Despite daily streams of data and calculation showing that banks are undercapitalised and overlent, the stock markets are ludicrously overvalued and gold undervalued, nobody in authority has any new ideas at all ? and those out of favour are dismissed and/or smeared ? the choo-choo train of it is alright it is alright it is alright chuffs along on its journey across the detonating bridge…
Which brings me to the final reason: culture. Just about every cultural fault that could get in the way of reform is present at every level of this unholy mess. A banking culture driven by selfish greed and testosterone. An economic culture with so few ideas, it invented the jobless recovery. A consumer culture ready and willing to accept the irresponsible credit sold to it in return for material benefits. A media culture more interested in bread and circuses than issues, and too lazy to look beyond the spin of briefing packs. An energy exploration culture devoid of ethics, and prepared to do any deal with any rogue on behalf of the shareholders. And a political culture in every one of the States involved that long ago stopped listening to the complaints, needs and aspirations of its citizens.
John Ward The Slog
Other financial commentators I am reading are Jesse, Automatic Earth, Zero Hedge, Mish Shedlock, Gonzalo Lira, Charles Hugh Smith, Naked Capitalism, and Alasdair Macleod
