Monday, June 18, 2012
What, me worry?
The cafe's are full in Amsterdam. The Tapas bars are full in Barcelona. The ouzo bars are full in Athens. The brasseries are full in Paris. The bistros are full in New York. And in Shanghai, everyone's at the disco sipping Brandy.
No kidding. People are out having a good time. Even in places that are supposed to be falling apart. So really, how bad can things be?
That's pretty much the attitude all around the first world. And why not, after forty straight years of furious money printing to fuel forty years of debt-propelled asset bubbles, Trickle Down Economics has insured that most everyone's lifestyle has been lifted to previously unimagined heights.
So nobody really cares if we have a few years of temporary set backs. We'll just cut back to only three cappuccinos a day.
Sure, maybe the banks have gotten a little out of hand. Let's have some party-protests about that. Maybe they'll write us up in Rolling Stone. Sure, maybe the governments have gotten a little bloated. Let's paint our faces and hold up placards a few days a year. Maybe we'll get interviewed by our favorite gossip journalist at Fox News.
But what if this isn't just a few tough years? What if 40 years of debt propelled asset bubbles lead to forty years of paying down debt? What if this problem doesn't magically somehow fix itself?
Nah, grandpa, couldn't happen, right?