Spain Downgraded to One Level Above Junk by S&P on Risks

[gilliam]

bloomberg.com/news/2012-10-10/spain-downgraded-to-one-level-above-junk-by-s-p-on-risks.html

 

[jc4751]

The secular idols of materialism, the welfare state, and overconsumption are toppling. Unfortunately, it is the people who have been conditioned to depend on these things that are going to suffer most, not the charlatans who told everyone there was a horn of plenty that would provide for all. Everyone in the Western world needs to look toward their faith and families, and consider well the consequences of having built our nations and economies on quicksand.

 

[JimG]

The secular idols of materialism, the welfare state, and overconsumption are toppling. Unfortunately, it is the people who have been conditioned to depend on these things that are going to suffer most, not the charlatans who told everyone there was a horn of plenty that would provide for all. Everyone in the Western world needs to look toward their faith and families, and consider well the consequences of having built our nations and economies on quicksand.

Indeed, much of western civilization, including the U.S., now lives on the brink of bankruptcy. But because we’ve had nearly 70 years of reasonably good times, people forget to look and see that we are heading toward the brink. You can call it the Great Recession if it feels better, but the D word is a better fit.