"NEW YORK (CNNMoney.com) -- Stocks slumped Friday on worries that Europe's economic woes could spread to the United States, pushing investors into safe-haven areas such as government debt."
So let me get this straight, government debt has been the proximal cause of Europe's economic crisis, more debt has been offered as the solution by the EU and IMF, and investors are seeking US government debt as a "safe haven"....???...WTF!
When your only tool is a hammer, every problem looks like a nail.
The cruel joke of it all, is that the preponderance of views like the quote you see above from CNNmoney, as vapid as they are, is the only thing that is keeping the US afloat. In a world where the tertiary economy (money and investment) becomes ever more abstracted and untethered from the primary (natural resources and services) and the secondary(human labor)economiies, its continuity is incresaingly determined by faith in promises.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment