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Monday, July 18, 2011

Having fun at someone else's expense 

As Republicans continue to paint themselves into a corner on the debt ceiling, the world is beginning to realize that the global economy is being held hostage by a gang of idiots who aren't even listening to their own people, much less to the financial powers that be.
In the Halifax Chronicle Herald, Dan Leger writes about the impact on Canada when the Republicans make the US default on its debt :
In a country that worships economic growth, prosperity and optimism, a bullying minority of politicians is showing itself capable of tossing the whole economy into reverse, killing growth and profoundly affecting the well-being of millions of Americans.
In effect, you’ll have the most powerful economic engine in the world blowing gaskets and spewing burnt oil in all directions. The Tea Party thinks that’s fine.
But it’s not just Americans trashing their own country. If mayhem breaks out there, Canada and large chunks of the world economy will be dragged into the mess.
A U.S. government default will likely cause the treasury bond market to collapse, sending interest rates skyward. Mortgages that are barely affordable now will become unaffordable and people will lose their homes. Jobs will disappear right across North America. And in Canada, which is the largest U.S. trading market, the tepid economic recovery will flop.
The infuriating fact is that it’s all political and it’s all avoidable.
The way the Republicans are acting reminds me of this:

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