Monday, June 01, 2009

When Looters Take Over the Economy

Consumers may be confident that something is "being done" to solve the economic crisis, but either do not understand or have misplaced faith in what the corrective policies amount to - socialism. It may feel good now, but it is neither wise nor sustainable...All indicators are still negative, and the government's actions have merely covered over that weakness. Indeed, it appears that the administration is driving us deeper into recession. It is likely that, when reality dawns, the rush from the US dollars, stocks, and bonds will be truly devastating...So, ignore the vagaries of consumer confidence polling and stick to the enduring laws of economics. Production leads to stocked shelves, but looting leaves them bare...False Confidence, John Browne, Asia Times, 5/29/2009

Browne's another one who doesn't waste words. Asia Times, a remarkable online newspaper, offers a view through writers like Brown and Akya that so strongly contrasts with the pablum from Washington's press coverage that it bears closer examination. The writer has consulted AT time and again over the last year or two, and found that, while its writers err on occasion, they have the kind of acute, unforgiving, and unsentimental view that we used to expect from our own press.


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