Tuesday , 23 April 2024

Art Cashin: Debt Ceiling Brinkmanship Similar to How WW1 Started! (+2K Views)

Statesmen Start To Simulate Three Stooges

The goings-on in Washington are becoming a global embarrassment to… [all Americans]. Under the guise of working for the good of the people, both sides are engaged in barely-disguised exercises in venal politics. They should be very careful, however, as it was similar brinkmanship that brought about World War 1. Words: 384

So reports Joe Weisenthal (www.businessinsider.com)  in an article*  regarding the recent comments of Art Cashin which Lorimer Wilson, editor of www.munKNEE.com (It’s all about Money!), has further edited ([  ]), abridged (…) and reformatted (where indicated) below  for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement. The article goes on to say:

The primary purpose of the posturing is to structure the “proposal” in a way that will enable the “winner” to be able to blame the other for “hiking the ceiling” or “hobbling Medicare” as a slogan in the 2012 election. All the rest is PR rhetoric.

The markets may understand that. That’s why they are trimming sails rather than all out selling. The key risk is that either (or both) overplay their hand and the gun goes off accidentally. That’s how World War I began, with each side sure the other guy would blink before fighting actually erupted.

Watching the farce in our nation’s capital, I am hopefully reminded of the perception of this quote from Winston Churchill:

You can always trust the Americans. In the end they will do the right thing, after they have eliminated all the other possibilities.

Let’s pray that will be true.

[In the meantime -] watch the news tickers and stay very nimble.

*Read more: http://www.businessinsider.com/art-cashin-on-the-debt-ceiling-2011-7?utm_source=Triggermail&utm_medium=email&utm_term=Business%20Insider%20Select&utm_campaign=BI_Select_072511#ixzz1TDoiRTmo

Related Articles:

  1. $14,300,000,000,000 Debt Ceiling About to go Even Higher! Here’s Why   https://munknee.com/2011/07/14300000000000-debt-ceiling-about-to-go-even-higher-heres-why/
  2. Raising the Roof – On a Higher Debt Ceiling That Is!  https://munknee.com/2011/05/raising-the-roof-on-a-higher-debt-ceiling-that-is/ 
  3. Top Myths on the U.S. Debt-ceiling Crisis   https://munknee.com/2011/05/top-myths-on-the-u-s-debt-ceiling-crisis/ 
  4. America’s Political Process Guarantees Another Financial Crisis!   https://munknee.com/2011/03/america%e2%80%99s-political-process-virtually-guarantees-financial-crisis-2-0/

Editor’s Note:

  1. The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
  2. Permission to reprint in whole or in part is gladly granted, provided full credit is given as per paragraph 2 above