What a twist of fate and churn in the globalization's history.. Snippets from an interesting article by Charles Payne..
Europe's drama has taken center stage as we wait for the next round of fireworks from the Fed, the Super Committee, White House (big refinance deal on drawing board) and the update on jobs data (shouldn't be hard to be zero). I find it amazing that markets settled down as rumors of a China bailout persisted. One Chinese official called it absurd since it would mean a country with per capita income of $4,000 is bailing out nations with per capita incomes of $40,000.
It goes to show just what can be done when people buckled down for decades and do with less, save half the money they make even when it's pennies, and wait until they have trillions in the bank to make their move. It also goes to show just what can be done when people feel entitled and spend like crazy for decades because they would never do with less or save any money they make or receive even when it's billions, so they gorge until there's nothing and then make their move. These moves seem to be colliding. As those decadent European nations that squandered greatness and fortunes are now sniffing around up and coming nations are being looked to for bailouts.
But, there is also a lesson about hunger. Greece, Italy, Spain, and Portugal have glorious histories of global domination, but as their dominance faded they lived a lie through political systems designed to make everyone feel a sense of power when in fact all the real power of free markets, entrepreneurship, and ambition was being snuffed out. Who's going to make up the collision that bails America out twenty years from now? Mexico, Turkey, Singapore, and Indonesia are on the right track to be our BRICS rescue team by then. The headlines will read: "MITS Bailout USA!"
Europe's drama has taken center stage as we wait for the next round of fireworks from the Fed, the Super Committee, White House (big refinance deal on drawing board) and the update on jobs data (shouldn't be hard to be zero). I find it amazing that markets settled down as rumors of a China bailout persisted. One Chinese official called it absurd since it would mean a country with per capita income of $4,000 is bailing out nations with per capita incomes of $40,000.
It goes to show just what can be done when people buckled down for decades and do with less, save half the money they make even when it's pennies, and wait until they have trillions in the bank to make their move. It also goes to show just what can be done when people feel entitled and spend like crazy for decades because they would never do with less or save any money they make or receive even when it's billions, so they gorge until there's nothing and then make their move. These moves seem to be colliding. As those decadent European nations that squandered greatness and fortunes are now sniffing around up and coming nations are being looked to for bailouts.
But, there is also a lesson about hunger. Greece, Italy, Spain, and Portugal have glorious histories of global domination, but as their dominance faded they lived a lie through political systems designed to make everyone feel a sense of power when in fact all the real power of free markets, entrepreneurship, and ambition was being snuffed out. Who's going to make up the collision that bails America out twenty years from now? Mexico, Turkey, Singapore, and Indonesia are on the right track to be our BRICS rescue team by then. The headlines will read: "MITS Bailout USA!"
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