We’re all crash-test dummies now
Your must-read du jour: Mike Davis on the destruction of the three pillars of McWorld,
American consumption:
“Even if debt-limit doomsday is averted, Obama has already hocked the farm and sold the kids. With breathtaking contempt for the liberal wing of his own party, he’s offered to put the sacrosanct remnant of the New Deal safety net on the auction bloc to appease a hypothetical “center” and win reelection at any price. (Dick Nixon, old socialist, where are you now that we need you?)
As a result, like the Phoenicians in the Bible, we’ll sacrifice our children (and their schoolteachers) to Moloch, now called Deficit. The bloodbath in the public sector, together with an abrupt shutoff of unemployment benefits, will negatively multiply through the demand side of the economy.”
European stability:
“Across the Atlantic, the European Union is demonstrating that it is exclusively a union of big banks and mega-creditors, grimly determined to make the Greeks sell off the Parthenon and the Irish emigrate to Australia. One doesn’t have to be a Keynesian to know that, should this happen, the winds will only blow colder thereafter. (If German jobs have so far been saved, it is only because China and the other BRICs—Brazil, Russia, and India—have been buying so many machine tools and Mercedes.)”