Monday 8 November 2010

ornithopter or kid icarus

The aerodynamics of the American economy many individuals, and not just those solely concerned with the next boom and bust cycle or their own portfolios, have declared a dangerous drag on the world's financial health. American enterprise and innovation, somewhat shrouded in mystique and mythos like the notion of American exceptionalism, have been repackaged and resold over and over again, exhausted like a field over-farmed and never allowed to fallow--until only the service job-set, from brokers and financial advisors to hotels and restaurants to traders, are the only businesses going. Being ravenous from the easy, non-committal profits from trafficking and spell-binding in exotic financial instruments on speculation and forgiving credit, has successfully driven the US out of manufacturing and any meaningful industry. The stock market is not the same as the market place, and there is ample evidence that this too can thrive with a bit of diligence and discipline, because the gradient for honest commerce is still sustainable, but the Americans may end up excluding themselves, desiccating their wealth and not be the world's bursar any longer, with sufficient quantitative-easing and policies that undercut the natural equilibrium of others. Aside from losing the US consumer as a potential customer, the escalating panic of free-fall will snatch out for any support it can reach, beggar-thy-neighbour, and throw down possible cushions for the hard landing.