Sunday, June 03, 2012
Eurodammerung, Greek Erinyes, and Spanish Tragedy
While your treatment of the symptoms of the pending Eurodammerung can't be quibbled with, the causes are what need to be identified if there be any hope of emergence from a literal hell on earth. The crisis is the sequelae of the end of Bretton Woods. This happened as the US shifted away from a production technologically progressive commitment to the post industrial junkheap of today. Taking the world's largest economy and anchor off the gold reserve ratio opened up currency arbitrage. This led in turn to more and more worthless speculation. Further damage was done with the repeal of Glass-Steagal creating the "bucket shop" lunacy of derivative securities. Either we bankrupt out the financiers who created these insane markets and return to the sanity that FDR represented or the erinyes of Greek tragedy await us all.
Posted by Thingumbobesquire at 11:37 AM
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