An Avalanche Of Upshitcreekness

argentina default

We are kind to our readers here at Boggart Blog, we give you lots of new and very amusing words like upshitcreekness to play with when you are trying to describe the state of the world. Upshitcreekness describes no only how far up shit creek we really are, the depth of the shit beneath our canoe, the conspicuous lack of a paddle and the stinkyness of our surroundings.

The reason we invented upshitcreekness today is to adequately describe the situation in high finance following the debt default by Argentina and the collapse of Portugal’s Banco Espirito Santo this week. “But do those affect us, Ian?” You might well ask.

Not directly or immediately, but they demonstrate that in spite of all the blether from mainstream media, the debt crisis and the fragility of banks’ balance sheets has not gone away. There is no recovery.

“But haven’t Whitehall and Washington been pumping out data that shows a strong economic recovery is underway, everybody now has fourteen jobs, wages are rising and prices are falling and everything is hunky dory because that nice Mr. Rothschild lent us the money to sort it all out.

Well the numbers that they crank out to make everybody feel good are almost as phony as the numbers that the Argentine government has been cranking out for the past few years. Cristina Fernández the government finance chief says well, we only have 10% inflation. But everybody knows that a broad snapshot shows for necessary purchases it’s 30 to 40%. And here they say we have 2% inflation. I would say that based on a household budget (which excludes luxury goods that are being heavily discounted because nobody is buying) inflation is realistically in the 8-10% range here, and in the USA it’s going much higher because the US$ has been dropped by many trading and oil producing nations as the currency of bilateral trade. This has been going on for a while but contracts are made eighteen months to two years in advance so the effect does not kick in at once.

If we observe the actual economy rather than the fiat money and quantitative easing economy it has been obvious for a while that the upshitcreekness was being masked by printing money and statistical prestadigitation.

The growth is all a fantasy. It’s all a result of the assumption that there is no inflation, when there really is because what we have is inflation masquerading as economic growth. But the bottom line is the economy is really contracting, although jobless figures are massaged by simply not counting the long term unemployed and counting those in part time jobs as having a whole job and not a fraction of a job, the labour force is actually shrinking. GDP may be growing but that’s only because the government keeps printing money and handing it out in benefits, there is actually less economic activity. That’s why we’re using less energy, that’s why the people’s standard of living is going down, and real incomes are falling and job opportunities are disappearing. It’s because we’re in a recession, a depression even, and no one wants to admit it.

And as in 1939 the leading economic powers see war as a way out, which is why the USA and its allies are madly angling for war in Ukraine.

And if there’s a war we’re fucked, I’m fucked, you’re fucked, we’re all fucking fucked. That’s what is meant by Upshitcreekness.

Well that’s the external threats dealt with, noe we need to deal with the enemy within (the EU)

If The Government Does Not Keep Junkhead Junckers Hands Off The City, we can say gooodbye to nationhood.

Yes, thanks to economic mismanagement by Conservative and Labour governments since the 1960s we are far too dependent on our financial services business. And the money hungry bureaucrats of the EU have coveted the revenue that brings in for many years.

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