The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
Q: What's the difference between one dollar and one euro? ... A: One euro.
That not-so-light-hearted jest tends to confirm your point that the "deficit dollar" has about reached the end of its useful life, and high time, too.
On the other hand, I'm not sure about a "shortage of money." I think the Feds will continue to respond by feeding money into the system. What's not clear is how and where they would feed it. I do totally agree that a works program is the only possible right answer, assuming that's what you mean by a "Green New Deal."
Since our friends the financiers have failed so pathetically to manage the, you know, finances, it's time for others to get a shot at running the system.
Obama will be smart enough to make that happen, I think. A few more months like these past few and an awful lot of people are going to be ready to go along with him on it.
Less than a mile from my house in New Jersey, I just saw gasoline at $3.54 and diesel at $4.49. If those prices persist, big changes are coming to Main Street a lot sooner than most people realize.
On the other hand, I'm not sure about a "shortage of money." I think the Feds will continue to respond by feeding money into the system. What's not clear is how and where they would feed it.
The shortage of money derives from the nfact that historically it has been the Banks - not the Fed - which creates it.
Bank balance sheets are fucked, but more than that the investors (through securitisation, credit derivatives and credit insurance) whose capital actually backed most of the credit fuelling the Mother of All Bubbles have gone - probably for good.
The question is whether the Fed actually dares to bail out the banks by buying rather than pawning their toxic waste. As opposed to actually nationalising the banks like we do over here.
Did you mean to give me a "3"? I'm offended! ;-)
"The future is already here -- it's just not very evenly distributed"
by Migeru - Jun 15 69 comments
by Frank Schnittger - Jun 17 20 comments
by Katrin - Jun 12 88 comments
by Jerome a Paris - Jun 9 68 comments
by DoDo - Jun 9 22 comments
by Zwackus - Jun 11 64 comments
by Metatone - Jun 8 4 comments
by Ted Welch - Jun 3 1 comment
by Frank Schnittger - Jun 1720 comments
by Migeru - Jun 1569 comments
by Katrin - Jun 1288 comments
by DoDo - Jun 1126 comments
by Zwackus - Jun 1164 comments
by Jerome a Paris - Jun 968 comments
by DoDo - Jun 922 comments
by Metatone - Jun 84 comments
by DoDo - Jun 671 comments
by DoDo - Jun 418 comments
by Ted Welch - Jun 31 comment
by gmoke - Jun 211 comments
by Frank Schnittger - May 3113 comments
by A swedish kind of death - May 3113 comments
by ceebs - May 2927 comments
by ARGeezer - May 2915 comments
by Zwackus - May 271 comment
by DoDo - May 2631 comments
by DoDo - May 2346 comments
by Metatone - May 1490 comments