Just when I was feeling a bit hopeful about the defeat of the Socialists in Spain, Mr. Evans-Pritchard (who is quite conservative, at the right-hand edge of the British Tories) injects this nasty bit of realism into the mix. He seems to approve of the Spanish voters' choice, whilst simultaneously saying it's likely too late.
I read all this gloom and doom, and agree with much of it, but am left to wonder whether we are faced with fire (hyper-inflation), or with ice (deflationary depression). In the first instance, gold would be a good option; in the second, cash or near-cash. The path we are on now seems to be a nasty combination of both, and will hurt a lot of people: inflation in life's necessities (food and fuel), and deflation in assets (housing and equities).
I may be becoming as gloomy as Mr. Evans-Pritchard.
The US has a way out. It is call natural resources. This nation is blessed with soft coal, natural gas, timber and oil. Standing in the way for us to exploit this resource to employ the unemployed, and generate revenues for gov to pay down the debt is environmentalists. The other aspect of American life that must change is immigration. Open borders plus welfare state equals bankruptcy. Look at CA. US should shut down immigration when unemployment reaches a certain percentage. We accept 1 million legal immigrants a year. That is crazy if 14 million Americans are unemployed competing with 12 million illegals. Get rid of the environmentalists and open borders crowd and the working man in this country has a fighting chance of a future.