Luke
5th November 2010, 18:51
Disclaimer: Markets are dead. American dream probably too. That is bad news.
BUT there are good news: we can learn from mistakes that led us here and build something entirely else, using knowledge we gathered.
Also, seeing how we had been had allows for better traps/false prophets spotting.
As a primer:
Requiem for America
(http://www.zerohedge.com/article/guest-post-requiem-america)
America, that grand experiment created to probe the limits of human freedom, liberty and equality, has succumbed to its many injuries and passed away. The exact time of death is uncertain, the causes many.
America was always, until its demise, a work in progress, but that progress stopped. The country lost its way, forgot where it was headed, and fell prey to a host of enemies, all of them coming from within.
The coroner has yet to announce the cause of death, not yet sure if it was murder or suicide. That almost does not matter, however, since dead is dead.
In partnership with an equally incompetent Fed Chairman named Bernanke, America engaged in the greatest wealth transfer in the history of the world, from the most innocent to the most guilty.
These two men, along with those who appointed or confirmed them, had the audacity---or stupidity---to tell us that the solution is the problem is the solution.
A collapse resulting from excess debt was to be solved…with more debt. A country suffering from excess spending was to…spend more. The people whose actions had been the prime cause of the collapse…were to be made more than whole again with someone else’s money. The existence of institutions whose enormous size afforded them a finger on the financial nuclear trigger…were not only to be allowed to remain too big to fail, but they actually were encouraged to become even larger.
We’ve just embarked on something called QE2, with the association of its name (a cruise ship on vacation) a cruel joke. QE2 is an academic’s solution to a problem whose only real solution is a realization that real gain only comes from real sacrifice. QE2 is an economist’s answer. Like most every economic theory---economics is a dismal science at best, alchemy and fraud at its worst---it starts with an assumption. In the case of QE2 this is: assume infinite money.
So far the reaction is such that the economists are patting themselves on the back. They not only think they are correct---despite the historical fact that they, from Bernanke to Greenspan to Summers have never been right once in their entire lives---they continue to take the masses for fools.
It is. It is clear in the faces of even the formerly optimistic.
They know it’s over. They know we’re dead and that QE2---assumed and endless money for real and endless maladies---is the final blow. They see it in the collapse of the once almighty dollar. Yes, they are all partying, but they know the lifeboats are all gone and all they’re doing is emptying the liquor cabinet on the Titanic, maybe hoping to be in a stupor when the cold or the water steals their final breath.
BUT there are good news: we can learn from mistakes that led us here and build something entirely else, using knowledge we gathered.
Also, seeing how we had been had allows for better traps/false prophets spotting.
As a primer:
Requiem for America
(http://www.zerohedge.com/article/guest-post-requiem-america)
America, that grand experiment created to probe the limits of human freedom, liberty and equality, has succumbed to its many injuries and passed away. The exact time of death is uncertain, the causes many.
America was always, until its demise, a work in progress, but that progress stopped. The country lost its way, forgot where it was headed, and fell prey to a host of enemies, all of them coming from within.
The coroner has yet to announce the cause of death, not yet sure if it was murder or suicide. That almost does not matter, however, since dead is dead.
In partnership with an equally incompetent Fed Chairman named Bernanke, America engaged in the greatest wealth transfer in the history of the world, from the most innocent to the most guilty.
These two men, along with those who appointed or confirmed them, had the audacity---or stupidity---to tell us that the solution is the problem is the solution.
A collapse resulting from excess debt was to be solved…with more debt. A country suffering from excess spending was to…spend more. The people whose actions had been the prime cause of the collapse…were to be made more than whole again with someone else’s money. The existence of institutions whose enormous size afforded them a finger on the financial nuclear trigger…were not only to be allowed to remain too big to fail, but they actually were encouraged to become even larger.
We’ve just embarked on something called QE2, with the association of its name (a cruise ship on vacation) a cruel joke. QE2 is an academic’s solution to a problem whose only real solution is a realization that real gain only comes from real sacrifice. QE2 is an economist’s answer. Like most every economic theory---economics is a dismal science at best, alchemy and fraud at its worst---it starts with an assumption. In the case of QE2 this is: assume infinite money.
So far the reaction is such that the economists are patting themselves on the back. They not only think they are correct---despite the historical fact that they, from Bernanke to Greenspan to Summers have never been right once in their entire lives---they continue to take the masses for fools.
It is. It is clear in the faces of even the formerly optimistic.
They know it’s over. They know we’re dead and that QE2---assumed and endless money for real and endless maladies---is the final blow. They see it in the collapse of the once almighty dollar. Yes, they are all partying, but they know the lifeboats are all gone and all they’re doing is emptying the liquor cabinet on the Titanic, maybe hoping to be in a stupor when the cold or the water steals their final breath.