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Guest Post: Now Playing: Cognitive Dissonance and Wishful Thinking

Tyler Durden's picture


Submitted by Charles Hugh Smith from Of Two Minds

Now Playing: Cognitive Dissonance and Wishful Thinking  

This month's Double Feature: Cognitive Dissonance and Wishful Thinking, two thrillers about floundering Central Banks and frantic Ministries of Propaganda.

The global economy is now dominated by Cognitive Dissonance and Wishful Thinking on a grand scale. The push to convince us of "normalcy" and a "return to growth" are strongly reminiscent of the Phony Year of 2007, when the subprime mortgage meltdown was toppling the entire global credit market, yet we were constantly reassured by financial authorities that it was all safely "contained."

We were promised a happy ending to the second feature, Wishful Thinking.

As the second half of 2011 begins, the level of cognitive dissonance between what we're presented as reality by the central banks, media and government--that the "soft patch" is over and the "recovery" is once again full steam ahead--and what the data says is extreme.

All available evidence suggests that credit is tightening as fear awakens in the credit markets. To mention just one such point: as the excellent Acting Man financial blog noted recently, the yield on short-term Treasury bills is now negative, meaning that investors buying these bonds are paying for the privilege of having the U.S. Treasury as the counterparty.

This strongly suggests they care only for security, that is, getting their principal returned to them, and not at all for yield (interest on their cash). If the global credit markets were healthy, why would anyone choose a negative yield?

In Survival+, I used the word derealization to describe the disconnect between what we experience and what the propaganda/marketing complex we live in tells us we should be experiencing.

The Status Quo--in the U.S., in China, and in Europe--has staved off reality for a full 2.5 years since the 2008 global financial meltdown via by adding unprecedented sums of public debt to "solve" the crises of private overleverage, overindebtedness and malinvestment.

This "fix" has already failed, but the EU has bought a few months at best with the latest bailout of Greece's Kleptocracy.

Note that the time bought by each new "fix" is diminishing with every intervention. I have likened this process to the onset of diabetes, where the body's sensitivity to insulin declines even as the body attempts to overcome the desensitizing by producing more and more insulin. Eventually the system breaks down.

Massive, unprecedented interventions bought 2.5 years of bogus "recovery" 2008-11, but that level of intervention--roughly $100 billion a month in Federal Reserve "stimulus" and $130 billion in Federal borrow-and-spend stimulus a month--cannot continue at that pace, as it is destabilizing the entire system.

In the same pattern of reduced effect from greater applications of borrowed money, the EU bought a year of "recovery" with last May's bailout of Greece. Now the latest ECB bailout, which exceeds the previous bailout in size and complexity, is buying perhaps two months before the crisis reappears, like a 1950s movie monster, even stronger and more destructive.

This systemic decline in sensitivity to central-bank/State interevention suggests the end-state of "extend and pretend" and "mark to fantasy" is drawing nearer, as the next round of stimulus, quantitative easing, bailouts, etc. will buy considerably less time for the Status Quo than the last fix.

At some point, the announcement of a new bailout or Fed "fix" will boost spirits and markets for a few days rather than a few months. At the very end of this process, the announcement of the next "fix" will crash the credit and stock markets because participants will finally understand that the fixes are only floundering, last-ditch acts of desperation which have zero chance of actually working.

In other words, neither Cognitive Dissonance nor Wishful Thinking have happy endings.


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Tue, 07/05/2011 - 11:27 | 1426558 Cassandra Syndrome
Cassandra Syndrome's picture

Cognitive Dissonance Bitchez

Tue, 07/05/2011 - 11:52 | 1426627 ratso
ratso's picture

When Leon Festinger developed Cognitive Dissonance Theory in 1957 and coined the phrase, he had in mind a theory that would provide useful hypotheses for predicting irrational human behavior in unexpected situations.  Since then the phrase has taken on "excess meaning" as philologists might put it.

In line with Festinger's original intentions for his theory it is not clear what a useful hypothesis could be developed for the present situation.  He was fond of making predictions that once a person or group of people had committed themselves mentally and emotionally to a situation, they would discount contradictory information and only gather supporting information without a concern about it's validity - much like listeners to Fox News 



Tue, 07/05/2011 - 12:11 | 1426681 Overflow-admin
Overflow-admin's picture

Or more vulgarly said:

Dis-Cognitive Resonance Bitchez!

Tue, 07/05/2011 - 12:46 | 1426786 Missiondweller
Missiondweller's picture

" much like listeners to Fox News"


I was thinking the same thing but would substitute, "Obama kool-aid drinkers still seeking 'hope and change'"

Tue, 07/05/2011 - 13:04 | 1426873 kridkrid
kridkrid's picture

Divide and conquer.  Both positions are probably correct, making most of us simple pawns.

