7-Nov-11 WV- 'Super Committee' faces Greece/Italy problems

[John]

7-Nov-11 World View -- Congressional 'Super Committee' faces same problems as Greece and Italy

China's 'good neighbor' policy failing, as neighbors turn against China


** 7-Nov-11 World View -- Congressional 'Super Committee' faces same problems as Greece and Italy
** http://www.generationaldynamics.com/cgi ... 07#e111107



Contents:
Muslim hajj pilgrims perform devil stoning ritual
Italy and Greece governments close to collapse over euro crisis
Congressional 'Super Committee' faces same problems as Greece and Italy
Applying the 'Kick the Can Principle' to the supercommittee
China's 'good neighbor' policy failing, as neighbors turn against China

Keys:
GenerationalDynamics, Hajj, Stoning the devil, Saudi Arabia,
Italy, Greece, George Papandreou, Silvio Berlusconi,
IMF, Spain, Kick the Can Principle, China, Burma, Vietnam,
Philippines, Libya

[CrosstimbersOkie]

You've convinced me. I and mine are doing our best to hang on for the ride. Got a reliable fresh water source, food in the basement and cash in the stash.

[OLD1953]

Mike Mayo details the pressure analysts are under to be cheerleaders.

http://online.wsj.com/article/SB1000142 ... lenews_wsj

Important note from somewhere else:

A major political transition is coming next year with the expected retirements of Hu, Premier Wen Jiabao and Wu Bangguo, chairman of the National People's Congress. Also, the Politburo and its Standing Committee are expected to see a large turnover.

[vincecate]

What I'm now calling the "Kick the Can Principle" is this: In this generational Crisis era, if you want to forecast what's going to happen in the future, then forecast the solution that kicks the can down the road. That is, no major decision can ever be made, except to make a decision to postpone making a decision.

I like it! I submit that by this principle the US will never default. Having the Fed buy up some more debt will always push the day of reckoning a bit further off. The decision to default would be a major decision that will never be made. Printing a bit more money will kick the can down the road a bit.

[Trevor]

I've mentioned some of the stuff you've said on the website, one of the biggest that things are going to get worse. The responses are from skeptical to disdainful, like "This is completely Bush/Obama's fault" and "Yeah, Greece will default, but life will go on as usual." With the supercommittee, I figure they'll come up with a few trivial cuts, pat themselves on the back, and then completely ignore them in the future.

At the moment, I'm just trying to prepare as best I can, namely with helping my parents pay off as much of their debt as possible before everything falls to pieces.

[Reality Check]

Interesting.

I have never found most people to be disdainful of the idea things are getting worse and have been for a couple of decades.

I recall a Scouting workshop my son was attending to complete one of his merit badges on international citizenship that touched on foreign trade.

The instructor read some material that historically people believed a country could not permanently run a trade deficit but that modern history had proved that was no longer true.

I raised my hand and ask if the instructor or any of the other numerous adults in the room actually believe the written instructional material on that subject.

Everyone strongly agreed that they did not believe you could permanently run a trade deficit.

[CrosstimbersOkie]

So much for principled Scout leaders...