x Abu Dhabi, UAESunday 23 July 2017

US House declares war on prosperity

Public enemy number one is now the US House of Representatives, which yesterday wielded its own Weapon of Mass Delusion to level the single-most devastating assault on growth, prosperity and political stability since the attacks against the World Trade Center.

Call off the search for Osama bin Laden. Public enemy number one is now the US House of Representatives, which yesterday wielded its own Weapon of Mass Delusion to level the single-most devastating assault on growth, prosperity and political stability since the attacks against the World Trade Center. Why bother sending kamikaze terrorists when you've got these yahoos torpedoing the pensions of their own constituents? Someone dig Dick Cheney out of his undisclosed location and drop Special Forces onto Capitol Hill before there's no more pork to put in the barrel. The Dow Jones Industrial Average's seven per cent swan dive makes a mockery of America's claim to responsible global economic and financial leadership. Faced with the simple task of approving a measure to halt the crisis and face up to US responsibility for cleaning up the biggest Ponzi scheme of debt in history, the House opted instead to play cards. It's hard to imagine at this point why anyone outside the US would sell it anything in exchange for dollars or lend it any of those dollars back at any rate at all. Now that America's own politicians appear committed to destroying the US financial system, investors have to look for alternatives outside a nation of inveterate spendthrifts unwilling to bite the bullet. If you have the misfortune of being represented by a US Congressperson, particularly one who voted against the TARP, I would suggest letting them know immediately how much you appreciate their efforts to protect you from a secure financial future. For the rest, I suppose it's time to start funnelling whatever savings you earn into instruments with the full faith and backing of the Japanese, Chinese or Korean governments.