Baseball91's Weblog

April 8, 2009

Last Train to Clarksville

When I was in seventh grade, I liked “The Monkees.” It was a television show. Maybe that was why I was drawn to that economist Brian Jones.

As for the economy, “we’ve gotten to a point of the dry heaves. We’ve got nothing left,” said economist Brian Jones.

This was a kind of economic global warming that had gone on. It was a slow process, this economic global warming.

I was gonna start to read more about Iceland. I wonder how it was when economies melted. Iceland was leading the fall.

This ain’t over. The economic turmoil. Until people started to accept that everything was 30% over valued. The values in my neighborhood have barely budged.

Stimulus packages promoted the illusion of old valuations. Stimulus packages were false, and as false as most of the politicians who promoted them. Those home value in my neighborhood had not fallen much and taxes had not dropped.

Radical change. Accepting that we are not worth what we had thought.

When cash became king, where were we gonna put it? Because more than half the banks in the world really are illiquid. Especially the big ones.

And with the new tax policies, would government try to survive by confiscating what wealth was left? Would those home-owner deductions soon go the way of the limitations on deductions for charitable contributions?

Governments, the G20, had a huge fear of deflation. That was what the meeting was about this week. When no one really had a clue how to unite to tackle the matter. With a new international currency? When Germany and France did not want to follow the spending method evangelized by President Obama.

I wonder how it was when economies melted.


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