Beware the New Normal

In the midst of yet another economic crisis “flare-up”, this time because of doubts about the strength of French banks holding billions in Greek bonds and about the willingness of Germany to continue to prevent Greece’s default,  The New York Times suggests that the market swings that accompany these flare-ups are becoming a permanent feature of economic life.

The guys with all the money, though, won’t stand for uncertainty. Sure, there are lots of opportunities as well as lots of risks, but the really important people want a fixed game — the 21st century mantra of private profit and public loss. A fixed game requires stability, which they’ll seek regardless of the social costs, so look for lots of corporate money to go t candidates in the 2012 election who promise stability and don’t care what it costs or what we have to give up to get it. Rick Perry, for instance.

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