by Matt Patterson –
This must have been what it was like living in the 1930s: politicians running around, fingers in their ears, unwilling or unable to confront a rising conflagration that they helped to light.
Back then, the threat came from a revivified and revanchist Germany. Western leaders stood by while the Germans rearmed, then looked the other way as ever larger chunks of the Continent fell to the blitzkrieg. When the enervated Western elites finally took a stand over Poland, it was too late — the fire was so large that, by the time it was finally quenched, the world lay in smoldering ruin.
Today we face a different, though no less mortal, sort of threat: the wealth of the West has been revealed to be largely illusory, built on the foolish foundations of credit that shift and scatter like sands in the wind. [Read more…]