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The relentless barrage of economic bad news continues. I try to take the long view, but it is unsettling. No one really knows whether government action will help, although there are plenty who say it will (and plenty who say it won't).

I seems clear to me at this point that the real story is that that for at least the last decade, people all over the world have been living at levels that are not supported by their means. This is social as well as economic imbalance, and will only be worked out on a social level. Meaning a greater or lesser retrenchment for a whole of people. This has already happened in the U.S.:

Last week the Federal Reserve released the results of the latest Survey of Consumer Finances, a triennial report on the assets and liabilities of American households. The bottom line is that there has been basically no wealth creation at all since the turn of the millennium: the net worth of the average American household, adjusted for inflation, is lower now than it was in 2001.

It's going to be hard to face up to these cold, hard, realities for many people but reality has a way of intruding into the most defiantly insulated way of living. Ultimately, we will all be better for it, but it is not easy seeing so many assumptions turned upside down.

Meanwhile, another photo from Bellefontaine. I like the contrast between the dark, fractal, trees and the enormous pillar and needle monuments.

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