Monday, December 27, 2010
It's Official: The Bears were Wrong
2010 was a good year for optimist bulls like myself. By bouncing back from the worst financial crisis since the Great Depression, the U.S. has, once again, demonstrated its resilience. Israel is prospering like never. Older people is commenting on the "excessive" abundance. 2011 will be even better.
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The US hasn't bounced back from anything. The Euros have eaten shit even worse than we have, making us look better. When you compare the dollar's power in terms of the amount of stuff (i.e., commodities) it can buy, it becomes obvious that we've slid. Considering both the strategic (we live in a democracy with tens if not hundreds of millions of jobs that are either governmental or dependent on a large, prying government for their existence) and tactical (the ship is helmed by a bunch of monkeys with one lever to pull, i.e., "print more money) limitations on course changes in the future, I predict that it's gonna get a lot worse both for us and for the rest of the world. It may get worse for them faster than it will for us, as it just did, but the overall direction is the same.
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