Photo top: Dorothea Lange Broke, Baby Sick February 1937
"Tracy (vicinity), California. U.S. Highway 99. Missouri family of five, seven months from the drought area. Broke, baby sick, car trouble."
Little by little the realization is seeping through that, provided we can agree a recovery cannot be purchased outright, there is no such thing as a recovery anywhere in the western world. Mind you, I said seeping, and I could even have said trickling; it's a slow process. And that is a direct consequence of various vested interests in producing the illusion of recovery and growth which exist in the realms of politics, finance and media.
A few days ago, in the shadows of its revelations concerning Edward Snowden, The Guardian - in its Sunday sister The Observer - ran another piece that warrants scrutiny. The core line in it is this:
Trying to solve a debt problem with more debt has created a bigger bubble, (and it's hard to see what the central banks can do).
(The core term in it of course is "stonking crashes", I love that.) And then Wed [More...]