Tuesday, July 26, 2011

Right Wing Nutters

I see Glenn Beck has managed to show a fine display of human fellow feeling by comparing the Norwegian victims of the right-wing murderer to the Hitler Youth.

Nice.

But then again the US ultra-rightists are not noted for tact or, indeed, intelligence.

His fellow travelers continue to hold the World hostage through their manufactured deadlock of the negotiations to raise the US debt ceiling in the US Congress.

Vince Cable, in his usual blunt way, has called those Congressman and Senators responsible "Right Wing" nutters. Hard not to disagree, when we hear that the leader of the refuseniks would not even take the telephone call of his head of state.

The US AAA debt rating is now quite likely to go. If the deadlock continues, then the damage of a default will be permanent. Once it becomes clear that the leverage created in the Western world since 1945 is now no longer sustainable, even by the US Federal Government, then a major financial reordering is set to take place.

In 1931, there was series of bank failures, followed by a sovereign debt crisis. In 2011, there is a sovereign debt crisis which could lead to the total breakdown of the banking system. The impact of the nightmare scenario can not be judged at this moment, but it does appear that the ultimate breakdown of the financial system is firmly on the cards. 1931, here we come.

If that nightmare scenario does indeed take place, it will be the dogmatic arrogance of Beck and his right wing cohorts who will be most largely to blame.

4 comments:

Caron said...

Yeah, remember how we grew up being told that Communism would lead to the destruction of everything, or Middle Eastern countries would hold us all to ransom over oil. The biggest threat we've had to face in years comes from the contemptible spectacle of home grown US Republicans playing games with people's lives.

Pat Butcher said...

And yet, Cicero, you predicted a few posts back that private enterprise would take over from the spending of the state?

It would seem in many ways that the tea -party's emphasis on private enterprise and individual liberty, low taxes and deficit reduction is similar in substance to your own views, if not the style.

Walter said...

A quote from Beck reads "I mean, who does a camp for kids that's all about politics? Disturbing". Even more disturbing then that a right wing nutter like Beck, under the guise of his "9/12 Project", appears to be running his own summer camps for young people, called 'vacation liberty camps'.

Paul Twigg said...

"Once it becomes clear that the leverage created in the Western world since 1945 is now no longer sustainable, even by the US Federal Government, then a major financial reordering is set to take place."

Yeah, but yeah, which currency is going to take over ? Euro (busted flush), Yen (Japan has 220% debt to GDP Ratio), Yuan (pegged to dollar; do you really want the communist party of China to have the world's global currency???), Sterling (even more of a busted flush-note Vince called for more inflation, sorry QE as well as comments about right wing nuts). Loonie, Aussie, Swiss Franc? (too small). The Rand, Rupee, Real ? (now we go to the realms of fantasy). Gold (too little), Silver (not enough), so what do you postulate the outcome to be?