Well, it seems that the responses to WB’s post filled in his final statement – the, “At least sort of,” part. Which means WB apparently fully got it. There may be side issues and hidden motives in it all, but the bottom line is STILL what LT said: “Would that ‘Muricans would do the same.”
I just read two different articles, one after the other, that seemingly had no relationship to one another. Yet in fact they’re tightly interwoven – the thread is just invisible to almost everyone. Still, that doesn’t change the reality of that thread, nor its placement. Consider this one individual’s first-hand account of what’s ongoing in Louisiana at the moment. Be aware that the grandfather she mentions in the blog post, who had to be airlifted out by National Guard helicopter in a coma, was in that condition because he ran out of oxygen and they could not get any more. He’s finally back with family recovering, but not in his own home. The grandparents, and an aunt and uncle are now living with other family – their own homes totaled. You’ll see his home in the blog. But for the moment, just consider the obliviousness displayed by so many. None of that sort of thing could possibly happen to any of them – or maybe even to us. (Uh-huh!)
Then there’s this article, about banks. Banks and floods? No relationship there, right (except for the obvious river banks that were overflowed)? But think about what this article is saying. I’ll quote just pieces of it, followed by the link:
Since September 2008, central banks have cut rates more than 650 times. Global rates are now at their lowest level in 5,000 years.
You almost have to own risky assets to have any shot at a decent return these days. That’s why investors have loaded up on stocks, which are generally riskier than bonds. It’s why folks have piled into high-yielding “junk bonds,” which are issued by companies with poor credit.
Banks have the same problem. To make money, many have to make risky loans.
. . .
Second-quarter profits at HSBC, Europe’s biggest lender, fell 45% from a year ago. Spanish banking giant Banco Santander’s second-quarter profits fell 50%. At Deutsche Bank, profits plunged 98%.
. . .
Right now, banks are using credit cards to lift their sagging profits. According to Financial Times, they’re making “lavish offers” to get folks to take out credit cards:
The industry has piled on about $18bn of card loans and other types of revolving credit within just three months, as consumers borrow more and banks battle for customers with air miles, cashback deals and other offers.
Even worse, banks are recklessly lending to people with shaky finances and low credit scores.
Kind of sounds like the sub-prime loan disaster from not too many years back, doesn’t it?
The tie-in between the articles? Probably people here in this forum are far more likely to see it than the general public, but here goes anyway (and I’m sure others will see even more). People are hurting big time, as evidenced by their willingness (and need) to take on still more debt. Banks are hurting, as evidenced by their willingness to take on more debt. The corporations are hurting, as evidenced by their willingess AND NEED to take on more debt – and at junk-bond interest rates (which consumers are gleefully buying up). And government is hurting, as evidenced by its willingness to take on even greater debt. The toothpick pyramid should be obvious right there.
In the meantime, people go on living in La-la Land, allowing cognitive dissonance to rule their lives, being ill prepared for even a 10-day emergency.
So yes, Germany is right, even if for a multitude of the wrong reasons. But also remember that one of them may well be that the government knows it cannot take care of its people regardless of the disaster (be it flood, windstorm, drought, transportation disruption, war, Martian invasion, financial meltdown, massive coronal mass ejection, or a “stray” Lil’ Kim nuke at 250 miles of altitude). And at least they’re warning their people, while we don’t hear even so much as a peep out of our government minders. Ain’t NO lives gonna matter when whatever precipitating event happens.