Thanks, James. Very nice article -- if you get what I mean.
And, I agree with most, if not, all of it. Of course, what he says isn't nice. Indeed, the outlook for the US is very problematic, if not downright bad -- and he fails to mention the debacle in Iraq and the commitment the US has to conduct more neocon wars against Syria and Iran etc, all at enormous cost.
It's clear the economic situation in the US is on a knife-edge and that's why, imo, Greenspan hasn't raised interest rates already. He's playing psychological games instead --- allowing the "cognitive dissonance"*** of the market to let people believe that rates have already risen when, in fact, they are falling. I listened to some "experts" talking on CNBC this AM. They all "know" that a rise of between 25 and 100 basis points is a certainty and that it is already "factored" into market prices. Meanwhile, everywhere one reads (I don't have direct experience) that prices in the US are rising at an enormous rate but Greenspan says that inflation is not a problem. So, one wonders when he will see a problem? Maybe never!
dmu.ac.uk
*** >>the more obscure and convoluted the subject, the more profound it must be. This has of course been exploited for years to persuade us of the existence of the emperor's clothes, particularly by French "intellectuals". (I recently came across the wonderful phrase "intellectual flatulence" which perfectly describes such rubbish)<< |
