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April 04, 2011
What's the Gaelic for 'DOOM!'?
Many people insist that no nation will favor bondholders over taxpaying citizens if fiscal push comes to welfare-state shove. Well, Ireland is a good test case, and guess who got screwed? (Hint: it wasn't the bondholders.) I think people underestimate the amount of pressure governments are under to maintain their credit ratings, especially in this age of fiat money and global financial networks. (Via Mish Shedlock.)
People who think that the US states and Federal government will simply default if it comes down to servicing the debt or paying entitlements aren't paying attention. If it comes down to making bondholders whole or shorting Granny and Grampy on their Social Security checks, I guarantee you that Granny and Grampy are the ones who are going to get the shaft.
Also from Mish Shedlock is a good antidote to the "ZOMG China is going to surpass us!" hysteria.
Liam Halligan calls the US recovery a "sugar rush". I don't know that this is quite the correct metaphor -- we're like kids who see no huge changes in our day to day lives, so we assume all is well. Mom and Dad still feed us; we still have a roof over our head; the schoolbus keeps coming to pick us up. As far as we can tell, life is going on as normal. But what we don't see -- Mom and Dad's huge credit card debt, the car-repair bill that is now on the verge of going to collection, Mom's hospital bill, the ARM on the house that is about to adjust upward -- is the stuff that is about to shift our lives into an entirely new orbit. When everything finally collapses, it descends on us like a disaster out of blue, but that's only because we weren't paying attention. We preferred to let Mom and Dad deal with that stuff. It never occurs to us that maybe Mom and Dad are incompetent at managing their finances.
It's good to be the King. It's almost as good to be a friend of the King. His Majesty has many favors in his gift.
Who killed the Euro? Germany, in the study, with a candlestick.
Americans bemoaning their own economyís sluggish recovery should look on the bright side: itís worse in Europe. The International Monetary Fund projects growth of 3 percent for the United States this year but just half that for the euro zone. Even more striking is the extent of economic divergence within the euro area. While the German economy is currently growing at an annualized rate of around 6 percent, Greek growth in the fourth quarter of last year was minus 6 percent. So much for the convergence monetary union was meant to bring.
John Tamny asserts that it was a lack of economic diversification, not liberal governance, that is killing Detroit. I do agree up to a point, though when Tamny uses San Francisco as an example of a city where far-left government has done little harm, I have to laugh -- SF is, like the rest of California, boned. Detroit's collapse probably was caused by an over-reliance on the auto industry and the malign impact of unions; bad governance since the mid-1960's has prevented Detroit from recovering.
Via Andy in the sidebar: GOP proposes a (cumulative) $4 Trillion in cuts, Democrats howl in agony and insist that the world will enter a new dark age if such a horrendous thing should happen, it's nothing but a mean plot hatched by a bunch of stingy mean meanies, and by the way why does the GOP hate women, minorities, gays, and old people?
Speaking of hate: why does Obama hate the young? Savor the flavor:
Unemployment was 25.7 in February for teenagers and 15.7 percent for those 20 to 24 years old, according to the Bureau of Labor Statistics. Recent college grads are despairing of landing anything above the fast-food counter, where they face stiff competition from millions of recent immigrants.
It's a land of dreams, son. Go to North Dakota -- there's less DOOM! there.
Ai! The DOOM! It burns!
Jean: "They let women who didn't kill their babies at the ..."
Bigby's Ouija Board: "i read that infantry guy's post a few nights ago. ..."
Bruce: "Morning report now available ..."
Jean: " Out of the blue, she said, 'I don't want to go ov ..."
FenelonSpoke: "Typo-decided to have the baby. ..."
FenelonSpoke: "I think it's a mixture of things. Yes, it's about ..."
Jean: "31 Separate boning missions against isis on Sunday ..."
George Soros: "Who is generous enough to cover the bus charter fo ..."
RickZ: "[I]My BIL said she didn't seem so anti-male when t ..."
FenelonSpoke: "The local town rag says about the march-quoting on ..."
Tim in Illinois Red County Rebel: "Well just "duh" to me. Carl Sandburg Kooledge is i ..."
Village Idiot's Apprentice [/i] [/s] [/b]: ""My BIL said she didn't seem so anti-male when the ..."
The Morning Report 1/23/17
Sunday Overnight Open Thread (1/22/17)
CBD-Less Food Thread
Sunday Morning Book Thread 01-22-2017
Open Thread for Politics
Overnight Open Thread (21 Jan 2017)
Sean Spicer Blasts the Press
Polls! Polls! Polls!
Real Clear Politics
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Primary Document: The Audio
Paul Anka Haiku Contest Announcement
Integrity SAT's: Entrance Exam for Paul Anka's Band
AllahPundit's Paul Anka 45's Collection
AnkaPundit: Paul Anka Takes Over the Site for a Weekend (Continues through to Monday's postings)
George Bush Slices Don Rumsfeld Like an F*ckin' Hammer
Top Top Tens
Democratic Forays into Erotica
New Shows On Gore's DNC/MTV Network
Nicknames for Potatoes, By People Who Really Hate Potatoes
Star Wars Euphemisms for Self-Abuse
Signs You're at an Iraqi "Wedding Party"
Signs Your Clown Has Gone Bad
Signs That You, Geroge Michael, Should Probably Just Give It Up
Signs of Hip-Hop Influence on John Kerry
NYT Headlines Spinning Bush's Jobs Boom
Things People Are More Likely to Say Than "Did You Hear What Al Franken Said Yesterday?"
Signs that Paul Krugman Has Lost His Frickin' Mind
All-Time Best NBA Players, According to Senator Robert Byrd
Other Bad Things About the Jews, According to the Koran
Signs That David Letterman Just Doesn't Care Anymore
Examples of Bob Kerrey's Insufferable Racial Jackassery
Signs Andy Rooney Is Going Senile
Other Judgments Dick Clarke Made About Condi Rice Based on Her Appearance
Collective Names for Groups of People
John Kerry's Other Vietnam Super-Pets
Cool Things About the XM8 Assault Rifle
Media-Approved Facts About the Democrat Spy
Changes to Make Christianity More "Inclusive"
Secret John Kerry Senatorial Accomplishments
John Edwards Campaign Excuses
John Kerry Pick-Up Lines
Changes Liberal Senator George Michell Will Make at Disney
Torments in Dog-Hell
The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
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