This is it people: believe it or not, the crisis is over.
It was time, wasn't it ?
I had enough of all these bad news. I was starting to be a bit concerned that we could never go back to the good old boomy days of cheap credit, overconsumptuion and uncontrolled debt spiral. The good old days when the only that mattered was global warming.
Thankfully we have had the G20. It gave 1.1 trillion USD to the IMF and that was it: the miraculous cure. This is in fact the only significant conclusion of this summit that I can remember of. Oh no...there was Mrs Obama hugging the Queen (like she would have done with her Grandma) and the final photo souvenir of 21 actors desperatly trying to boost their people's moral.
Anyway, what matters is that it is all over now. This was just a bad dream.
Our governments did not create thousands of billions of dollars of extra debt, Lehman, Bear, RBS and others did not go bust, our pensions and our savings are being well looked after, there has been no housing bubble bust, The avearge US household has plenty of money set aside that it will now use to buy all sort of useless stuffs (like GM SUVs), the US economy has not lost 5 millions jobs in the last two years, the US car industry is thriving, the bankers bonuses have not been cut and Madoff is still called Bernie by his friends at the SEC.
I feel better already. Don't you ?
Well not really actually because the only "green shoots" I can see are those of the nasty hangover we will all be left with for the next 10 years or so. And the wake up call is approaching, fast.
When interest rates have to go higher, when governments have to raise taxes, when corporates do not have anyone to lay off anymore to keep their profits artificially high because of slumpy revenues, when protectioninsm appears as the only decent option to save the few jobs that can still be saved, when the millions of people who lost everything start making their voices heard.
This world is only going one way. And it is not the way of the merchants of dreams.
It was time, wasn't it ?
I had enough of all these bad news. I was starting to be a bit concerned that we could never go back to the good old boomy days of cheap credit, overconsumptuion and uncontrolled debt spiral. The good old days when the only that mattered was global warming.
Thankfully we have had the G20. It gave 1.1 trillion USD to the IMF and that was it: the miraculous cure. This is in fact the only significant conclusion of this summit that I can remember of. Oh no...there was Mrs Obama hugging the Queen (like she would have done with her Grandma) and the final photo souvenir of 21 actors desperatly trying to boost their people's moral.
Anyway, what matters is that it is all over now. This was just a bad dream.
Our governments did not create thousands of billions of dollars of extra debt, Lehman, Bear, RBS and others did not go bust, our pensions and our savings are being well looked after, there has been no housing bubble bust, The avearge US household has plenty of money set aside that it will now use to buy all sort of useless stuffs (like GM SUVs), the US economy has not lost 5 millions jobs in the last two years, the US car industry is thriving, the bankers bonuses have not been cut and Madoff is still called Bernie by his friends at the SEC.
I feel better already. Don't you ?
Well not really actually because the only "green shoots" I can see are those of the nasty hangover we will all be left with for the next 10 years or so. And the wake up call is approaching, fast.
When interest rates have to go higher, when governments have to raise taxes, when corporates do not have anyone to lay off anymore to keep their profits artificially high because of slumpy revenues, when protectioninsm appears as the only decent option to save the few jobs that can still be saved, when the millions of people who lost everything start making their voices heard.
This world is only going one way. And it is not the way of the merchants of dreams.
