December 24, 2011

T’is the Season, May it be Happy

December 2, 2011

Following Europe on the Path to Ruin

The middle class needs a bail-out:

And it’s probably no coincidence that April was also when the euro crisis entered its new, dire phase. Never mind Greece, whose economy is to Europe roughly as greater Miami is to the United States. At this point, markets have lost faith in the euro as a whole, driving up interest rates even for countries like Austria and Finland, hardly known for profligacy. And it’s not hard to see why. The combination of austerity-for-all and a central bank morbidly obsessed with inflation makes it essentially impossible for indebted countries to escape from their debt trap and is, therefore, a recipe for widespread debt defaults, bank runs and general financial collapse.

I hope, for our sake as well as theirs, that the Europeans will change course before it’s too late. But, to be honest, I don’t believe they will. In fact, what’s much more likely is that we will follow them down the path to ruin.

For in America, as in Europe, the economy is being dragged down by troubled debtors — in our case, mainly homeowners. And here, too, we desperately need expansionary fiscal and monetary policies to support the economy as these debtors struggle back to financial health. Yet, as in Europe, public discourse is dominated by deficit scolds and inflation obsessives.

December 1, 2011

Get ‘er Done!

Is he stupid, or does he think we’re stupid?

In the Hannity interview, Gingrich also outlined what he would do within the first hours of being president. “We would have about two hours after the inaugural address, we would stop and sign between 100 and 200 executive orders and presidential findings,” he said. “For example, the very first executive order we’ll sign will terminate all of the White House czars as of that moment. So they’ll all be gone. The goal is, by the time President Obama lands in Chicago, we will have dismantled about 40 percent of his government by signing a whole series of extensive orders.

He also predicted an instantaneous economic recovery if President Barack Obama is voted out of office: “The economy starts to recover late on election night, when people realize Obama is gone. Literally that night, you’ll see businesses making hiring decisions. You’ll see investors making investment decisions. You’ll see folks going ahead with new startups who were waiting and with bated breath.”