Karl Denninger comments angrily on the failure of authorities to grasp the nettle - issuing warnings instead of downgrading credit ratings, holding back from forcing off-book liabilities back onto the balance sheet.
I've been looking for one of those famous photographs from China's "Great Leap Forward", showing children standing on a field of wheat, such is the success of the Party's new agricultural techniques. Can anyone help me find it on the Net?
For it's certainly a bit like the official-fudged miracle economy we've got now. Except even the peasants have stopped believing in it, to judge by what's happening in the retail outlets.
Here old boy.
ReplyDeleteThanks, Wolfie, what a Christmas (sorry, Winterval) present. The actual photo isn't in this lot, though, I think. Merry Chrimbo - old boy!
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