Interesting the Volcker/Obama connection bull_dozer brings there, looks like Obama is the next president and he definitely appears to have strong leadership qualities, but that's a real jump to think he'd have both the guts and opportunity to bring on a serious recession
Which is what it would take ... 'to kill inflation' = 'to save the dollar', same thing exactly, and the only thing that killed inflation before was to raise the rent value of the fiat in which prices were expressed ... no other way - there is no cheap easy quick fix, it's supply and demand like everything else, if you want the value of fiat to maintain or to rise then you have to restrict supply
There used to be fiscally responsible wings to both major parties, and they used to do a lot of bipartisan stuff together, don't know what happened to them, you don't hear much that makes hard sense anymore ... too much propping up of the current cushy state of affairs, no public awareness of its inevitable future costs
A declaration of energy independence, combined with a realistic hardnose wartime fervour in measure to accomplish it, would cut down and perhaps in time stop the huge funds going to the islamist/halliburtonist coalition, and set up the biggest tech boom our species has ever seen ... first move - slap a hundred bucks a barrel carbon tax on all fossil fuels produced in or consumed within the country, second - make that revenue neutral by cutting back on income/capgains taxes, third - stop the stupid wars and proceed with the necessary ones more intelligently [which means get together in meaningfully cooperative fashion with other democracies] ... the courage to do this does not today exist, not even close imho, so yeah we go on as before, Bernanke will jawbone just like Greenspan did with the 'irrational exhuberance' bit, remember how long the tech bubble ran after that, over three years |
