James Howard Kunstler talks about the coming debt crack-up, with which regular readers of SLL may already be acquainted. From Kunstler at kunstler.com:
As I write, the French stock market (the CAC 40), is doing a grand jeté (up 4.5 percent!) in celebration of Emmanuel Macron’s assumed slaying of the dragon Le Pen. But that was just the first round under the interesting French election system. Consider that two other candidates who were eliminated, Monsieurs Fillon and Mélenchon, got nearly 40 percent of the vote. Are we so sure about where their voters go in the second and final round two weeks from now?
I suspect that most Americans — even the ones who follow Rachel Maddow — are about as interested in French politics as differential calculus. Macron, 36, is a blank slate. He was finance minister under current president François Hollande, of the Socialist Party, but declared during the election campaign that he’s not a socialist, he only wanted to be of service to his country, and this time he ran under his own party, En Marche! He appears to represent the continuation of business-as-usual with the European Union, which seems to put him on the wrong side of history at this crucial moment — if you suppose, as I do, that the EU is so riddled with hopeless financial contradictions and centrifugal political tensions that it is unlikely to persist.
Yet, understandably, people are reluctant to change the system they’re living under. Le Pen wants to blow the EU up, especially the bureaucracy lodged in Brussels that has become a self-serving and self perpetuating monster. Blowing up the EU would necessarily, it seems, mean the end of the European Central Bank, and with it the scams and Ponzi schemes that have provided an appearance of normality, despite an official 10.5 percent unemployment rate in France and a constant chain of public massacres by resident Jihadistas of one sort or another, some of them perpetrated by radical refugees allowed in under EU policy.
To continue reading: Ready, Set, Splat.