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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (25913)3/18/2005 5:05:44 PM
From: Earlie   of 116555
 
Mish:

Roach has put into gentlemanly text what some of us have believed for quite some time now. America truly is at a crossroads and must very shortly address its financial mess or it is going to become another footnote in the history books.

To begin with, the country simply cannot afford the size and expense of its current military establishment. But is there the political will to do something about this before economic conditions unilaterally enforce a "downsizing"? Doubtful at best, hence it is likely that an economic crisis will be required.

And for how much longer can the US buy well-made goods from the rest of the world in return for newly minted "IOUs"? Some three years ago, I noted on SI that the early stages of a "quiet exodus" from US debt paper seemed to be getting underway. Today, that exodus is picking up speed and momentum. Nor can one blame those intelligent enough to take an "early leave", as the level of US global debt has reached the point now where it will never be repaid (except via a "wasted" fiat confetti.... er....currency).

Many Americans foolishly think that bad things like depressions, or a currency crisis, "can't happen here". Personally I believe that events are going to change their minds in a very nasty way.... and probably within a very short time frame. For any who look beyond the baloney (passed off by the US government as "economic statistics"), the "hollowing out" of the US economy continues unabated.

I wish it were not so, but a "catharsis" appears unavoidable at this stage of the game.

Best, Earlie
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