L: Doug, last time we spoke, you said quite a bit about debt, in the context of your expectation that the euro is on its way out. At the end of that conversation, you mentioned, of course, that the problem is not limited to Greece, nor the eurozone. America as a country has become a world-class debtor, and many Americans seem to think a maxed-out credit card is a reason to get a higher credit limit, not to economize. It’s like a global epidemic. Let’s talk about debt.

“Just allow it…just admit it. It doesn’t matter where the inflation comes from. Just let it stay…”

SLASHING the Bank of England’s base interest rate to an historic low of 0.5% was supposed to “rebalance” the economy…tipping it away from galloping consumption towards an export-led recovery.

But all that the Pound’s slump since rates began sinking in March 2008 has done so far, however, is gift a 50% gain to UK gold owners.

I was plying the interstate highways of New England this weekend — there is no sane way to get from Albany, New York, to the vicinity of Middletown, Connecticut, by public transit — marveling at the vistas of normality all around me: the freeway lanes with their orderly streams of happy motorists, the chain stores floating like islands on the gray undulating landscape, the corporate towers of Springfield, Mass, and then Hartford, gleaming in the persistent pre-spring sunshine, as though they physically represented the wished-for dynamism of economies in recovery.

“In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.” ~ Newt Gingrich and Peter Ferrara, “Class Warfare’s Next Target: 401(k) Savings.”

There is a silver lining to every snowstorm — getting to know your neighbors both good and bad. With forty inches on my block this week, I’ve learned a lot about my neighbors and, strangely enough, socialism.

My corner of Baltimore seems like a good place to ride out a storm. After all, innumerable cars are plastered with Obama bumper stickers, and windows display signs like “Universal Healthcare Now.” In essence, it’s a very liberal neighborhood in an extremely liberal state. What better neighborhood to be in times of need, right?

Last week marked the one-year anniversary of the American Reinvestment and Recovery Act, or the stimulus bill, passing into law. While the debate over its success has been focused on whether or not it is stimulating the economy and on various questionable uses of funds, in my estimation this legislation is accomplishing exactly what it was intended to accomplish – grow the government.

Most people think that “special drawing rights” have something to do with the IMF and don’t affect anyone below the top levels of the banking industry and heads of state if they have ever even heard of them. We here in the Whiskey Bar not only know what SDR are but we keep a leery eye on banksters and pranksters in general.

Wow! Did you notice? The IMF didn’t get any bids for its latest offer to auction 191.3 tonnes of the remaining gold that it wants to sell. Apparently the Central Banks of the world have shown a distinct lack of interest in the proposed bullion sale.

Gold game-over, correct? Not exactly.

If you were in charge of the educational system, what would you do and why? Mull that one over while I tell you how I would go about it, and I’ll make it easier by stipulating grandly that price is no object.

Basically, Greece is broke. The Greek politicians spent too much money. (Really? Who would’ve thought?) Aided by the wizards of Goldman Sachs, the monetary magicians managed to mask the Greek problem for 10 years or so. But now the solvency problem in Greece is too big to sweep under the rug.

Unlike in the past, the debt markets won’t just roll all that Greek debt over to some future time. No more kicking the can down the road for others to deal with. Beware of Greeks bearing gifts, right?