Heading toward a Sept. surprise

Judd Gregg:

…Unfortunately, this year, September may be a decisive month for the world and our nation’s economy.

Think about the forces afoot. None of them seems to be headed to a happy ending.

First, there’s the European fiscal mess.

Although there is a constant and energized effort to abate the problems driving the disarray there, progress is minimal. As Bernanke pointed out in sobering testimony before the House last week, Europe does not have its act together.

It has not addressed the core of its problem — its massive debt and unstable banking system. The recession brought on by this problem is only aggravating things.

This will probably be undeniably clear by September.

Second, Israel is under attack, or at least her people are, in places such as Bulgaria. They believe Iran is behind these attacks.

Couple this with the fact that Iran continues its march to obtain nuclear weapons — and the means to deliver them — and one wonders how much longer Israel will cede her potential survival to Obama and the United Nations.

Not long, one suspects. September.

Third, America is not doing a good job of managing its own responsibility — being a force for responsible government and a source of economic growth.

In fact, the impending fiscal cliff is clearly a potential accelerant for a meltdown.

After all, once reality sets in that there is going to be no improvement in leadership , whether on the fiscal cliff or on long-term deficits and debt, people and markets will react.

They will not wait until January.

Historically, September has been a good time for such a reaction.

Fourth, Americans who generate economic activity are beginning to get worn down amid the incessant attacks of the Obama administration.

It is becoming clear to anyone who participates in the private economy that they have a target on their backs.

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