Ostensible deleveraging of debt fed asset levitation, with the QE3 spiggot wide open and concomitant LTRO splurging in Euro zone, will make biflation a common day global reality. The Corporates are now regrouping in the real economy like the Glencore/Xstrata merger; to get their monopolisitc hands on hard assets, all the while feeding the asset bubble by their very acts. As their intentions are not to solve the world’s asymmetric construct between first world debt and new world surplus, impossible equilibrium, but to plunge it deeper into distortionist dystopia, to heighten existing fault lines even more; be it the very scent of irresistible perfume that fuels their personal hubristic urge feeding the bonfire of uber-alles vanity binge now hurtling like runaway wagon train to nowhere but hell.
Facebook puts out a claim to Internet 2 monopoly with a 5 billion first tranche teaser to up the ante for the next round with the GS shills as lead bankers orchestrating the band playing sweet Vienna waltzes on this new corporate Titanic in the making, while the world economy is baking in the oven of Weimarista fiat bubblenomics.
What an eerie feeling of morn dawn the rich world wakes up to every day…a litte less richer, a lot more in debt, its belly retching the rising stink of mindless, unhealthy, diabolicoecological over-eating unimpaired by basic decency; as hyperconsumerism is the respected mantra of the age; all engonced in financial purple, all blessed by Congressional approval.
We look on in bewilderment as the most powerful nation of the world ratchets up its traditional four year election charade. The Repubniks now looking like the hoard of Barbarians at the gates of civilization; here an Odoacer, there an Alaric, and on the horizon the banners of Attila the Hun wave their ominous totems of bloody reckoning in the making. Rambo mania and Terminator hysteria, will they be the outcome, the road to inevitable Armageddon?
Meanwhile the second pillar of immobility sweats in dire recession, flamed by obsession to defend a hybrid, five legged and twenty headed monetary construct making Euro zone Gulliver land all tied down to immobile ground in Lilliputian strands of impotence.
Plan A is save the Euro at any costs, fueling higher the cacaphonic dialogue in this tower of Babel, where now Germany towers like the Colossus of Rhodes of antiquity revisited. As Thomas Mann is alleged to have said : Germania is too big to not want dominating Europe, but too small to be able to achieve it…
Charlemagne’s legacy still unfulfilled as France and Germany stay at loggerheads. Neither can dominate, only a European solution can prevail. It was de Gaulle’s intuition but it stays sterile vision; from the Atlantic to the Urals!
Who will build this common construct? Legacy of two thousand year quest since Julius Caesar.
Is there a plan B visible for Eurozone; where each nation state can find its own economic competitivity by devaluing relative to the MAster continental currency, which is used COMMONLY for all EXTERNAL transactions while, intra-euro trade is restructured around new national currency alignment which takes into account the North South economic paradigm divide.
Now there is a project that these dumb Euro technocrats and the elected leaders of nation states should contemplate to reinject some dynamism into Euro Doldrums, whose current momentum will make Euro burn and Eur$zone be condemned to social destitution and worse. No amount of ESM/EFSF can kicking can save the current construct, as the fire fighting hose pump is totally insufficient and will end up by becoming the proverbial, pierced barrel of legendary Danaides; whose daughters were condemned to replenish it incessantly!
This Plan B proposal has been put on the table but can it even be debated in the convoluted hysteria and knee-jerk decision-making atmosphere of current Merkozy land?
- falak pema
