What's Going On?

The image is from a 1998 Lucasarts videogame called 'Grim Fandango'. It illustrates perfectly where we are.

I barely need any cues to wander through this earth, down and round and abroad in the land as one of its dazed and confused. However, as P.G.Wodehouse would no doubt have said, something is definitely up....

(1) A Greek debt crisis is being spun by Anglo-American media into a euro currency crisis just as euro high-risk bonds find millions of dollars flooding their way. I need hardly point out that all that money is going in the wrong direction for the journalists. What's driving that current?

(2) President Obama has signed a law raising the US Debt Celiing to 14.3 trillion dollars before it becomes apparent that many of the States are bankrupt, even if armageddon has been officially postponed for 30 days by the LA City Council.

(3) The People's Republic of China continues with its plan, it is rumoured, of gradually raising and floating the renmimbi yuan--but also continues to withdraw from loans to the US and instead, positions itself as a shareholder in major companies or as an owner of gold.

(4) The ECB went secret squirrel in Australia, with 24 other central banks, one week ago.

What if a decision is cohering to bring about a gradual resolution to one of the central sources of world instability--the US dollar's overvaluation, and the lack of a real alternative at a time when the Americans are piling debt upon debt?

What if this starts just as stagflation sets in in Britain and America, with unemployment and inflation both set to rise, and when a second banking crisis caused in part by Greece, and in part by a mortgage financing gap, kicks in?

Time for a spot of Suez in Iran, anyone? A very dangerous hour approaches....

Ah well. May our mistakes be our own from here on in, now what is actually coming is becoming clearer. It's Mardi Gras, by the way. Let's have a fun song. Here's the Korean Elvis Cha, singing his way through 'are you lonesome tonight' on an TV set. He's a much better Elvis than me. A potato would be a better Elvis than me.

I am giving up wine for lent, again.


Mary said…
Martin, I am truly a fully signed up member of the dazed and confused club. Every article I read tells a different story.I don't know whether we're warming up or cooling down and I have no clue as to the state of the world economy. Of course, your blog has a completely unique take on everything.

I can't believe you're giving up wine again. It only feels like five minutes since the last abstainance. Have a beer instead. You don't want to be getting too thin.
Martin Meenagh said…
hahaha--I don't think that there is any prospect of me getting too thin, unless all the oil runs out and we all have to live off body fat. For a year or two, obviously.

Actually, I am in fine fettle and my knee is better, so I'll be heading down to the gym again soon.

I wouldn't presume to tell you what to think about the climate, though you know what I think. I think that the evidence has suggested for some time that global warming explanations after the 90s are either panicked or cynical, and that we are heading into a major cooling cycle. On the economy, I wonder if the question isn't just the extent to which the banks ratings agencies, anglo-American media, and political class are lying to themselves and to us.

BTW, I am a 'wuss' when it comes to drinking these days. I have never been able to sink that many beers or white wines; I have a limit of a couple of cocktails; I tend to stay off spirits unless it's clear grey goose or really good whiskey; and half a bottle of red seems about my limit of an evening. Even the good old reliable painkiller and wine cocktail is delivering somewhat neutral dreams, when deployed, rather than the old humdingers. I think that I should blame being in love for that.

I also like the diet coke that I tend to replace a proper drink with. I once worked in a plant that made it for McDonalds; the special ingredient was flown in in biohazrd containers from New Jersey and the carbonated 'dalek' things the other stuff was stored in could clean any metal or floors with a single leak. It's a good job that my insides are not made out of metal and floors.....

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