|Greek Unemployment Trend|
Deleveraging at Work
Now in Europe we are beginning to see the impacts of more profoundly damaging countrywide (actual countries, not the bank) deleveraging, with Greece taking the lead. Meanwhile, US debt is building to Greek proportions.
Obama doesn’t see any crisis, no cause for concern. Young people, Barack Obama could not have made it clearer yesterday that he doesn’t give a damn about you or your future. He is going to roll the dice, mortgaging your future, betting everything on the here and now. Obama’s goal is to build a false prosperity, certain to collapse, structured on debt burdens that stretch into your pockets for decades to come.
The United States is roughly $17 trillion in debt, but President Barack Obama says there’s no reason to worry.
Speaking with ABC News correspondent George Stephanopoulos this week, Pres. Obama downplayed concerns of an impending financial catastrophe, claiming quite to the contrary that the country is on track to turning the economy around.
"We don't have an immediate crisis in terms of debt,"Pres. Obama told Mr. Stephanopoulos during an interview that aired Wednesday on the television program Good Morning America.
"In fact,” added the president, “for the next 10 years, it's gonna be in a sustainable place."
This isn’t rocket science. The only way to avoid deleveraging is to not pile up the mountain of debt in the first place. Say no, and whatever hole you have worked your way into, work your way out of it.
|Greek Stock Market|
Residue of Deleveraging
Obama says not immediate? When forced deleveraging is an immediate threat it is far too late to react in a productive way. Look at the unstoppable reckoning that ensues. Greek unemployment hit 26.2 percent last quarter. For Greecian youth the jobless rate is an astounding 57.8 percent – a metric defining a generation that is not merely lost but utterly destroyed. In pre-crisis years (when the debt crisis was inevitable if not immediate to use Obama’s irrelevant adjective) Greece’s unemployment rate was comparable to unemployment in the US today. As for older folks who saved and invested for retirement, there’s no Easy Street for them either when countrywide deleveraging kicks in. The Athens stock market index is down by more than 80 percent from pre-recessionary levels. Yes, no immediate crisis today -- nothing but economic desolation and destroyed lives in the future. That’s Barack Obama’s legacy to the next generation.