I don’t agree that commodities can only go up in this crisis. They dropped like stones in the last two recessions, I see no reason they should act differently this time. But I like his matter-of-fact assessment of the solution to this crisis: “too much debt, let these people go bankrupt now while there is still hope.”
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This clip is from October 27 when the Eurozone announced the 50% hair cut proposal on Greek bonds and the idea of levering up the EFSF and world markets roared with short-lived excitement. But the discussion is adult and worth hearing. Thanks Tom
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As world markets reel from the next wave of reality this morning (too much debt can’t be repaid, needs to be written off and down, admit mistakes and start over), this string of photos serves to remind us that we humans are actually not just a bunch of mindless, helpless shoppers lost without a credit card. The power of human ingenuity is formidable. Where we can set aside pride, stop looking for hand outs and get down to honest, practical work we can find our way back to a creative, innovative work force with skills that truly serve each other. Thanks Robert.
Punctured tire repair
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