You Know It's Bad When the Bad Guys Say It's Bad: World Bank's Zoellick on "the Sugar High"

awww how cute
psst, hey panda, careful! the dude is evil!!

Strap on your tin foil hat, kids, we're about to take a trip into the land of the global elite conspiracy to rule you like the subservient little sheep you are. Okay, so maybe that's pushing it, but when it comes to tin foil hattist targets, World Bank President (and former managing director of Goldman Sachs of course, aren't they all?) Robert Zoellick is towards the very top of the list of Diabolical Bastards.

Zoellick could be referred to as a master Ponzi operator, promoting the watered-down, bastardized capitalism of our modern day under the constraint of growth; you wonder why our global economy is seizing up like a drunk two days off of the bottle? Well duh, without that all-critical "growth" component, the jig is up and the Ponzi busted. And yet Zoellick and the rest of his ilk continue to insist that some Keynesian scramble to plug the black hole will solve our woes. I truly hate to be the bearer of bad news here but without that missing "growth," each and every one of these measures will continue to fail, and miserably at that.

And yet, what's this? Zoellick on stimulus measures, warning that the "sugar high" will eventually wear off. Sugar, RZ? More like crack-cocaine. And Lord knows the economy is going to be flipping out like a crackhead on his last rock as soon as the funny money runs out.


World Bank President Robert Zoellick warned policy makers that fiscal-stimulus plans are insufficient to turn around the “real economy” and rising joblessness threatens to set off political unrest across the globe.

“While the stimulus has given an impulse, it’s like a sugar high unless you eventually get the credit system working,” Zoellick said in an interview yesterday with Bloomberg Television’s “Political Capital with Al Hunt.” “When unemployment increases, that’s probably the most political combustible issue.”

Sure, Zoellick is no Bernie Madoff, but for his little scheme to work at the World Bank, he's counting on the Madoffs of modern finance (Ben Bernanke comes to mind) to keep the wheels greased up. So why in the hell is he talking about civil unrest, rising unemployment, and the uselessness of stimulus?

The World Bank is monitoring private companies’ abilities to roll over “a lot” of debt in the developing world, Zoellick said. At the same time, he played down risks to the global recovery posed by rising U.S. Treasury yields, saying that “in terms of absolute levels, rates are still pretty low for most players.”

Zoellick also said that the dollar will remain the world’s main currency “for a long time,” and noted that investors flocked to the dollar as a haven during the worst parts of the financial crisis.

“Right now, the international system appears to have a sufficient amount of stimulus,” Zoellick said. “The danger is if you spend too much government money, you create a different problem.”

I'm confused. As badly as I would like to tear Zoellick apart, I just can't. He's right. Mostly.

That being said, maybe we should go see what Ben Bernanke is up to??

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


LossAngeles said...

Oh how you make me laugh with your style of writing !!! >>you wonder why our global economy is seizing up like a drunk two days off of the bottle?

I LOVE reading all of this, with your twist of witty irony thank u thank u thank u !!!