Auguries — Observe The Fundamentals

October 6, 2011

By Kevin Michael Grace

Tom Wolfe once said the press was not like vultures but more like fruit flies, descending en masse onto one thing, then departing just as quickly and for no apparent reason. Surveying the global economic situation, as this space is compelled to do, the media (as we call them now) appear more like children, endlessly drawn to the latest bright, shiny object.

It was not that long ago that the American deficit constituted a “crisis.” We hear little about that now, even though no serious action has been taken to reduce it. Instead, all our attention has been directed toward Greece, and the markets tumble up and down according to the latest rumours, even as the Greeks themselves give every indication they will reject whatever “rescue plan” the European Central Bankers cook up.

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