Thursday TOON Roundup 2-Disunion

[Jim Lane]

4. Of course we're connected. That's not my point.

The American economy faces major problems but our problems are quite unlike Greece's. Both governments have increased their total indebtedness over the last several years (in absolute amount and as a percentage of GDP). The crucial difference is that our debt is denominated in dollars, which we control, and Greece's debt is denominated in euros, which it does not control.

I don't see much danger of a complete collapse here. The banksters couldn't "take us down" without cutting their own throats. For example, it would be a major gain for progressives to restore Eisenhower-era or even Reagan-era tax rates on the rich; while they wouldn't like it, and would fight it tooth and nail, they'd certainly be better off with that outcome than with trying to wreck the system out of spite.