With the markets imploding around the world with thoughts of a double dip recession.
With the banks still hocked to the max and any stress test finding many wanting.
With whole nations tottering on the edge of default.
With any thought of growth cut off at the knees by austerity.
With the wealth being donated to the wealthiest free of charge.
With nothing left in the tank to bail out anyone like last time around the block
With unemployment in the west as high as ever.
Where to next?
Some talk about the Euro failing, well it has been overvalued against the dollar for years why is it not falling like a rock? Nobody really wants to talk about the consequences; the total political and financial collapse of one of the world's largest markets.
The lessons of the last near total economic meltdown were not learnt, there was a lot of hot air but none of the fundamentals were changed a sigh of relief; then it was business as usual, except austerity became the panacea to all our ills.
The timid stimulus packages of the previous great recession may have temporarily saved the day but did little to change the future; a mere band-aid the trouble is that the wound was allowed to fester.
Wages have stagnated for decades all the while productivity had soared meanwhile personal indebtedness has sky rocketed. We are asked to work longer hours for more years yet unemployment stays high especially amongst the young; where is their future whilst economic disparity approaches pre-Great Depression levels. The myth of giving ever more to the few to enrich the rest has failed.
The political climate both sides of the pond is becoming ever more extreme with the US leading the way. Deliberate default was threatened without nary a glance at the consequences yet the political response has been short sighted.
Capitalism relied on a boom bust cycle to generate growth, when you have a bust bust scenario another Great Depression looms, the emerging economies are no better protected.
The only idea on the table is austerity, and it is a pretty poor idea at that, what was needed was investment in the future but it may now be too late for that, I'm beginning to dread the future.