I’m up in La Paz for the ordination of a young friar. La Paz is a wonderful city, sitting at 4,000 meters, or 12,000 feet, above sea level. Coming up from Cochabamba is okay — the altitude only affects me slightly for a day or so. When I lived in Lima, flying from sea level up to La Paz or Cuzco (11, 300 feet) used to knock me for a loop.
Just watching the news from the U.S., does anyone else see the ridiculousness of the situation? The Fed is throwing hundreds of billions of dollars at the financial markets, and guaranteeing other hundreds of billions, and who has to own up to this money? The American taxpayer. And yet both presidential candidates are promising to cut taxes even more!
Of course, the Fed can print all the money it wants, but in a world where the U.S. dollar is in free-fall, doing this would only worsen its condition.
The mess that the Republicans have created is incredible. And to think that a majority of U.S. citizens want to return them to power to create even more havic! Incredible!