I do not like this race!

The world is witnessing an extremely dangerous race between the build up of US public debt in order to create all kind of bailouts and stimulus packages to save the world from a monstrous depression; and said debt becoming so unsustainably large that it will by itself cause the mother of all meltdowns. Many hold that the only thing that could help avoid a tragedy is the serious collaboration from all current surplus countries to reactivate their economies, expecting this would generate the counter-flows that will help to stabilize the US debt at a serviceable level.

Is running this suicidal race the world’s only option? Some very reputable persons seem to think so as they egg on ever larger stimulus packages with ever more resulting debt. To back up their arguments, they have shamelessly recruited Keynes into their camp… though I am not at all sure that a resuscitated Keynes would be on their side was he aware of the stakes.

I myself would perhaps be more agreeable to risk it if convinced that, if victorious, the revived economy expecting us was worth it, but, thinking of a revived economy that could just have more Chinese consumers buying more cars somehow does not make me overly enthusiastic.

No let us not look for our economic health where we lost it let us look for it where we want to find it… and that place is not in the land of ever growing public debt.