Marc Ambinder of The Atlantic has some insights into what the President-Elect's money team really thinks about our economic situation. And it's not pretty. Ambinder's conversations with members of Obama's econ posse reveal that "they are very worried that the economy will get a lot worse before it gets better. Not just worse. . . a lot worse. As in double digit unemployment without the wiggle factors."
What does he mean by "wiggle factors?" No idea. But he is explicit about how the incoming administration is bracing for the crumbling of one (or several) foreign economies. We can guess what comes next: civil breakdown! Diaspora! Resource wars! Throw in some environmental disasters and you've got a recipe for Armageddon. What was that about 2012 again? Ambinder:
The question: what's the administration's policy in this area? Which countries can we afford to let fail? Which unstable states would concern us the most? Is there something the U.S. can do, in advance, should do, in advance, to forestall the collapse of other economies?
I say treat this situation as though your doctor just told you you had two months to live. Instead of hiding under the blanket, do what pragmatism always prevented you from doing. Let's face it, the bottom could drop out at any moment. Won't it feel better when you're you're hunkered over a trashcan fire chewing on rodent meat to know that you blew what was left in your 401K on hookers 'n' blow, a trip to the Great Pyramids, the entire VHS set of "Jake and the Fatman" or those missing Beanie Babies from your collection?