While I and my political junkie cohort were obsessively analyzing the verbiage of various punditry, the economy came that much closer to its inevitable doom today. Check out this frightening article in the Washington Post today. I’m not throwing stones from a glass blog, and I have to admit to not understanding the dynamics of currency exchange and the global stock market; but I do know how to say economic collapse. I just wonder if all politics is not just a show to keep us from noticing that the economy has been on the brink for over thirty years. Not one blogger that I visit–and I consider the ones I pay attention to to be really gifted, amazing analysts and writers–carried this news today or even seemed aware that it was on the horizon.
If you don’t care to follow the link, here’s a synopsis. The dollar plunged to record lows today because China made noises that it might sell some of its 1.4 trillion american dollars–yes, they basically own more of our money than we do–to get a better return on its investment with the euro. Even the New York Times had to concede that the dollar looks basically worthless to the currency market. That coupled with the fact that the war has pushed oil prices into the next solar system and a seemingly bottomless credit and housing crisis, means our economy is set to free fall and there’s not many Federal Reserve hat tricks left to slow it down.
If I’m not mistaken the big story in the nightly news was that Pat Robertson is backing Giuliani. A few weeks ago when the cable financial network CNBC held its Republican debate there was a unanimous chorus, unchallenged by the moderators , that the market was doing fine, that US economic growth was explosive, and even that the arthritic dollar was holding its own. This was CNBC, not Fox.
Just saying. Can we get some lefties out there who know economics to do a blog?