Immanuel Wallerstein: "You know you’re living in a chaotic situation when (1) the mainstream media are constantly surprised by what is happening; (2) short-term predictions by various pundits go in radically different directions and are stated with many reserves; (3) the Establishment dares to say things or use words that were previously taboo; (4) ordinary people are frightened and angry but very unsure what to do. This is a good description of the past two years throughout the world, or at least in most parts of the world.
Consider the recent enormous “surprises” – the election of a Republican senator in Massachusetts; the financial collapse of Dubai; the near bankruptcy of various large states within the United States and four or five of the member states of the European Union; severe world currency fluctuations."
Tuesday, February 16, 2010
Sunday, February 14, 2010
This footage is amazing - Roubini is under collective fire by several anchors. What's noticeable here is they almost literally demand the Good News; and their ultimate rebuttal is that Roubini can't get us out of the mess. In other words, if you can't get us out of the mess, it measn that there is no mess. This little snippet offers a lot of insight on several levels. Such a public attack is very common in less democratic regimes.
Posted by Mother of All Carry Trades at 4:40 PM