And a Happy New Year

Most of our media is mesmerised by the antics of individuals, not the impact of institutions, Most media outlets are parochial, unwilling to see the economy as globalised force, with the US playing a major role.

Just as many outlets did not warn us about the coming market meltdown, most are not warning us today about what will happen if the depression we are already sinking into deepens.

The military is making contingency plans as things get worse; reports the Telegraph, "The military planning work has come to light after The Daily Telegraph disclosed last month that British embassies in the eurozone have been told to prepare emergency plans for the demise of the euro and the possible civil disorder that could follow."

This could be one reason for the passage of the new NDAA defence authorisation bill that provides for rounding up dissidents branded as terrorists while suspending legal protections.

Already, a European economic think-tank called LEAP, with a history of credible projections, warns soberly, "Already insolvent (the US) will become ungovernable bringing about, for Americans and those who depend on the United States, violent and destructive economic, financial, monetary, geopolitical and social shocks."

Does anyone really believe that our political leaders in both parties know what to do? Along with the Fed, they have been pumping trillions into the economy to mostly no avail. The promised recovery has yet to show its head.

  alJazeera

...but hey, do what you want...you will anyway.