I'm only laughing on the outside:
The United States going broke makes sense. We stopped making things. Everyone has a B.A. on communications, journalism, English or something just as useless. But for China to go belly up takes some real genius. China has trade surpluses. You really have to go out of your way to spend that much money.
Everyone's looking at the financial and demographic meltdown in Europe. People should look east, as the Middle Kingdom no longer can fudge the books on their economic performance. Japan, too:
Japan has a Wile E. Coyote Economy. Just as the laws of gravity are suspended until that moment when Wile E. Coyote looks down, the rules of finance are suspended until someone notices that there is nothing supporting the Japanese economy.
Now here is the real sad thing. China looked down.
The global economy has listened to a financial elite who have hidden risk while skimming the surplus for decades. The world is screwed. Nice job they've done.
RTWT.
And they have their hands on the levers of power, meaning that when the well runs dry, they think that they can just vote themselves another bailout. But there ain't no more money. Which means this ends...badly.
ReplyDeleteHmmm, I don't have a BA in Navel Gazing or AfricanAsianAmericanWomens Studies.
ReplyDeleteI have, however, contributed to some open source projects and continue to contribute. Perhaps you have used Wireshark.