The United States has already defaulted

There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.– Ludwig von MisesThe tea… Continue reading The United States has already defaulted

Necessary, but hardly sufficient

Joe Nocera, writing in the New York Times yesterday, explains why Wall Street is to blame for the financial crisis: A Wall Street Invention Let the Crisis MutateEvery time you pick up another rock along the winding path that led to the financial crisis, something else crawls out. Subprime mortgages were sold as a way… Continue reading Necessary, but hardly sufficient

Saved At last!

Yesterday, President Obama assured us that the economic Catastrophe™! he thought we faced, just a month ago, is over: Obama: Economic crisis 'not as bad as we think'It's not as bad as he thought, nor even as bad as he told us to think it was. This is good news from someone who's been instrumental… Continue reading Saved At last!

Riskophiliacs Anonymous

They're both out of touch, and they both think we're ignorant. Unfortunately, they're right about many of us.While Barack Obama and John McCain try to out-populist each other by blaming the current financial crisis on the "greedy people" they practically forced to make bad loans by A) always bailing the assholes out, and B) supporting… Continue reading Riskophiliacs Anonymous