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May 2, 2011
How Bin Laden Failed to Wreck the U.S. Economy
This resilience has proved to be an enormous source of strength.
One man could not wreck a resilient country? That sure is comforting. And how do we know our country is resilient? Ben Bernanke said so back in 2002!
November 21, 2002
Deflation: Making Sure "It" Doesn't Happen Here
The first is the resilience and structural stability of the U.S. economy itself. Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency. A particularly important protective factor in the current environment is the strength of our financial system: Despite the adverse shocks of the past year, our banking system remains healthy and well-regulated, and firm and household balance sheets are for the most part in good shape.
I propose that we have a new national holiday and that day should be May 2nd. Let's call it National Resilience Day.
300+ million people managed to fend off one person under the protective umbrella of a strong, healthy, and well-regulated banking system. O frabjous day! Callooh! Callay!
Don't get me wrong. I think it is a good thing that we finally got Bin Laden. Unlike some, I'm not celebrating much though. I am rather somber about it. It might have something to do with the trillion dollar price tag of the victory.
I also find it disturbing that we are even entertaining the thought that one person could destroy our country with just one act. We seemed far more resilient during World War II than we are now. If memory serves, we were attacked by an entire country at Pearl Harbor and managed to prosper in the aftermath. There was even some job growth. Maybe that's just me though.
As a side note, "resilience" really makes me cringe these days. It's kind of like being told not to panic. Why am I being told this? Should I panic? Probably.
Lawler: Early Read on Existing Home Sales in March
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Today, in the Calculated Risk Real Estate Newsletter: Lawler: Early Read on
Existing Home Sales in March
A brief excerpt:
From housing economist Tom Lawl...
3 hours ago
5 comments:
Good points. Osama could not wreck us but the FED and banking industry came much closer.
To further the GYSC point....
SNB and IMF to host High-Level Conference on the International Monetary System
Yes, I know it is only talk until it isn't, but this is the 2nd conference on how to replace to replace the dollar. Everyone but Tim G. knows the dollar is dead, the problem is what to do about it.
I vote to re-monetize gold. Open the gold window at a 40% reserve of M1. People that don't want their dollars can take the "worthless" gold in exchange. Don't need any new international agreements for that, or a freshly blended SDR.
Of course I am talking my book.
Mr Slippery & GYSC,
I talk my book too. I'm invested in the ongoing toilet paper standard. Sigh.
Stag,
They hate us because of our "freedoms". Well, that and the fact that we actively promote democracy around the world. Except, of course, in Middle East oil rich nations like Saudi Arabia where we feel it's in our interests to promote oppresive regimes.
Anyway, I'm just glad we invaded Iraq to destroy the imaginary "nexus" between Saddam and Al Qaeda.
mab,
They hate us because of our "freedoms".
Perhaps we really can achieve world peace then. Here's the thinking.
Patriot Act IV: The Final Chapter
D'oh!
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