Every once in a while Barataria has to take a pause from deep economic rumination. It’s time rundown the odd stories that may not have received enough attention elsewhere. There is a lot of news in these chaotic times that smells like it may be important one day but hasn’t quite bubbled up to the level where it hits the mainstream yet. This is just one of those days.
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Meanwhile …
A continuing resolution which re-opens the federal government was passed along with a debt ceiling increase that keeps everything hummin’ along until February. It’s good news, at least until the next manufactured crisis comes. We can’t be sure what kind of economic damaged was done in the 16 day shutdown until … well, until the workers in the government that tabulate this stuff get back to work.
So what stories have we missed during the obsession over the limits? Quite a few, actually. Here’s a rundown of some of the interesting stories that were easily lost over the last two weeks.
Appalling Behavior
As we continue to slouch towards a default of the US Government, the situation remains appalling. There is no apparent movement and many in Congress don’t seem to take the situation seriously. “I think, personally, it (a default) would bring stability to the world markets,” said Rep. Ted Yoho (R-FL), claiming that it would show that the US is serious about its debt problem. Nothing would change the mind of someone this willfully stupid about how markets work and what US debt (and US Dollars) represent to global markets.
But that’s just one Congressperson from one district, right? No, it’s not that simple. This is appalling behavior all around that threatens America’s economy, prestige, and ultimately our ability to function at all in any kind of organized way. I’d like to make it clear what appalls me, personally, about how this is playing out and why it’s not just a partisan issue.
Triple Threat
What’s the right thing to do to help the economy? Clearly, Congress has no idea, making bizzy with games designed to impress their constituents. Major economists don’t agree, either, with at least three different views on what is going on and the appropriate remedies. How can it be so chaotic and disorganized?
It’s always been Barataria’s creed that if you complain about how things are you have to stick your neck out and offer a better solution. Our answer has always been that there is a totally new economy forming around us as we work through the Managed Depression, and that there is a dire need for public and private leadership to help us create that new world dynamically. That’s a bit too hard to define , but we can offer is a different way of looking at the situation we’re in. It doesn’t directly point to courses of action, but it suggests things that should be tried.
Here is a description of the Triple Threat to the US Economy – Business Cycles, Globalism, and Demographics – and how they are working together to make this a once in a lifetime change.
Gameday in Washingtoon
Another year, another battle over the budget. This time the threat is a trifecta, a showdown over shutting down government, defunding Obamacare, and a default on the Federal Debt by not raising the debt ceiling. The stakes could not possibly be higher – and yet just about no one outside of Washingtoon wants to be in this game in the first place. How did it get to this?
First of all, this is about the Republican Party and absolutely nothing else. Boehner and the leadership had to prove their mettle to more vocal Tea Party members if they wanted to have a chance to keep their positions. But there is little doubt that even if they win the greater party outside stands to lose the most in this game. For the rest of us, all we can do is hope that nothing stupid winds up happening.
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