Tue, 07/05/2011 - 13:40 | 1427051 gmrpeabody
gmrpeabody's picture


Well put!

Tue, 07/05/2011 - 13:48 | 1427089 CH1
CH1's picture


Tue, 07/05/2011 - 12:48 | 1426793 carbonmutant
carbonmutant's picture

Reality Distortion Field (RDF)...

Tue, 07/05/2011 - 13:35 | 1427034 narnia
narnia's picture

you have it right, carbonmutant.  

the officers of this centrally planned empire have an interest in keeping it together, and are arrogant enough to think they can "centrally plan" the desired outcome while protecting their interests.  in their minds, they still believe they have the force of inflation under their control.  

the board of directors probably prefers the officers to succeed, but ultimately they are arrogant enough to believe they will not be materially affected or could benefit in any outcome.  that's a fatal conceit.  i'm sure most of the directors have realized the officers will not be able to control the force of inflation by now, but they aren't the ones selling it nor do they feel they have an interest in selling it.

Tue, 07/05/2011 - 11:31 | 1426570 Robslob
Robslob's picture

Seems like it was just yesterday the EU bailed itself out with a historic $1 Trillion free for all...

Wow, how time flies...along with money.

Tue, 07/05/2011 - 12:51 | 1426810 Fukushima Sam
Fukushima Sam's picture

The cycle of history will not be denied; it can only be staved off until, like a seized cog in a complex machine, the pressure builds and then forces a break, causing devastating damage to the rest of the machine.

Tue, 07/05/2011 - 11:32 | 1426572 Gene Parmesan
Gene Parmesan's picture

At the very end of this process, the announcement of the next "fix" will crash the credit and stock markets because participants will finally understand that the fixes are only floundering, last-ditch acts of desperation which have zero chance of actually working.

I'd argue that the participants are already at the point of understanding this, and that they're all just willfully ignoring it, for no better reason than the fact that everyone else is also ignoring it.

Things won't really come crashing down until there's an inevitable misstep by the central economic planners which puts them down a dead end alley, with no further can-kicking room.

Tue, 07/05/2011 - 11:57 | 1426640 kridkrid
kridkrid's picture

What do you think that "misstep" looks like?  What are a couple of examples of what you think would represent the dead end alley that doesn't allow for more can-kicking?  And for what it is worth, I'm not disagreeing at all (I know sometimes people ask questions when they are attempting to back someone into a corner... not the case here).  I'm trying to picture how this unravels.

Tue, 07/05/2011 - 12:41 | 1426771 Gene Parmesan
Gene Parmesan's picture

Who knows. Something that results in truly runaway inflation, supply chain disruptions for things like food or fuel, suspension of welfare benefits, rationing, something that really pisses off China, an overt grab by government at personal property or savings, etc. Whatever it is it's going to have to be enough to get people off their asses. While we all joke around about the Dancing With the Stars crowd, I think it's only a matter of time before people can't ignore what's happening because it's directly and noticably affecting their quality of life.

It can either be a controlled collapse of some kind, where TPTB are stuck making a move which they know will likely have a disastrous outcome, but which will play out on a known timeline with expected results (and which can be prepped for and spun accordingly), or something more unexpected and violent.

Tue, 07/05/2011 - 15:39 | 1427494 malek
malek's picture

Nicely put. I also believe runaway inflation is the most likely next stop.

Tue, 07/05/2011 - 12:52 | 1426812 Missiondweller
Missiondweller's picture

I'm certain we'll see it in the bond market or rate derivatives. At some point people will begin demanding higher rates (bond vigilantes) with enough strength to counteract Fed rate manipulation. When that happens, things will quickly unravel. How fast? I fear fast enough that I don't hold any stock or bonds out of fear I could get crushed before I know what's happening.


Everyone wants to keep dancing at the party as long as its going on but it seems many are dancing very close to the door fearing they could be the last out.

Tue, 07/05/2011 - 13:53 | 1427112 CH1
CH1's picture

Don't know that I have a better crystal ball than anyone else, but there is the possibility of China falling apart. That might break the denail in enough people.

Tue, 07/05/2011 - 12:21 | 1426709 Thomas
Thomas's picture

Like the diabetes metaphor, the markets are heading for the Tainter Endgame. Limbs will start falling off.

Tue, 07/05/2011 - 12:54 | 1426821 carbonmutant
carbonmutant's picture

I believe blindness sets in first...

Tue, 07/05/2011 - 13:08 | 1426899 Reptil
Reptil's picture

convulsive spasms sounds about right.

Tue, 07/05/2011 - 12:22 | 1426712 Thomas
Thomas's picture

Delete of another FFF (fat-fingered fuckup).

