Friday, November 14, 2003

Arcane, but perhaps true

This explanation (scroll down to "It's Good to Be the King" post of 11/13) of the present state of the US economy, in particular, how we manage to stay afloat despite our enormous borrowing and trade deficit, isn't heartening for this Bush-basher. According to Billmon, the "big three" foreign banks will continue to buy our bonds, even at these puny rates of return, because they cannot afford our collapse and they benefit from our trade imbalance. I've read this elsewhere, and the predictions seem to be that this charade can continue for another year or so, viz. until after the election of 2004.

If so, we may have Bush for another four years, and then face twenty-five years of surviving what he's done to our nation's economy and standing in the world.

I hate to say this, but Pray for a Disaster.

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