Sunday, July 17, 2011
Flash: The NY Times Tells the Truth...Almost
We are living through a tremendous bust. It isn’t simply a housing bust. It’s a fizzling of the great consumer bubble that was decades in the making.
Much to my amaze, you almost spoke the truth here...The problem is that the so-called consumer economy is just the obverse side of the coin of the 1971 Nixon/Shultz floating exchange rate that unleashed the hell of global currency arbitrage. This, in turn, led to the repeal of Roosevelt's Glass-Steagall and the lunacy of derivative securities. Without returning to fixed exchange rates and Glass-Steagall, there is no return to a producer economy. Right now, Rep. Marcy Kaptur has introduced HR 1489 to do just that. But of course, this would mean that the trillions of these inventive derivative instruments would become worthless. And I am quite certain that that elephant in the room is known to the sages at the august NY Times. Why they fail to take note is certainly baffling...Or could it be a sign of their never swerving loyalty to high finance?
Posted by Thingumbobesquire at 6:10 AM
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