Saturday, December 29, 2012

PIVOTAL NEWS ISSUE: On the "Fiscal Cliff" vs the "Fiscal insanity" of an insolvent economy in Washington DC -- Stuart Varney with Brent Bozell, as the clock ticks down . . .

Bozell has observed (during an interview with Stuart Varney -- now of Fox News) that the current debate on the "fiscal cliff" is in the context of twenty-five years of kicking the spending vs revenues vs economy can down the road, now beginning to come due:

Unfortunately for the rest of us, if and as the US economy tanks, it will have serious ripple effects around the world. Indeed, we are looking at an economic tidal wave.

Where, of course, economic insanity driven by the politics of largesse and voters looking for another helping at the pig trough of such largesse, is already coming home to roost in Europe. 

All of this multiplied by a case where in less than a decade, oil went from about US$ 20 - 30 per barrel to US $ 110 or so per barrel, with spikes higher than that. Where, everything else is driven by energy, as everything uses energy. (And of course, energy is in a mess globally.)

In that context we of the Caribbean need to begin to ask ourselves about the long-term viability of tourism as a primary base for our economies, and to ask ourselves seriously what must we begin to do to make for a more robust economic base in an increasingly digital, high technology global world. END