Don't Want This Night To End

The Euro is on death watch after the failure of the recent German bund sale. The world just registered a vote of no confidence in the failed civilization known as Europe. Investors fled to the dollar for temporary safety until next crisis comes here. And it will. The failure of the supercommittee, the coming broach of the temporary debt ceiling, the declining GDP growth will provide no safety when Europe falls deeper into depression. There is no safety.

Growing up in the 50s and 60s I saw a lot of what we would now call poverty. Not the helpless sort of poverty that we see in modern american ghettos but just low standard of living. Few big, new houses, one television in the house, one car in the drive was typical.  Then we all thought we were wealthy and went head-over-heels in debt to live the good life. The high standard of living that we all deserved. Even the impoverished, jobless deserved a 52 inch LCD TV, a Cadillac and a G4 cell phone with a data plan. Ridiculous!

Then we got the DOW 12K based not upon wealth but upon debt. The DOW would be maybe 6600 if it were based on real wealth. Wages have tracked a DOW 6600 and so has real wealth. Now that we are coming to realize the truth that this debt will never be repaid, the wealth that supposedly backed it is collapsing. Real US GDP is probably closer to $8T than $15T on reset.

But most people don't pay attention and the rest have dreams. So we continue to live the fantasy, the lie that we're all wealthy. Even though our salary and our paycheck-to-paycheck existence tells us otherwise. We don't want this night to end.

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