Predicament — Economic Breakdown While ‘Folks at the top are not concerned with the underlying deterioration of America’

March 8, 2011

Don’t we all like surprises: In a move unexpected — after a visit just two weeks ago with the same crowd — US Treasury Secretary Timothy Geithner will pop over to Germany today and then back to DC again for a quick few hours in way-deep discussions on “the global economic outlook and progress on international financial reform” — and maybe a few quick words about the Oil Situation.

Geithner’s one-day sojourn comes a few hours ahead of a major European Union summit on Friday concerned with keeping the global financial status quo bail-outing afloat for at least a little while longer, or until one EU member goes down for good, and then it’s every asshole for himself.

(Illustration found here).

Geithner — one of the eco-turds who allowed the financial meltdown to occur in the first place, and in the second place, his appointment in late 2008 was one of the first in a continuing-long series of Barack Obama-as-way-let-down-president events/situations — is concerned Europe is not making a big enough economic gains to keep up with a so-called economic recovery.
A recovery as phony as a $3 bill: In the past six months, an improvement in the US employment market has seen wage income rise by $US111 billion. At the same time, however, spending on food and energy has jumped by $US116 billion. In other words, the boost in income from the jobs growth has been more than given back in higher food and energy costs, leaving US consumers in an even more vulnerable position.
And it’s all a big joke.

Among all the big shots and deal dealers — take US Defense honcho Bullet Bob Gates arrival in Kabul, Afghanistan Monday morning, where he was greeted by braggart Dave Petraeus, who tossed off a cute witticism on a not-at-all-laughing matter, picked up by those awkward open microphones.
From ABC News:

“Welcome back, sir,” Petraeus said to Gates. This is Gates’ 13th trip to Afghanistan as Secretary of Defense.
The two men began walking.
“You flying a little bigger plane than normal, you gonna launch some attacks on Libya or something?” Petreaus joked to Gates.
“Yeah, exactly,” Gates joked back.

Ha, ha, real funny guy, that Dave Petraeus.
These guys can swap barbs all day, not giving a shit the useless, horrifying wars in Iraq and Afghanistan are part and parcel of the hazardous US financial situation — imagine paying $400-a-gallon for gas, which is how much it costs to get fuel into US war vehicles in Afghanistan.
Talk about shock at the pump — In its ‘Chart of the Day,’ Bloomberg News notes the upcoming “Day of Rage” set for this Friday in Saudi Arabia could eventually lead to $200 a barrel for oil — it was listed yesterday at $106.45 a barrel.

Little wonder then: According to financial analyst Mary Meeker, America taken as USA Inc., is a sick puppy — this country is in way, way over its head and way-way bankrupt: By our rough estimate, USA Inc. has a net worth of negative $44 trillion. That comes to $143,000 per capita. Negative.
We’re in shit up to our eyeballs — and that ain’t real funny.

Paul B. Farrell at MarketWatch related this little story on an e-mail he received from a mega-millionaire on a post Farrell had written Jan. 4 frightfully entitled “America’s 10 Worst Years Starts Right Now.”
The missive read in part:

“Paul, you may well be right about the coming decade, but the rich exist in a different world from the one you write about.
They live privileged lives in gated communities.
Meet for holidays at the world’s elite resorts.
The richest just aren’t worried about today’s economy like your readers.
Their issues revolve around who’s the best masseuse, best Pilates teacher, best concierge medical doctor, which private school to choose, what investments they are making at this time, etc.
Folks at the top are not concerned with the underlying deterioration of America, except in the abstract, because they aren’t directly affected.
That’s why no amount of information from you will ever change things.
To them, it’s irrelevant.
Best wishes, always enjoy your stuff.”

Ha, ha, thanks, always enjoyed your shit, too, in the abstract, of course.
In Farrell’s post, among the time bombs ticking away in the US economic gut, ticking off time till a revolution comes (and it will) is the huge gap between the rich and everybody else: The gap: In one generation, America’s wealthiest 1% has exploded from 9% to 23% of America’s income, while middle-class income has stagnated. Even Buffett admits: “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and winning.”

A possible ‘Day of Rage’ for the US?
Indeed, in the making as I write this morning, coming down the potholed road of the Great American Dream.

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