Over at the Belmont Club, wretchard points out the chinese
It's a pretty effective ad for me, it brings to mind the book "The Good Earth",
one generation builds, the next generation squanders.
This was all predicted before. The politician I most agreed with
was Ross Perot. He often sounded crazy to average people because
he presented things in a way that required a knowledge about how business,
systems and history work. His craziness has proved prescient. That
great sucking sound of jobs leaving happened, the jobs first went to
Mexico, then to China.
Other countries are playing mercantilism chess
while the USA is playing hope and change checkers, and we're
most likely fucked. I doubt the outcome will be like the chinese ad because
even though we owe more than we can ever repay the idea of
strategic default is slowly percolating up from the worst deadbeats,
to not so deadbeats, to middle class people caught in the housing
bubble and in 5 years it will be national policy.
If we default against a weaker rival that is powerless it won't be
a big deal. If we default against the most populous and powerful country
in the world it will be more a pimp/ho situation of "where's my money
bitch?" Probably better to strategically default now and start over
while we've got the military strength to stop angry collection agents.
Sort of a My Bodyguard technique. I don't have your money now, but if you'd like to complain please
speak to my friend the US Navy.
Thankfully here in Mexico we're able to watch some usa channels,
but we don't have to watch any political adds. it's all too depressing