Tue, 07/05/2011 - 11:33 | 1426576 Internet Tough Guy
Internet Tough Guy's picture

Nice move in oil today.

Tue, 07/05/2011 - 12:49 | 1426798 SheepDog-One
SheepDog-One's picture

And most were saying the SPR would cause oil and gas prices to plunge. Nope.

Tue, 07/05/2011 - 11:36 | 1426580 Cognitive Dissonance
Cognitive Dissonance's picture

Nice to see the term "Cognitive Dissonance" getting a wider audience. If nothing else, just seeing the term compels some people to pause and reflect.

Changing the world one mind at a time. It's the way real change really happens.

Tue, 07/05/2011 - 11:36 | 1426584 Ray1968
Ray1968's picture

For a nanosecond, I thought you penned the article.

Tue, 07/05/2011 - 11:47 | 1426609 Cognitive Dissonance
Cognitive Dissonance's picture

I have.............several times. But Charles Hugh Smith is older and wiser than me and he understands that short articles get wide exposure and long articles get dumped.

I'm still in first grade finger painting when it comes to writing, so Charles picked up my slack and moved on through. Short and to the point is what my first grade finger painting teacher always whispers in my ear as I ask for a 10th sheet of white construction paper and more paint. :>)  

Tue, 07/05/2011 - 11:59 | 1426649 kridkrid
kridkrid's picture

Your handle led to me to reexamine the phrase about a year ago.  It has become a very frequent topic of conversation for me.

Tue, 07/05/2011 - 11:48 | 1426620 Dr. Engali
Dr. Engali's picture

So did I until I saw how short it was and easy to read :) No disrespect do you or the author.

Tue, 07/05/2011 - 11:58 | 1426643 Cognitive Dissonance
Cognitive Dissonance's picture

I specialize in long and convoluted. It's a natural talent I've been improving upon for years. :>)

Next year I start using affirmations here and here and here and here and here and here and here................. 

(Click each one folks, they are all different.)

Tue, 07/05/2011 - 12:22 | 1426715 GeneMarchbanks
GeneMarchbanks's picture

Entirely too many links at once, for shame, you made my brain hurt. Apparently, you Sir, actually read. Contrary to popular belief this isn't good:

Tue, 07/05/2011 - 13:12 | 1426924 JW n FL
JW n FL's picture




FUCK GOVERNMENT!!! LOVE WE THE PEOPLE!!! because they are to stupid to Hate the Government and too stupid to Love themselves enough to help themselves!

Tue, 07/05/2011 - 13:20 | 1426958 JW n FL
JW n FL's picture


I hate you fuckers! and here is why! you have allowed my Country to be fucking, fucked over! over and over and over again!

Tue, 07/05/2011 - 14:08 | 1427162 gmrpeabody
gmrpeabody's picture

Somebody woke up on the wrong side of the bed!

Tue, 07/05/2011 - 14:58 | 1427360 Sudden Debt
Sudden Debt's picture

Love = Fucking = Love = Fucking


It's just to inform you that your post confuses people.


Tue, 07/05/2011 - 11:38 | 1426591 Caviar Emptor
Caviar Emptor's picture

+100, bro. Lead us to the mountain top!

Tue, 07/05/2011 - 11:41 | 1426602 Cassandra Syndrome
Cassandra Syndrome's picture

It is a remarkable condition. I think everyone has it. Holding a different view from within the safety net of your own worldview causes anxiety. Maybe its a defect that developed from the trauma of birth, of leaving the safety and sanctuary of the womb for the big bad world.

Tue, 07/05/2011 - 15:05 | 1426623 Bay of Pigs
Bay of Pigs's picture

Circumstances and perceptions change. One must adapt or suffer the consequences denying they exist.

Yes, I see your point.


Tue, 07/05/2011 - 11:54 | 1426634 Manthong
Manthong's picture

Does this have anything to do with people born as US citizens believing that they live in a place administered according to the Constitution of the United States of America?

Tue, 07/05/2011 - 11:58 | 1426644 GeneMarchbanks
GeneMarchbanks's picture

More like years of repeating the same lies until they are your only "truth". Generally speaking these folks have much trouble listening to contrasting viewpoints- to the point of neurosis. My own world crumbles if it is opposed or just simply broadened a little bit.

Tue, 07/05/2011 - 12:16 | 1426701 Bastiat
Bastiat's picture

I always thought you had some great insights but I never expected you to "dominate the world economy."  Impressive!  Were you behind the DSK chambermaid scandal?

Tue, 07/05/2011 - 12:23 | 1426716 Cognitive Dissonance
Cognitive Dissonance's picture

Tue, 07/05/2011 - 11:39 | 1426595 slewie the pi-rat
slewie the pi-rat's picture

cognitive dissonance + wishful thinking = viagra

Tue, 07/05/2011 - 12:56 | 1426829 Commander Cody
Commander Cody's picture

And happy endings?

