Everyone seems to be talking about Europe the last week or so. I don’t know what more can be said about Europe that hasn’t been already said by the real Market Monetarists like Lars Christensen, Scott Sumner, Marcus Nunes, Bill Woolsey, etc.. I call them real MM’ers because they are highly educated, professional macroeconomists, while some might call this blog the Average Jane MM Echo Chamber (the rowdy echo chamber at that).
While I am very concerned about what’s happening to average Europeans in the euro zone, I have to admit that I am helpless to do anything but watch the monetary tragedy continue unabated while the same kind of cranks we have over here talking about financial responsibility, bubbles under every rock and bush, inflation boogiemen, and mass deleveraging that drive me completely batty come crawling out from God only knows where to get 15 minutes of fame. Even I, the queen of outrage, have my limits; and sometimes I feel like I just don’t want to hear them anymore – so I don’t. The TV is off. No more Bloomberg. No more CNBC. I just can’t while having a pretty good idea what’s happening to those poor people who just aren’t being told the truth.
There’s more to the sense of detachment here too. I’ve been keeping an eye on my little Euro/Dollar exchange widget on my Windows desktop, watching the dollar appreciate against the euro and the stock rally sputter. I’m not satisfied that the Fed and Bernanke, in particular, has handled the re-eruption of euro crisis well with no reaction other than to say that it shouldn’t impact the US. Well, it is impacting the US according to my widget. Remember what I said about having no shortage of sand?
I watched some video clips of a White House press conference last week. When pressed about the opinion of the administration regarding the original Cyprus bailout deal, Mr. Carney, the White House Press Secretary, declined to comment. He reminded me of the Roadrunner in the Wiley Coyote cartoons, dodging the multiple questions about it all over the room. Beep! Beep! Zip! Dang! We have a need for more sand here, please.
It really is no wonder we are in the shape we are in and disaster is all around. Where are the Winston Churchills, the Ronald Reagans and Maggie Thatchers of today? Perhaps people like them are only a once in a lifetime event. It really is too bad that there’s pall of extreme self interest over the leadership of major world powers, including the US.
Sorry that this has turned out to be a short, sort of meandering post. I have one foot in two different worlds most of the time and I am excelling in neither. I feel my ability to write something that make sense and is worth reading slipping away while I spend most of my time working. I think I’ve worn my husband out occasionally using him as a venting board for how disinterested I am in technology, but have to do it so that we can dig out of the disaster the Great Recession made of our lives. If I could only win the lottery or something…