heorically jump into action to save the country (and their own skins).
I think we are only in act 25 of a 200 act drama. |
