Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.
Washington’s epic battle over the “fiscal cliff” would be tragic if it weren’t so pathetic. It reminds me of a cartoon in which the duelling combatants hurl themselves off the precipice and keep fighting until they look down and go splat.
The Republicans and Democrats are desperately hoping that cartoon physics applies to them, too. So long as they deny reality, they won’t go splat – or so they hope. This week’s alleged “deal” simply postponed the inevitable day of reckoning. And it confirmed that the American people’s vast contempt for their legislators is richly deserved.
Is the U.S. finished? It’s awfully tempting to think so. Political dysfunction, crushing debt, a bad economy and a sinking middle class are not exactly signs of vigour. Two failed wars have dealt huge blows to its reputation and prestige. Not to mention the gun culture and the junk food and the [fill in your favourite example of American pathology here].
But if the U.S. were a stock, I’d buy it. Despite the gloomy news, its future is looking brighter than it has in years. One reason is the new energy revolution, a phenomenal reversal of fortune that nobody foresaw. The country is awash in cheap new supplies of unconventional oil and gas that are being unlocked with new technologies. This unexpected bonanza is rocket fuel for the economy.