Sun, 15 Jun 2003
A brief explanation of tomorrow's news
The Whiskey Bar brings you
this week a fun analysis of next year's
makes-1929-look-like-a-storm-in-a-teacup economic collapse.
Indispensible reading, and a lot less tinfoil-hat oriented
than some of the other accounts of what the United States'
collapsing current account balance means.
And no, there's no schadenfreude here. As I earn more than
half my income in US dollars I would really, really
hate to see the dollar devalued, or runaway stagflation,
or any of the other likely consequences when the shit hits the
fan.
Incidentally, Billmon didn't mention the other fiscal stimulus
that great powers have traditionally used to dig their way
out of this kind of hole: starting a world war.
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posted at: 18:17 | path: /wartime | permanent link to this entry
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