Max Sawicky, the incurable optimist and chicken little-basher, might note that 4th quarter growth in the U.S. was 5.6% and inflation's reminiscent of the 50s. I remember after the panic of 98, LTCM's near miss, and after the stock market bounced back Doug said something like the crisis is over, refered to '87 and jumped on the cooler-heads-will-prevail/chicken-little-poo-pooing band wagon.
I said to keep an eye on Brazil.
In three weeks, Brazil's currency has plummeted 43 percent. According to today's NYT: "The traumatic loss of value of the real has become the latest symbol of a global financial crisis that began in Thailand 19 months ago and has spread to East Asia, Russia and now Latin America. The plunge in currency has threatened to return Brazil to an era of hyperinflation and economic stagnation, possibly even leading to a default on its debts."
Now, I'm not saying Socialism is around the corner, and no matter whether one thinks reason or unreason prevails in the human species, I think it's safe to say the ruling elite is not driven by reason nor by a logic that would shore up its chances of survival. If we were entering an era of technocratic management and anesthetized culture where politics is marginalized, you'd think financial crisis would not be a part of it. ------- All of you Anglophobes out there - jks? -, please check out this Suck piece: http://www.suck.com/daily/99/01/22/ I've heard a rumor, I believe by the way, that Christopher Hitchens and Alexander Cockburn are both coming out with books on Clinton in late April/early May and will do a joint book tour. Hitchens's will be titled "No One Left to Lie To" and Cockburn's - "The Joy of Sex." If they do tour maybe those of you who like to take potshots at the 2 from your keyboard will have the balls to confront them directly.
hugs and kisses, Peter