Wednesday, November 23, 2011

Super-committee Stumble

Mark Steyn, ever chipper in his predictions of Western societal collapse, views the recent political posturing of Super-Committee members as a harbinger of an economic melt down:
... the “automatic” sequestration cuts would over the course of ten years reduce US public debt by only $153 billion. Which boils down to about a month’s worth of the current federal deficit.

Yet even slashing a pimple’s worth of borrowing out of the great oozing mountain of pustules will prove too much for Washington.

Another downgrade is now inevitable. After that, all that’s holding the joint up is the dollar’s status as global currency. If the world were looking around for a reserve currency today, I doubt it would pick that of a $15 trillion sinkhole. This week’s failure will hasten the urge of the Chinese and others to arrange a post-dollar order. I wrote earlier this year about America’s inclination to do everything big. And so it goes even with imperial eclipse: We are inviting nothing so genteel as “decline” but rather a sudden convulsive collapse.
Not good.


  1. Happy Thanksgiving to all the denizens Of Nick's Place--James, Cathy, Ilion, Matthew, Venerable Bede--your families, too, and all who visit. May we all have lots to celebrate in the coming years!

  2. You too, Darrell! Happy Thanksgiving to you and yours, and to all my friends who come by to joke around and have a little fun with us here at What the...?!