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Following the interminable Noh drama of the last weeks of the DC Beltway monopoly of the nation’s attention regarding the debt ceiling, the mystical “market” has sized things up and determined it was bad news for business.  Not really a surprise, as killing more jobs, tightening more belts, sinking more mortgages is a sure-fire way to make for what our friends in the economics community call a liquidity crisis.   So today the market dropped 4% in the US, and it was pretty much echoed around the world.   I suspect we’ll see another slide tomorrow, though who knows, perhaps the analysts will say there’s hot deals now, and it will bounce back up a bit with opportunists buying instead of selling.  But something in me doubts.

Timothy Geithner

Meantime Obama is apparently supplicating one of the architects of this economic melt-down to stay on the job (go down with the ship?), so Timothy Geithner may or may not stick around.

Louis Vuitton bag, what every woman needs…

Meanwhile, to underline the American reality, while the ax falls, among other things, on services for military veterans, the New York Times had this headline:

Even Marked Up, Luxury Goods Fly Off Shelves

 

This article indicated that luxury sales are up, with a waiting line for a Chanel sequined coat for $9000, or for some pumps for a mere $780.  This is proof positive that capitalism works.

Chanel jacket, $9010

Christian Louboutin “Bianca” platform pumps, $775 a pair


Not to be outdone, the new head of the Defense Department, Leon Panetta, formerly head of the CIA, announced his dismay at the so-called debt ceiling compromise which includes future cuts in the budget for our gigantic military – a military machine which consumes 56% of Federal governmental “discretionary” spending and which costs more than all the rest of the world’s military annually.  He asserted that the proposed cuts would leave America’s defenses seriously weakened.

Leon Panetta, Defense Secretary,  in from the cold of the CIA

Tomahawk cruise missile

That there is something askew in these matters is obvious.  America is spiraling towards some denouement, as the vast majority of its populace slips ever faster economically into a pit, while a small little slice buys costly toys, multiple homes, and apparently lives in a self-deluded bubble, and the military-industrial-media complex flexes its muscles and, as empires usually do, bankrupts our society.    As happens in our speeded up modern times, it is all unfolding more quickly than our consciousness can cope with it.  One is reminded of the Weimar Republic of the 1930’s.   Given America’s historical militarism, it is difficult to be sanguine about the next probable steps in this particular tango with time.

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