In yesterday's post Shock The Monkey To Life! I tried to warn people that a potentially devastating downturn in the global economy looms as Europe falls apart and growth in the BRICs slows.
David Stockman agrees, and he explains why in the video below.
Although there is a small chance that Stockman and I are wrong, and we will weather the coming storm, apathy and complacency hold sway in 2012 America, as I discussed in Talking Recession — The Heart Of The Matter. Perhaps Americans have crisis fatigue. They are like battering victims who have shut down emotionally under the constant strain of the last 4 years. I don't know what's going on. I do know that blanket denial is the rule, not the exception.
There will be a vote in Greece this weekend which may mark the beginning of the end of complacency about the global (and American) economy.