And the dollar is fucked for sure.

But (stag)flation or deflation? I think that's an interesting discussion point....

"The future is already here -- it's just not very evenly distributed" William Gibson

You should definitely post it on dKos.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet

... for lefties here, forgive me if I ask your indulgence, as a committed socialist, to trust me on this one, but one of the few things the vile Milton Friedman got right... is this: when you print money and do not generate credible wealth, you pay for this via a tax called inflation.

Sonny, some of us lefties already knew that (and other deep profundities) when you were in swaddling clothes and little Milton Friedman was smearing his diatribes in finger paints.

For those of you who wondered what the hell Nader was talking about when he said there was essentially no difference, where it counted, between Democrats and Republicans, it was precisely this.

Nader detested the political pressure Democratic Party hacks put on him in 2000. At that time he was saying that the US would be better off to learn a few things about reality during a crazed right-wing George W Bush administration. Watching the Neocons bankrupt the US was a high price to pay for such public knowledge. Still, if the gravity of the current situation has finally penetrated a few cheetos-stuffed skulls over here, I suppose it was worth waiting for.

"The Chickens come Home to Roost"--and find the vultures already in residence.

Sincere thanks and admiration, redstar.

Capitalism searches out the darkest corners of human potential, and mainlines them.

First, there is a very strong anger against the US, both for the accumulated Bush foreign policy stuff and the way they are hurting our economy by fucking up their own. There is horror when they understand how the subprime crisis happened, how the financial industry has behaved and how real wages have developed in America.

Still, no one is crying. Indeed, several people wouldn't mind suffering through a recession as long as the Americans suffer worse. Not looking very good for future US-EU relations, even of the removal of Bush will change a lot...

Further, strict regulation, state intervention, socialism and even Marxism is begining to look rather attractive. So does the death penalty for "bank treason". Who said moral hazard was a problem?

Peak oil is not an energy crisis. It is a liquid fuel crisis.

Think of it this way: your mortgage rate today might be at 6%. Two years from now (and this is a very plausible situation) it might be 12%. Hell, it might even be more than that for a while, significantly more, ask any Argentine about the past decade.

No problem, you say? Well, good for you, you get to sit tight in your house, you don't have to move, you have a secure job, and the value of your house, source of wealth for the vast majority of the American middle class, is of no matter to you.

But if you are really worrying about your net worth, you might have to sell your house, you might be near retirement and planning on a move to a condo or smaller home somewhere warmer, things virtually all of us sooner or later think about, this is of concern to you. Because a home's value, like that of a long bond, is simply a function of its yield, expressed in market rates for long term mortgages. In other words, your house is only worth the monthly payment that the sort of person who might be interested in buying it can afford. After all, markets are a signal of value, even in our Socialist worker's paradise where Cheney gets an unheated cell in the Wyoming re-education camp gulag, even if we must vigorously seek to minimize and manage the deleterious effects of their fluctuations.

However, if you're worried about loan-to-value of your house, that is, if you're leveraged...

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris

Anglo-American culture of "rugged individualism" is to blame, along with the selfish culture and punishment for economic failure that is a result of laissez faire capitalist, Social Darwinism is to blame...

The real root is the American culture of "rugged individualism" and the notion of "pull yourself up by your bootstraps." Americans are duped into embracing these notions through the hearkening back to the early 1900's, when immigrants really could make something of their lives in America. Today, the "immigrants' myth" is now being used to displace American workers. Before this happened, the American worker had to be demonized as "lazy, fat and demanding of high salaries."

Personal failure, especially economic failure, such as the inability to get decent employment, is brutally punished in American culture. There is no social safety net to catch Americans that economically fail - and this is purposefully crafted this way.

The lack of responsible concern on the part of the "richest nation of Earth" should be viewed by the international community as irresponsible governance. Even poor nations would help their own people if they had resources or at least allow help to enter their nations. Find out what happened to the Hurricane Katrina aid sent from Europe to America, especially food aid.

It should be regarded as irresponsible governance, especially in the "richest nation on Earth" to allow your own people to sleep in the streets and suffer just for the inhuman Anglo-American, lassez faire notions of "rugged individualism" and cruel punishment for failure.

The only hope is that America CRASH and that Americans wake up to the self-destructive and dehumanizing nature of their social-economic system. It is hoped that, as far fetched as it is, America adapt the social market principles and a kinder and gentle system for human beings to live under.

I suppose it depends upon your horizon, but for those who haven't experienced similar dislocations this one seems to be earth shattering. It isn't.

This will pass in a couple of years, just as the dot com bubble did. At the end of the crisis there will be a bit more foreign ownership of US assets, there will be a few ex-millionaires and the concentration of ownership by large firms will have increased.

The super wealthy who set much of economic and social policy will still be super wealthy. The politicians who they buy will still be bought. In the US a big win for the Dems may lead to a new cycle of consumer protection and some improvements in the safety net. That's about it.

The US will  still  depend upon militarism to (attempt) to rule the world. The EU will continue to get a free ride from this militarism and continue to dodge its responsibilities when it comes to dealing with failed states. China and India will continue to grow, but internal strife will increase and the path will be less smooth than they now believe.

The climate change (both the real one and the metaphorical one), will occur towards the middle of century. How this will play out is beyond by predictive abilities, but unless there are bold steps taken now, it won't be pretty.

Right now some sharp investors are buying up oversold assets and will be seen as wise and foresighted in 2010.

As I always say, "Don't Panic".

Policies not Politics
---- Daily Landscape