Edward Lotterman: Neroism is all around us, in the electorate and politicians | Edward Lotterman's columns | Idaho Statesman
Are we living in a new age of Nero? The Roman emperor, of course, was infamous for fiddling while Rome burned. Historian Barbara Tuchman quoted the phrase “Neroism is in the air” to describe German attitudes prior to World War I. This implied not just a certain feckless disregard for looming danger, but a willingness on the part of some to openly tempt fate.
One prime example today is the U.S. electorate’s blithe unconcern about deteriorating economic prospects in Europe and China. Another is our politicians’ willingness to play economic chicken with the national debt ceiling.
Start with Europe. Why should we here in the United States worry about whether Greece defaults or the euro system self-destructs?
The answer is that the world financial system is so integrated that a major financial crisis in Europe inevitably will spill over into U.S. financial institutions. And the U.S. financial system is no more robust than it was in the spring of 2007.
Consider two factors. [...]
Comments
Post a Comment