Thanks for this post, Richard. It really clarifies things for me.

I see now that we’re being mugged, plain and simple. There’s a gun in our back, and its holder wants our cash, or else – no questions asked.

It may be, the bursting of the bubble and Bush’s raid on the treasury with TARP1 were actually informed moves: today, there’s no more juice left to squeeze out of America’s turnip.

Once upon a time, a UN functionary called the US “stingy.” We are in a good position today to show him the real meaning of the word.