World Affairs Note: Industrial World Steps Backwards

If the 2008 recession was Wall St.’s poisoned apple for the world, the one on the horizon looks very much like a U.S.-European joint enterprise. North American companies have fired over 150,000 workers this year in comparison to 130,000 for all of 2011, not exactly a banner year for the economy, and a rise in such firings is foreseen for the rest of the year [Bloomberg 10/25/12]. Obama’s policy of treating arguably criminal financial moguls with kid gloves obviously has paid off only for the financial moguls, who are certainly not the ones facing unemployment. If Romney wins, he appears ready fully to embrace an open return to Wall St. manipulation of society. The only hope (aside from a victory by Green Party candidate Jill Stein) is that a victorious Obama will find some backbone and deliver on his 2008 promise of “change.” Perhaps a big win by Elizabeth Warren in Massachusetts will stiffen him. Assuming Obama squeaks out a victory, watch for FBI indictments of financial moguls. If you do not see a burst of arrests, sell your stocks, remove your savings from all major banks, and prepare to consolidate family members in one home because you may well face unemployment, a return to unrestrained bank corruption, a market crash, a string of bank failures, and government default on pension promises.

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