The Thursday wrap
“Gloom, Boom and Doom Report” author Marc Faber is predicting a massive market meltdown. But don't blame Greece or the “fiscal cliff” for what he says will be a 20-percent drop in stock values. Mr. Faber says corporate profits will “disappoint” and the global economy will stagnate. If mattress sales increase and investors start stuffing them with cash, you'll know Faber's on to something. ... Demographer Nicholas Eberstadt says that in 1935, “welfare state transfers” were 3 percent of the economy. Today, says the American Enterprise Institute scholar, they are nearly 20 percent. Yet another manifestation of contemporary “progressivism.” ... The European Union has scrapped its plan to charge airlines worldwide that visit the European continent a “carbon tax.” That, just as American leaders are getting ready to discuss implementing an overall tax on carbon. Critics, the United States among them, said the tax would have eviscerated national sovereignty. Can't wait to see how European countries doing business in the United States react to an American carbon tax. ... The Russian news outlet RIA Novosti intimates that President Obama soon will visit Russian President Vladimir Putin. You'll recall that Bam told Vlad in one of those pesky “open-mic moments” that should he be re-elected, he'd have more “flexibility” in missile-defense discussions. “Flexibility,” as per usual, is a euphemism for “capitulation.”
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