[youtube:http://www.youtube.com/watch?v=fZgQhnNRSuw 450 300]
The empty suit video above aside, I’d like to direct you to an excellent Wall Street Journal article that reviews the scope of our Entitlement State circa 2012. It’s not that we have reached an unaffordable precipice (we most certainly have), but that the extent and volume of government fund transfers both in dollar terms and in terms of the percentage of the citizenry receiving transfers has begun to transform our own national character. The article is appropriately called “Are Entitlements Corrupting Us?”
A lot of U.S.-based and foreign leftists tend to complain whenever anyone brings up the subject of American Exceptionalism, but I wonder how many of them are enjoying this current slide into mediocrity, and how many will be happy when we’re just another European-type welfare state? I think quite a few of them have a niggling feeling in the back of their head that something is slowly being lost, much as the rest of us on the other side of the aisle have done. I don’t think one can help it. I also cannot believe that the majority– even on the Left– sense this will be a net positive for the world.
But who really knows? Spite and schadenfreude are powerful emotional succors. One never knows where a person, once corrupted, will get their kicks.
The dollar continues to tumble overnight, but draws near some major Fibonacci support at the high $80.80’s region. Don’t be surprised if we get a bounce. Perhaps a weak one, but maybe enough to deflate this current gold and silver run up for several days or even over a week. I’m cautious here, only because I saw a lot of euphoria last week. I’m about 60% invested on my PM positions, and will be patient here.
Best to you all.