re: #177 recusancy

Interesting leadership dynamic happening in the GOP house.

It’s another battle of brinksmanship. As the article says, they’re playing musical chairs knowing one of them needs to make the deal but the one who does loses the base. That’s on top of the brinksmanship with the Dems who want to increase tax revenues to deal with the deficit.

I think we’re about to fall off the edge, by the way, and for the most typical reason of brinksmanship failing. Specifically the fact that none of the parties has full control of events.

Greece is about to go through restructuring. The EU tried to cut a non-default default deal, but it’s going to leave Greece’s economy in tatters. I figure that within not more than six and probably less than three months the nation goes into actual default, possibly withdrawing from the EU. At that point all the default insurances kick in and we see cascading CDS events.

It’s going to be a fascinating in retrospect as the cascade of known and secret treaties triggered on the death of Archduke Ferdinand. It’s also going to be as widespread and - whether war follows or not - as economically destructive.

Remember, kiddies, that because CDSs are unregulated nobody really knows which are triggered by what event, nor how many are functionally recursive.

And since we’re dancing on the edge, we’ll fall off.