Picture yourself on a snow-covered lake, gliding smoothly on your new snowmobile at 60 mph and about five miles out you begin to feel the growing sensation of pain and regret as your bladder balloons from the two Grain Belt Premiums you pounded at the last pit stop.
Your two buddies are out ahead of you and without a clue as to the escalating emergency you are about to be a party to.
In your distraction, you miss the snowdrift that your buddies navigated around and when your sled hits it you are airborne. As time slows, as it always does in times like these, gliding through the air with the greatest of ease, you think to yourself “This is going to hurt.”
You land hard and fast, slightly tipped to the left but a second later realize that your forward momentum has continued unabated. All limbs are onboard and your sled appears to be no worse for the wear.
…and then you feel the warmth.
At first you are pleased because your manbrain usually associates warm feelings down there with great anticipation.
…but when the warmth moves down your thigh and starts to creep out back? Not…so…much.
And so it goes with the liberals among us.
Having peed their pants with stimulus, government make-work projects, census jobs and the like, the only remedy is to keep peeing your pants so as to fend off the chills that come when your wet snowsuit becomes a cold wet snowsuit.
…and George Soros is chief Pisser.
Billionaire investor George Soros said the U.S. economy should pursue more fiscal stimulus instead of joining international efforts to reduce budget deficits.
Soros said spending cuts are the “wrong consensus” in the current economic environment. He said the global economy is still not at equilibrium, even though financial markets are functioning again, and U.S. fiscal restraint is limiting the recovery.
My neighbor, a liberal, thinks the government is spending too much and getting too big. My liberal colleagues (as few as they are) also associate “stimulus” with “failure”. Even democratic legislators are disassociating themselves with Obama and stimulus spending to save the shredded remnants of their political careers.
But George Soros persists with this notion of a continued flow of urine as a prescription for restoring our financial future as a nation.
Why?
The U.S. has been “driven to quantitative easing because the political debate has been won basically by the Republicans, who argue for balancing the budget and no more stimulus.”
…because it wasn’t his idea.
Piss off George.
Roosh! For the win!
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The “stimulus” failed. Rather than take our medicine on badly invested capital, Obama and Bush immunized Big Business against failure. Even if that rescue was necessary it increased moral hazard by not sacking the management that made the rescue necessary. The unraveling we’re seeing in MBS and the floundering mortgages with deficient recordkeeping is just one indication of how badly those companies were managed, yet we still have the same genius management running them.
All the stimulus did, at best, was prolong the pain rather than force the restructuring required while adding to the interest payments on the debt. At worst, it was very wasteful spending with no real return.
But the main reason we’re getting QE2 is that Keynes was wrong: it isn’t sticky wages causing the problem, it’s sticky debt. If you have debt denominated in dollars and no savings, the usual situation in the US, and you have the threat of deflation you can’t take a lower paying job without going bankrupt.
The solution for corporatists like Obama and Bush is to whack it to those who have savings and have lent the capital via inflation: you debase the dollar enough so that even with your new lower paying job (in inflation adjusted terms) you can still pay your debts. You’ve whacked the old folks living off their capital, you’ve tried to whack the nuts in China who’ve been manipulating their currency to steal your jobs, and you make American exports more attractive, but you’ve created a real problem with raw materials and essentially reduced everyone’s standard of living. Which, realistically, need to readjusted to a more sustainable level not requiring a massive debt to maintain.
If you’re curious why the Dow Jones average has gone up with all the bad news, remember that in terms of the Euro and gold the stock market has been flat. It’s just the dollar that’s gone down, while the value of multinational, large caps has been flat in terms of non-dollar sales. We have a political class that is responding to the needs of big businesses, not the smaller companies that employ the majority of Americans.