Monday, March 17, 2008

Black Monday

This has an October 1929 feel to it. (Begin sarcasm)It sure a good thing that we have two major parties running the country who know that spending billions of dollars to run around the countryside in Afghanistan, while cutting taxes at home (and bringing our treasury to its knees as a result), is a proven plan to help Canadians weather the economic storm on the horizon (end sarcasm) .

Update: The fact that the oil states are even talking about decoupling their currencies from the U.S. dollar, sends a chill up my spine.
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  1. Frankly, let it bleed. Let the decrepit old system fall apart, or this will just keep happening and it won't be the bankers who pay for it over and over.

    Let it collapse and then replace it with something that works.

  2. The only problem (and it is a big one) with that is a collapse will take the real economy with it. The bailouts are needed, but they shouldn't come without strings. Read Krugman in today's NY Times.

  3. Decoupling from the dollar?

    There were emails going around in 2002 that suggested that as one of the reasons that Iraq was invaded. They were the first oil country to start accepting euros instead of dollars. Iran started threatening the same thing, right around the time that US fists started shaking in Iran's direction.