Friedman, I'm tired of this shit.
In today's New York Times, the august Sir Thomas Friedman blathers on about how "complicated" the current financial crisis is.
In fact, he goes so far as to assert that "This problem is more complicated than anything you can imagine."
That is complete and utter horseshit. In fact, the financial crisis is simple, breathtakingly simple. And that is exactly what makes it so scary.
What is the problem? It is that America and Europe --- the governments, the corporations, and the people therein --- are drowning in debt. An amount of debt that they can never hope to repay.
And so, there are only two "solutions." (Really they are "paths forward," as opposed to solutions.)
(1) Western Civilization can default on its debts, or (2) Western Civilization can hyperinflate its currencies, such that the debts can be "paid off" in now-worthless currencies.
There are no other options.
And either option leads to extremely pissed-off creditors (Japan, China, Saudi Arabia, et al.).
World War III is a distinct possibility.
In fact, he goes so far as to assert that "This problem is more complicated than anything you can imagine."
That is complete and utter horseshit. In fact, the financial crisis is simple, breathtakingly simple. And that is exactly what makes it so scary.
What is the problem? It is that America and Europe --- the governments, the corporations, and the people therein --- are drowning in debt. An amount of debt that they can never hope to repay.
And so, there are only two "solutions." (Really they are "paths forward," as opposed to solutions.)
(1) Western Civilization can default on its debts, or (2) Western Civilization can hyperinflate its currencies, such that the debts can be "paid off" in now-worthless currencies.
There are no other options.
And either option leads to extremely pissed-off creditors (Japan, China, Saudi Arabia, et al.).
World War III is a distinct possibility.
posted by Unknown at
11:17 AM
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