Mike Norman on Austerity in Europe, Debt Deflation, and the Emasculation of Wall Street?
As Greek debt talks continue to painfully drag on, new EU statistics speak to the success of debt crisis policy prescriptions in counties forced to seek bailouts…THET DEBT, rose in Greece, Portugal and Ireland in Q3 of 2011. So when is this giant elephant in the room going to be confronted? Are politicians and economist alike at all interested in confronting a reality where debt levels are now cursing any hopes for future growth? And the cover of New York magazine shows a wall street banker holding his recently "emasculated" genitalia. Is this for real? Are we really to believe that Wall Street has been emasculated? How about we see some of these financial criminals face charges for their roles and maybe go to jail? How about some of these executives who head up bailed out banks are forced to give up their multi-million dollar bonuses and knighthoods like in the UK and get fired. So far, we still see a lot of signs that the biggest firms are getting favors not punishment from the regulators with the power to emasculate. We are going to talk to economist Mike Norman about this, as well as about deficits and whether or not the US can sustain this mounting debt going forward, or if Europe is a unique example of what happens when you owe money that you can't print. And on the issue of politics, Ron Paul may not be leading in the polls for the republic nomination but is he amassing the political capital needed to reign in the fed's crony capital? Could he help shed even more light onto the federal reserve, and maybe even abolish it? We will ask Mike Norman about this as well!
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