Banananomics

" But it was a wise man who said, 'All I want to know is where I’m going to die so I’ll never go there.' We don’t want our country to evolve into the banana-republic economy described by Keynes."

Follow the link to the featured article from the New York Times penned by Warren Buffet. In this article Mr. Buffet makes a few comments reminscent of Paul Keating's famous "banana republic" speech of 1989. The then Treasurer of Australia warned that the country was headed into economic oblivion. He then induced a recession in Australia raising interest rates into the high teens. It was a brave move and one that earned him not inconsiderable political ire amongst a lage number of voters. Although I didnt lose my house in that one I have always held that decision in high regard. The consequences were ugly, there was a very painful period of adjustment, but Australia emerged stronger and entered a period of long term sustainable growth. I believe that the United States will soon face its banana republic moment also, as Buffet aludes to.

The question is, can the United States find anyone with the political will to make the right decisions.