Aug 3, 2011

Washington's Dog and Pony Show

Across Southeast Asia there is an ubiquitous feeling of repugnance that has replaced the overall malaise here as millions watched America's politicians in Washington sip champagne and celebrate the "victory" of adding another 2.4 trillion to the nation's debt.  Many here are perplexed to say the least, asking the simple question - "What is there to celebrate?"

America's talking heads in the media have all spoke about how the markets will rebound throughout the world on the good news, but that has not been the case nor the reality here on the ground.  Reflecting not only the mood here but the reality, the markets are down and so is the dollar with the bottom sadly no where in sight.  Expect the decline to continue.

Despite what some of our politicians might think, the debt crisis is not rocket science and Americans understand it clearly and so do our creditors overseas. It would be nice if Americans could just dictate to the bank what their credit limit would be but we can't.  Sure you might be able to run up a million dollar tab on a black American Express Centurion card, but you can be well rest assured that the good folks at American Express are going to be asking how you intend to pay your bill at the end of the month.

So how does one ever dig themselves out of a US14.29 trillion dollar hole?  That is the most pertinent question today that is on everyone's mind, the one that no one seems to be answering is perhaps one of the biggest reasons why the gloom in the markets and the dollar will remain until real change comes to America and to Washington. 

The mindless hope and change mantra that has been droning on from Washington for the last few years has become about as welcome here in Southeast Asia as a dengue mosquito.  Look around and you see millions here clamoring for Iphones and Ipads not for the right to  eat the rich or bugger each other with a government imprimatur.  Where are the priorities?

Faith in our nation and our economy will return when meritocracy rules rather than militant egalitarianism and when our nation's president is seen as a true leader and not the ringmaster of some macabre dog and pony show as we saw with the  handling of the nation's debt crisis.

Common sense dictates that when you are in a hole you stop digging and it is America's ingenuity unmolested by bureaucracy that will lift us from the abyss and not the government.   

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