Monty Python and the World Economy: Tis But a Scratchby Simon Black Recently by Simon Black: Illegal, Immoral Acts Made Just
Monty Python and the Holy Grail (1975) is easy one of the most brilliantly comical movies of all time. One of my favorite scenes is the fight between Arthur and the Black Knight, the one in which Arthur handily dismembers his adversary in combat. It’s become the source of household jokes around the world – the Black Knight refuses to acknowledge having lost both of his arms and legs to Arthur’s sword, insisting instead, “Tis but a scratch…”
Apparently the Black Knight has been giving lessons to political leaders and central bankers in this art of self-deception and ignoring reality… because that’s exactly what’s happening around the world. Today, in the wake of last night’s political collapse in Portugal, European leaders played down the impact of Portugal’s imminent ballooning economic crisis, dismissing any possibility of spreading contagion or similar consequences in other weak eurozone nations like Spain, Ireland, and Italy. Nevermind that yield spreads and bond insurance premiums are near all-time highs. Tis but a scratch… Today in Japan, two nuclear plant workers were hospitalized with radiation-related injuries. Japan’s government continues to deny risks to these workers, and to the population at large, instead raising the decontamination threshold (the danger level of radiation) from 6,000 counts per minute (CPM) to 100,000 CPM. ‘Tis but a scratch. Two days ago in El Salvador, Barack Obama dismissed the cost of military action in Libya, saying “because it is limited in time, scope, with a well-defined mission, we’re confident that this is something that we can budget as part of our overall operations.” Nevermind that the Pentagon is completely cash-strapped and is going to Congress with hat in hand for more money having already blown through its budget and unable to afford the $1 billion+ Libya operations. Tis but a scratch… Earlier this month, William Dudley, the brainiac who replaced Tim Geithner as President of the New York Fed, recently told business leaders in Queens that, “while rising commodity prices may be giving some of you a bad headache, they are not likely to lead to a sustained rise in inflation.” Nevermind that prices of just about everything ex-iPad around the world are increasing, and inflation rates from Vietnam to the UK are painfully high. Tis but a scratch… March 25, 2011 Copyright © 2011 Sovereign Man
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