Tuesday, February 14, 2012

Iran? Here We Come As Bought-Off Media Leads Way (To Hell) and How Greece's Nightmare Arrives at U.S. Door And Why Debt Strategy Is and Has Been So Useful to "Lenders"

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Glenn Greenwald, whom I admire and respect as well as read religiously (my only religious observance, obviously) says (in much more precision-selected words) "Prepare yourself - Iran will be attacked soon (if it hasn't started already) and the media is now leading the way."


Almost makes you wish for that "subtle" media build-up to the War on Iraq, doesn't it?

Please read his essay above when you have a spare 10 minutes or so. It contains so much past and current history (and connivance of the major American players) that it blows away the (Swedish) Millennium Trilogy. (And you know how much I enjoyed those books and movies.)

Max Keiser provides a nifty little guide about exactly what IMF policy has done to defenseless countries, which has come home to roost in Greece and the rest of the PIIGS, and will continue.

To US.

Bet on it.

Barry Ritholtz provides a primer (although one from back in olden times) on debt madness for us below.

How Trillion-Dollar Deficits Were Created

Barry Ritholtz
Today’s must read article is a front page NYT story by David Leonhardt. It looks at the process by which boom time surpluses were turned into boom time deficits, and then even greater crash deficits.
The two economic takeaways from the piece fits into some of the nonsense I have been criticizing here: 1) President Obama budgets are “responsible for only a sliver of the deficits” (despite what GOP critics say); and 2) Team Obama has no realistic plan to deal with the deficit (despite what DEM supporters say). This is simply the reality of the past 10 years.
Note that I am not a blind defender of this administration, and was named one of the 14 most strident critics of the Obama economic policies.
My favorite part of the article was the ginormous graphic that accompanied it.

Chart courtesy of NYT
Attention partisans: Try to be aware of your own selective perception here. Very dumb comments of a partisan nature on both sides will be deleted.

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