Denninger: The World Is Passing Judgment
Read the whole thing, but here are some excerpts:
...This is not a Recession. It is a Depression. All credit-led economic downturns are. If you doubt that this is a Depression have a look at the article in The Detroit News today, chronicling a scene every bit as forlorn as was seen in the 1930s, every bit as poignant, and every bit as unnecessary. It was asked:
"This morning, I seen the curtain pulled back on the misery," he said. "People fighting over a line. People threatening to shoot each other. Is this what we've come to?"
It is what we will come to nationally if we do not stop the stupidity here and now.
Government created this Depression just as Government created the Depression of the 1930s by refusing to do its job of regulation. 75% of the people in the 1930s had jobs. 75% of people have jobs now. If you truly believe that unemployment is 9.something percent, you're delusional. If you believe it is the 16.x percent that is recorded in "U-6" you are likewise delusional as neither counts those who have given up trying to find work.
Take a trip to Detroit, Michigan. It is not that different from any other major city today. If your perspective is limited to the Beltway of Washington DC or the sheltered parts of America where it all appears ok you need to get out more often. I have, I lived in the Detroit area in the 1970s and 1980s, and I have never - ever - seen anything like what happened at Cobo Hall as described in that article before today in America.
...We can choose to address these problems now or we can continue to march toward the abyss. The loss of confidence in our government, in our regulatory agencies and indeed in our currency is on the brink of becoming disorderly. Should that point be reached it will be too late to take remedial action and our nation will be forced to suffer the (well-deserved) consequences of our willful blindness to these outrageous acts of looting, all of which will come raining down on American consumer's heads.
We the people must insist on better and hold our lawmakers feet the fire. If the Washington DC politicians will not do their jobs then we must in turn insist that our state lawmakers do so - including, if necessary, by enforcement of our State 10th Amendment rights.
Alea iacta est.