Contagion Still Hasn’t Gone Away

April 9th, 2012

Italian and Spanish yields rising again, Portuguese banks more or less prostrate at the ECB begging bowl: Euroland continues to implode!

The basic problem, namely the competitive imbalance between North and South Europe, remains totally unaddressed. What’s needed is a much higher inflation target (at least 4-5%), coupled with big-time stimulus packages in Northern Europe, coupled with winding down insolvent banks continent wide.

Gorilla says, “Or maybe they could rent out Germans for higher prices than the Greeks are lending out their police force!”

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What Would Be Nice To Hear From Euroland

March 30th, 2012

“We don’t care about the confidence fairy any more, we’ve decided to stimulate, farewell austerity!”

Instead, we get more pledges of austerity, followed by sharply rising deficits and unemployment, followed by soaring interest rates and bank runs, all of it designed to show the leaders of Euroland are certainly the worst since the bad old days of the 1930s.

Gorilla says: “When you double down on stupidity, the dealer only smiles!”

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And The Surprise Would Be?

March 28th, 2012

Cut government spending at a time of low private sector demand, and you get recession!

When the Supreme Court majority consists of 5 neanderthals, you better lower the Medicare eligibility age pronto!

When the dictator of Syria agrees to yet another peace plan he’s not serious about, you better decide whether Syria’s disaster is a national security interest (hint: it isn’t)!

When 60 countries gather to do nothing about nuclear weapons stockpiles, you better pretend that non-proliferation is its own reward!

Gorilla says: “A week of depressing news, mostly made by evil and stupid people, so what else is new?”

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Shorter Trayvon Martin

March 24th, 2012

Yes, our country’s ongoing and horrific racism matters, and our country’s ongoing and horrific addiction to guns matters, but only the racism will get air time…

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Inflation

March 16th, 2012

Gorilla says: “It’s a problem we need more of in order to make the recovery strong, CPI and the Fed’s target are way too low!”

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Possibly Big News

March 12th, 2012

China may at last be moving to allow free trade in its currency.

If so, this will be a big story that should have a very positive impact on global economic growth.

The yuan has been undervalued for many years and the need for China to encourage greater domestic demand will go a long way towards improving global trade imbalances.

Gorilla says: “We can only hope Germany gets the message, too!”

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It’s Been All Over For A Decade

March 12th, 2012

Afghanistan: a pointless war now sliding into further pointlessness!

What will be interesting about the latest stupid Pentagon trick is whether anyone further up the chain of command will ever be held accountable. Based on past history, the answer is no.

Obama’s greatest failing since coming into office was the continuation of this war. It should have ended long ago.

There’s no longer any rational explanation for why we continue to occupy this woeful, medieval country.

Gorilla says: “All over and no more shouting!”

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Kovy: The Viral Hypocrisy

March 8th, 2012

It’s a great thing that American young people care enough about human rights to try to get Joseph Kovy, the Lord’s Resistance Army war criminal.

But it would be an even greater thing if American young people cared enough to do something to try to get America’s own war criminals: Bush, Cheyney, and Rumsfeld.

Or Uganda’s endlessly reelected human rights violator Museveni, now celebrating 26 years in power.

Let’s be honest: the only way Kovy will be capture or killed is if Ugandans allow it to happen.

In a country with less than 15% of the population connected to the Internet, it’s unlikely that someone who knows where Kovy is will snitch via gmail.

And the US government has sent 100 special forces troops to assist the Ugandan government to not find him so far.

Gorilla says: “Until the playing field is truly level, around the world and here at home, these are simply childish games, quickly given up when the powers that be smite adulthood”.

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Our Fraudster Is Your Fraudster

March 8th, 2012

Reassurance from the ECB: your money is safe!

Gorilla says: “Unless of course you’re a sovereign borrower, then you’re on your own!”

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Shirt Losing Eurozone Style

March 6th, 2012

Well the bondholders sure aren’t happy!

But there’s little they can do, other than finish the Eurozone off for good!

A trillion dollars in bad debts is a lot of money, but not enough to tank the enterprise.

It’s apparent the ECB will try to to keep European banks from crash landing.

But until there’s a clear declaration that the ECB will be the lender of last resort, coupled with a German decision to start printing money and promoting domestic consumption on a big scale, the contagion and the threat to the world economy will continue to be real.

Gorilla says: “Small beer down Merkel’s back, but the deluge is coming!”

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