The problems around the world are essentially the same. After decades of ongoing and generous expansion of the fiat money supply, of artificially low interest rates and cheap credit, banks are hopelessly overextended, asset markets are distorted, and sovereign states are bust. I sometimes get pushback on the last point. Are they really bust? – Yes, most of them are. They have acquired debt loads and spending habits – now very deep-rooted and practically impossible to eradicate – that require constant new borrowing at fairly low interest rates – cheap credit forever. Obviously, that is not going to happen. The end of the forty-year credit boom has arrived. The private sector is no longer playing ball.
Remember OS's meme about culture shaping economy? We have a culture that assumes that we all will have unlimited access--it's our right--to all good things of life, and somebody else somewhere sometime will foot the bill. Thus, our present conundrum.
That being said, 'nuff said.
This is unsustainable. Math is math, and TheGreatAndGood refuse to acknowledge it, believing themselves to be immune from its inexorable consequences.
Thus, either there is a God in charge, whose providential will is in the process of being worked out via this human folly, or there isn't. OS thinks we are on the verge of finding out, one way or t'other. He's not predicting TheEndOfTheWorld, but we are in for a very rough slog here in the West, and for his part, plans to work for its preservation in a healthy form, for the restoration of Christendom.
In the meantime, he has work to do, much travel ahead, and a long-anticipated Christmas to enjoy. He hopes his readers do the same. A few entries in the next few days, and then likely silence over the holidays.
OS suspects there will be much to discuss in the New Year.
Ya'll take care of yohselves, and love on yer luved onez reaaaallll good.
