The upside?
To paraphrase the late George C. Scott's portrayal of General George Patton:
"Thirty years from now, when you have your grandchildren on your knee, and they ask you 'What was it like when the entire Western world's economies collapsed like dominos?', you'll be able to say, 'It made a lot less noise when it first crashed, compared to the aftermath. That part was really bad.'"
Read the following stories and ask yourself if there is likely a happy ending to these tales:
Der Spiegel: World Faces New Wave of Currency Wars
Denninger: Don't Listen To Me; Listen To The Legal Experts
Denninger: Chris Whalen Predicts Death Of The Fed - And The Banks
Global Guerrillas: Financial Meltdown 2011?
Key question from the GG story above:
What if nearly all of the mortgages that were securitized (mortgage loans that were bundled and sold as securities) over the last decade are actually unsecured or worthless paper?
And no, Virginia, there is no Santa Claus who's going to come and make it all better.
And it is not going to be over anytime soon.
Tempus fugit.
UPDATE 0845 EDT 13 OCT 2010: By popular demand, this creature will make it all better, starting tomorrow:
Oh, yeah.....
Apropos the movie reference... suddenly shovelling shit in Louisiana doesn't seem so bad after all...
ReplyDeleteThey do everything they can to destroy Western capitalism, then point to communism as a system of economic growth.
ReplyDeleteI'd really like to know where the 2.7 percent U.S. economic growth she mentions is taking place. Government employment doesn't count.
http://www.breitbart.tv/donna-brazile-cites-communist-china-as-a-successful-economic-system/
"And no, Virginia, there is no Santa Claus who's going to come and make it all better."
ReplyDelete....well, what about the unicorn that craps rainbow colored skittles?
That's still a possibility, right?
KPN3%
It's so much worse already --on paper at least-- than most Americans can even imagine:
ReplyDeletehttp://gardenserf.wordpress.com/2010/10/13/alert-america-bowing-to-china/
Good morning, America. Part of Texas is now owned by China.
KPN:
ReplyDeleteHere you go:
It Will Now End Happily For All
CA:
ReplyDeleteThanks.
I feel so much better knowing we can all have rainbow colored skittles...and sing along with Lee Greenwood "...where at least I know I'm free".
Isn't life great?
Sarcasm off: My cynicism is the only thing that keeps me going anymore. I sure hope nut cuttin' time is soon!
KPN3%
An analysis of "Hope and Change" in the employment statistics under Obama stimulus, using the Odministration's own formulae. To use the vernacular, they be trippin'.
ReplyDelete"I used to have dollar bills in my wallet. Now I hope for change."
A related post said minorities are suffering most, since they tend to be in lower-skilled, dispensable jobs cut first in bad economic times. I wonder how that will shake out at the polls...
http://larrymwalkerjr.blogspot.com/2010/10/tracking-35-million-jobs-obama-saved-or.html
Thanks for that, GardenSERF.
ReplyDeleteFits right in with that proposed NAFTA corridor right through the heartland to Canada, and the China Offshore Shipping Co. (COSCO -- you see the intermodal containers on flatbed trucks on the interstate) port at Long Beach, CA.
But they don't want AMERICANS drilling on Alaska's North Slope...
Nothing short of treason.