Galactus and Indigestion

Striking Greece Fight Back Against Austerity Plan.” David pointed me to the New York Times article “Banks Bet Greece Default of Debt The Helped Hide,” where Philip Gisdakis, head of credit strategy at UniCredit in Munich said, “It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house.” The idea that credit-default swaps imposed upon nations would in essence function much the same way as it would on low-income homeowners struck me as the final gasp– the last hurrah– before this financial system reinvents the rules to save itself from utter collapse. Beyond national economies what else is there to devour but its own children, and itself in the end?  The fate of this market will end in terminal indigestion, until the impossible, or the deux ex machina makes its grand entrance during the final act. This isn’t a doom and gloom scenario by any means, rather, in free-market terms, it’s a radical shake up of the financial system where we will have to let the giants fail.  Even with possible foreign investment and/or World Bank aid, this system is impossible to sustain and undoubtedly there are going to be many reputable economists struggling to figure out how we might sustain fin de siècle post-mortem capitalism. I think it is timely to assert that we are living in an era where we will soon become predisposed to early-stage indigestionism. In the meantime, here’s a parable worth considering: [caption id="" align="alignleft" width="139"] Click to read comic![/caption] Fantastic Four Issue 175, has remained lodged in my unconscious for decades.  Giants competed for earth, and it was the adorable and puckish Impossible Man that won in the long run, because he tricked Galactus into devouring a planet that like our financial system, has become a facade. click on comic to read (best if read in “full screen”) Galactus, as a result of his all-encompassing hunger, consumed the planet Poppup and died of terminal indigestion. Thus Spoke Galactus… AS]]>

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