I cannot see how this global deficit-based system - ANY of it - can survive in even the medium term. It is simply beyond saving.
Fortunately, I think Obama has the intellectual firepower, and absence of preconceptions (maybe) which will be necessary for the transition which is coming. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
I think that this bunch of first class passengers is stuffing their lifejackets with gold as the Titanic sinks around them.
LOL, hole in one... probably trading futures in emergency rations, lifeboat space and drinking water... ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
