Archive for the ‘Crisis’ Tag


The US National Debt stands at 57.000 USD per citizen.
The Greek National Debt stands at 43.000 USD per citizen.
So what’s the big deal?
To who is this money owed?
Who is asking for it?
This stuff never gets paid back, it just melts under the sun.
When in need, just print more of it, create some inflation.
The only places without inflation, skid row and our cemeteries!

European Drama


Of all people, Greeks appear to be no Aristotelians




When people can no longer afford where they live, when people start taking the bus, when adults start moving back in with their parents, or share apartments with others they hardly know, when people start renting out rooms in order to pay their electricity bill, and banks don’t know what to do with repossessed homes, when this takes place on a wide scale and for many years to come, when the State can’t collect enough to cover its bills and has to cut vital services not replacing retiring workers… it is that a nation is getting poorer, losing its wealth, or at least the one it thought it had, but that probably never quite existed.

So what we’re seeing everywhere really, is countries and people getting poorer, getting stuck once more with and in a huge underclass, all that whipped up phantom wealth melting snow under a forbidding sun.

Of course, it’s nice to do well for a while, except most forget this is the exception, not the rule, living high off the hog too long. Some taking it philosophically, others not so well, after the bubble bursts. The question is do we want to live like this, on the run, under exciting but explosive bubblenomics or take an honest step back, living more evenly, not stepping around the returning homeless, on our sidewalks, having whatever there really is, distributed equitably?

This is how I expressed from another angle, under Poems in my website:

Eighth Floor Second

No matter what you read

No matter what they say

and sounds like war

World crisis

is never Armageddon


a set of reversals

in the Babylonian building of Finance



Basement becomes Penthouse,

Third floor First,

Eighth floor Second

with the sad stupidity

of rapacious





Could You Tell Us: Morning or Afternoon?

At an economic forum here Prof Dr José Luis Escriva, chief economist of the BBV Bank, consultant to the IMF, UN, PIB, POOB, BABABALUBA, IGOTTAGO, YEAH let the Spanish public know that six years from now the housing market will have regained its health, and with it the economy of the country.

Here’s my question. Where was Mr Escriva in 2007 and 2008, when he didn’t have a clue what was coming, what was going on or what to do about it? When the country was collapsing before his eyes and he couldn’t utter or offer warning, advice, or solution to the same public he was addressing just now?

In other words, why should anyone pay attention or listen to a fat-cat functionary who knew nothing yesterday, not even what was happening in front of his nose, yet suddenly having the balls to forecast with exactitude what will happen six years from now.

I’ll always remember John Kenneth Galbraith’s story of two balloonists trying to cross the ocean, hitting a sudden storm and losing altitude perilously quickly, but a the last possible minute, in near dark, spotting a green stretch of land with a sheppard leading his flock to their stables, shouting, panick stricken, but somewhat relieved, ‘ Hello, Sir! Could you tell us where we are?! And the peasant shouting back up ‘ Yes! You’re in a balloon!’.

With the one balloonist telling his companion ‘ Fucking great! We had to run into an economist!’

So thanks to Bank and Newspaper sponsored economic forums, but no thanks. The way to get out of a crisis is by stopping to spout ridiculous, alarmist forecasts by charlatans. And worst of all, publishing them…

Bankers, Wankers

We all know by now that in the best of cases bankers not only ‘built’ on their own devil-may-care, invisible ‘products’ but ‘invested’ their money and their clients’ funds heavily in other institutions’ shares, also based on non-existing, phantom credits, given to people who could not or would not repay their loans under any circumstance, and like giving away the shop.

How this gave the entire housing market a speculative high which was powdered snow in weather, sunny and hot. How this whipped up unrealistic spending and non-existent wealth on the basis of which millions of jobs briefly thrived even though resulting from some trying to put testicles on a cow.

How the leak sprang at the top of the system, almost destroying the economic food chain, demand disappearing, slashing prices and worth. How gambling was mistaken for ‘investing’ and ‘investment’, collusion for free trade, and self-gratification for rightful reward.

But now we’re assured that however irresponsible and incompetent our banker friends, except when it came to dealing themselves in, 95% of American homeowners are still OK, meeting their mortgage payments and squeaking bye. So that in most places apparently there’s no housing crisis at all! Foreclosure affecting only 5% of ‘ownership’, dreadful for those forced out, but statistically not disastrous, making one ask where all those caustic credits are, having the banks still out billions? In other words, which mental, moral, professional piece of the body still hemorrhaging savagely, somewhere?

Or is the patient simply crippled under his own weight? Economic morbid obesity only cured with introspection, moderation and prudent exercise. No more short-cuts to paradise. But not before casting those visionless limousined, into the wild. Relieved of their gains! No more breathless ‘Call you back in Five’ with fantastic returns and ever new loads of ‘innovative’ derivatives borne from financial incest!

Scaling down

– Scrapped the family Golf-Royce

– Bought my wife a Hamburghini

– Last week got her a tPod

– Nothing but the best, you’ll agree


For the first time in history the vat of international finance sprang an unnatural, pouring, thieving leak at the top! Now nobody knows what to do, but I do: Stop the manipulation of gravity, revert to good old fashioned minor spillage at the bottom. Predictable, detectable and easy to fix. Introduce if not the Gold standard, the Goods standard, invisible products banned.

Les Barricades

The more generous a people by nature, the least State intervention it requires or for that matter tolerates. The reverse is also true, people constantly delegating empathy to Government, apt to shirk individual responsability while continually demanding more for themselves. But how does one combat egotism, a deep personal indifference toward the others, as a disturbing aspect of national character?

Arab Capitalism (IV)

Well, now it’s 2009 and some rejoice the Dubai bubble burst, together with the rest of the world’s bubbles. But responsible, fluid capitalism and separation of Church and State are still the future for any territory or nation, anywhere. And bubbles rise and burst, but are replaced by new bubbles and ever newer ones, like natural gasses in the pond, making it live, sustaining its life, when otherwise its waters would turn putrid and die.


The Dow Jones is a yardstick whereby you and I are told what the weather is like and how we feel or how we’re doing, by how many gamblers jump into a cab to the track each day. Ya’all also know how accurate and loyal these folks get, especially with Granny’s savings. There’s nothing like love for horses.

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