This is the first post in some months... but it's not that I've been away or extraordinarily busy. Rather, I've been "digesting" all that has been happening around the global debt crisis, particularly in Europe.
There's no need to analyze the eurozone's debt woes - this is a horse that has been beaten to death so many times already, and by so many informed, misinformed and "deformed" commentators, that I feel I have nothing original to add.
Instead, I will once again revert to my oft-repeated thesis: that this here "debt crisis" is but a symptom of a wider, more virulent disease, and that by focusing on it, rather than trying to confront its deeper causes, we are making things that much worse for ourselves and our children. What good does it do to provide daily doses of aspirin to a patient with pneumonia? Yeah, the fever will go down, but the patient will eventually die.
And this is exactly what we have been doing... at least, that's what my stomach is saying after "digesting" the news for these past months. So... It's the (real) economy, stupid!! .. is today more apropos than ever before. Politicians, economists and even "smart" businessmen are constantly looking for monetary fixes (i.e. liquidity) to what is a fundamental, paradigm-shift problem. Earth to Everyone: It can't be done.
Look at Europe's scape-pigs: Portugal, Italy, Greece, Spain... but also Ireland, the UK - even France (and Germany won't be far behind once China dips). Everyone is mired in doom and gloom and the (real) economy is going absolutely nowhere. Austerity, reform, restructuring, debt forgiveness... it has all lead to precisely.. nowhere. Unemployment is very high (23% in Spain, 22% in Greece, etc etc) and still rising, earned income has tanked, productive investment has collapsed... I can go on and on. But in one word, the real economy absolutely sucks (pardon my french).
We desperately need a serious Paradigm Shift. Quit stroking the bankers and start stoking the fires - or, rather, start spinning the windmills, laying out the solar panels, drilling the geothermal wells, building the electric economy...
It almost doesn't matter what, but the when must be NOW.