Anyone want to venture to guess how the current deficit crises in Greece will turn out? My guess is that the EU, specifically Germany and France will step in and save the day. I bet England is glad they didn’t adopt the Euro.
For me the bigger question is why governments are allowed to cook their books so brilliantly. It all works so well until it doesn’t… and then it is a crises. There was an article in yesterday’s NY Times about the Greek crises and how good old Goldman Sachs helped them sweep all of their dirty laundry under the rug so no one could see the bulge until they tripped over it.
I am not so smart… I am a product of the American Public Education system after all… so I am wondering how “financial engineering” works. How can a rock be kicked down the road into someone else’s lifetime?
I’d love to be able to live my fantasy life (which isn’t really all that large btw) but I digress… I’d love to be able to live my fantasy life and have some other poor soul pay for it after my passing.
To my small mind, this seems to be what the world has been doing for the last 30 some odd years. And it hasn’t really been such a great 30 years for most of us.
NASA is still flying the same Space Shuttles they designed 30 years ago… where are the personal jet packs we were all promised? Cars still need drivers, although it is harder to get lost with GPS… which isn’t necessarily a good thing. A quarter of the children in America are getting their food via Food Stamps, and for the most part the average American is less secure than they were in the 1970’s in terms of the economy and National Defense.
I love to blame Alan Greenspan and the Davos Elites for our current sorry state. I need simple explanations. I am not so smart as I have already mentioned. I am wondering when someone is going to come along and tell me to grab my Louisville Slugger and join the mob to get all the money back. (I am too chicken to do it myself).
But I am beginning to think that there is no money to get. Maybe the vault is empty and the Davos crowd is as broke as the rest of us. If their computers stopped working, what would they have? All of their money is in cyber space somewhere. It does not exist in the real world.
When you read that some piece of art has just been sold at auction for a record price, that is because some rich jackass has decided to convert his pixel wealth into a weird form of reality wealth. A painting or a sculpture has no intrinsic value. The only value it has is as a store of value. It is “worth” money because enough people agree that is is “worth” money. The person who bought it is hoping for a greater fool to come along in the future and take it off his hands.
The whole world economic system gives me dizzy spells. I read about Jaime Dimon getting $16 million in a bonus for his work last year. The reason no one has ever given me a huge bonus, besides the fact that I am not so smart, is because once that check cleared, they would never see me again. I’d vanish faster than DB Cooper. I think $16 million enough for one lifetime… but I guess I am aiming low.
I am just sitting here wondering if things will ever go back to so called normal. I am wondering if I can ever get back to trading my time for money by sitting in a cubicle somewhere for eight or nine hours a day. I am a man of simple tastes and I’d like to get back to tasting simple things.
There just doesn’t seem to be any light on the horizon. After this Greece problem fades away. I am wondering what is going t pop up next.