Suddenly the market euphoria has lifted and reality has set in once again. As a nation, we were high for a couple of months and now we’re coming down. It’s becoming apparent that oil isn’t going down anytime soon. Neither is food. And inflation will only get worse.
In fact, your last trip to the grocery store — the one where you experienced your own private “Shock and Awe” by viewing your sales receipt — is likely the cheapest shopping trip you’ll experience for awhile. Same with your last trip to the gas station, and your last electricity bill. In fact, any recent increases in consumer spending were related less to the rebate checks and more to the stockpiling factor. And stockpiling is probably the best option — investing certainly isn’t, and neither is saving. The official inflation rate (which is a grotesque lie) is even less than interest rates the bank will give you. Unlike the 70s and early 80s, we don’t have 15% interest rates to lift us out of the inflation quagmire.
Here’s a good telegraph article. Reality isn’t pretty, but it’s a lot better than the cotton candy cloud reporting we’ve been given since April. Maybe gold will climb back up to its rightful place again since oil keeps breaking records and now tops $142 per barrel (which is only roughly six times its price in 2001).
What a great time to be provoking Iran, right mainstream Presidential candidates? Good thinking. Too bad no one listened to Ron Paul a year ago when he laid out this economic crisis exactly. He’s starting to sound angry.
Today’s article of doom: EU elite says public vote results will be ignored. Maybe Zimbabwe should join the EU.
This article from Iran, this article from Pakistan, this article from China, and this Lebanese article picked up the the LA Times all ran several days ago. They spoke of an impending attack on Iran that seemed to be more than just speculation. The US media hasn’t mentioned a thing (unless you count Rush Limbaugh’s claim of insider knowledge that an attack was imminent).
Let’s forget the fact that there are hugely differing opinions on Iran’s nuclear program. Let’s also forget that Israel itself has nuclear weapons, and arguably acts towards its neighbors in a manner we accuse the worst people in Iran of acting. Let’s forget that a minority of people in both the US and Israel support use of force against Iran. Finally, let’s forget we’d be going to war based upon the same flimsy premises as we did on Iraq. Forget the massive innocent civilian casualties that would result. There is one simple reason going to war against Iran is stupid.
We can’t afford it.
We can’t afford our other two wars. We can’t afford our Medicare and Social Security commitments, even when their costs are reduced by our deceitful inflation calculations. We can’t afford to take care of our own vets. Our unemployment, even by our tweaked figures, is skyrocketing. Housing prices are plummeting. Food and fuel are skyrocketing. We’re going broke.
Going to war against Iran would be more than bad policy; it would be the straw the broke the camel’s back. Are these “leaders” completely insane?
Today’s article of doom: Oil at $139 per barrel.