Haunted By The Ghosts Of The 1930s
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  • Anthony

    “But the gravitational pull of old ideas and old habits is strong, and if the euro goes down and takes the world economy with it, the political pressure for protectionism would be hard to resist in emerging and developed countries alike.”

    The above speaks to convergence WRM and likelihood of leadership failure world-wide in honest diagnosis of global interconnectedness via 21st century capitalism and its impact on various nation states’ political/economic patterns (culture/history).

  • Jim.

    Does this mean we’re on the hook to expose ourselves to inflation based on the EU’s impossible debts, in addition to our own?

    To call this madness is a severe understatement. If (when!) Europe goes back to the edge of the abyss because of their dysfunctional Eurosocialist giveaway system, we need to cut them off.

    We must not destroy the dollar for the sake of giving the Italians and Greeks a few more years, or possibly only a few more months, of the unbelievably generous entitlements they crave.

    The Fed has gone far beyond its writ, and needs to be slapped down hard for tangling us up any more thoroughly in the EU’s collapse.

    Won’t that be interesting; Ron Paul should get his day as the GOP frontrunner. If the EU’s collapse happens before next November, he’s going to be president.

  • Tom Holsinger

    Juxtaposition:

    This WRM post:

    “… the Fed coordinated action to make sure troubled European banks could access dollars, and the financial crisis has eased …”

    The preceding WRM post:

    http://blogs.the-american-interest.com/wrm/2011/11/30/winds-of-change-blow-through-higher-ed/

    ” …. government policy has been to feed more and more money into a dysfunctional system.”

  • Jacksonian Libertarian

    That is not going to happen to the American Global Trading System. The Hamiltonian Plan which built the AGTS, has also built the resources for liquidity which the British Trading System lacked. The EU and the Euro are likely to fail, but the AGTS will cushion the fall, and provide structure to combat the chaos.

  • What else can you epxect from a pragmatist statist? Pragmatism is basically amoral, but the done thing is the expedient. Protectionism is the expedient if you are a statist.

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