Farmers in northern Poland are demanding the right to sell the food they produce in local shops, fighting oppressive sanitary regulations, picketing the Land Agency for access to prime farmland, and resisting GMOs.
To me (and, I imagine, to many readers here), the comparatively imminent detonation of a financial time-bomb seems pretty obvious. Unable to find real growth, the economy is living instead on printed and borrowed money, and the merest whisper that the money-printing, credit-creating sausage-machine might be turned off can be enough to create panic in capital markets. In a way, this situation is analogous to bomb disposal, except that no-one knows how to defuse this type of bomb, and few have yet acknowledged that the bomb exists at all.
Trust is gone and credit is going and debt is sitting between a rock and a hard place with its grubby hands pressed together, praying that it will be forgiven, forgotten, or overlooked a little while longer. By the way, the reason trust and credit are gone is because oil is no longer cheap and world economies can’t grow anymore. They can’t afford to run the day-to-day operations of a techno-industrial society. They can only pretend to afford it. The stock markets are mere scorecards for players who can only lie and cheat now to keep the game going.
America seems to be growing at an “impressive” rate of around 3%. That adds getting on for $500bn to recorded GDP. But the Fed is printing an annualised $900bn at the moment, equivalent to about 5.5% of GDP, and underlying government borrowing is about 6%. So QE, plus the deficit, are injecting about 11.5% of GDP into one end of the sausage machine, and what’s coming out of the other end is barely 3%. And that’s supposed to be “growth”?