Tue, 07/05/2011 - 11:40 | 1426597 Hedgetard55
Hedgetard55's picture

But, but, but Leo the K says deficit spending and monetization CAN work.

Tue, 07/05/2011 - 11:41 | 1426601 Dr. Richard Head
Dr. Richard Head's picture

Nu-uh!  This next "fix" will be different this time. It will work I tell you. 

I know when I put myself into a debtor status in real estate, a car, and credit cards that all I needed to do was get into more debt for another car, added some more credit cards, and bought another home on the coast.  I knew adding to my debt load would indeed lessen my debt load.  This is a simple math equation of 2 + 2 = 1. 

We will be teaching a course on this through all of the Ivy League schools during the start of school next year called "You Can Win With Debt."

Tue, 07/05/2011 - 12:26 | 1426725 aerojet
aerojet's picture

It's funny you mention that.  I once heard Donald Trump say that it's not how much money you have but how much you control.  The idea is that he levered himself to the hilt and thereby became a player.  That he has gone bankrupt several times seems inconsequential to him.  It's an interesting tidbit, nonetheless.  I doubt most Americans can see the difference between taking on debt for the purpose of investment versus taking on debt in order to sustain consumption.

Tue, 07/05/2011 - 13:34 | 1427025 Panafrican Funk...
Panafrican Funktron Robot's picture

" That he has gone bankrupt several times seems inconsequential to him. "

He probably finds it hard to consider it consequential, when no real consequences have been imposed on him for those bankruptcies.  

Privatize the gains, socialize the losses.  He understood this decades before it became well-known to the public.

Tue, 07/05/2011 - 15:44 | 1427510 malek
malek's picture

Well at least in the moments he was bankrupt he didn't have control over much, me believes.

Tue, 07/05/2011 - 12:50 | 1426806 Milestones
Milestones's picture

Ah, Yale grad.--what year?       Milestones

Tue, 07/05/2011 - 11:42 | 1426603 oogs66
oogs66's picture

European credit is weak again today, yesterday it was weak.  U.S. stocks are happier about the bailout than the markets getting bailed out.  Not a good sign for stocks

Tue, 07/05/2011 - 11:43 | 1426606 r101958
r101958's picture

100% on the mark.

Tue, 07/05/2011 - 11:44 | 1426608 Caviar Emptor
Caviar Emptor's picture

This systemic decline in sensitivity to central-bank/State interevention suggests the end-state of "extend and pretend" and "mark to fantasy" is drawing nearer, as the next round of stimulus, quantitative easing, bailouts, etc. will buy considerably less time for the Status Quo than the last fix.

Tyler I agree. It'll buy less time for keeping the status quo. But I think we'll see a paradoxical rise in sensitivity in terms of the destabilizing effects in the global macro economy. You hit it on the nose in your Biflation article earlier today: this is not your father's stagflation. I think it's much more unstable and new efforts by TPTB to stabilize the system, putting out fires with the money hose will have more de-stabilizing effects. 

Tue, 07/05/2011 - 11:49 | 1426621 GeneMarchbanks
GeneMarchbanks's picture

Not Tyler. Guest post = Charles Hugh Smith.

Tue, 07/05/2011 - 12:47 | 1426796 Madcow
Madcow's picture

there's nothing 'they' can do to stop the unravelling. the fiat money system is disintegrating. some days, that looks like "deflation." other days, it looks like "inflation."  but the simple truth is that the conditions required for a fiat money system have gone like the wind. 


Tue, 07/05/2011 - 11:59 | 1426648 MrBinkeyWhat
MrBinkeyWhat's picture

Give that alcoholic another bottle of vodka. Everything will be better this time. You'll see. Really. /sarc

Tue, 07/05/2011 - 12:46 | 1426790 SheepDog-One
SheepDog-One's picture

Right, give the heroin junkie a bunch of 8 balls to inject all at once just to keep from getting too sick. Hopefully, it wont be a massive overdose and death but with this Ponzi running at these all-time insane levels, who knows?

Tue, 07/05/2011 - 12:03 | 1426656 Ying-Yang
Ying-Yang's picture

I never used the term Cognitive Dissonance until I found ZH and read CD, TD, BK, and other acronyms of witty writers here.

Thanks CD, I have spread your words far and wide but sometimes I wonder why?

Tue, 07/05/2011 - 12:11 | 1426682 Cognitive Dissonance
Cognitive Dissonance's picture

So that I can continue to increase my collection of hate emails. Passing 10,000 as we speak.

Thanks for nuttin' sailor. :>)

Tue, 07/05/2011 - 12:23 | 1426718 Ying-Yang
Ying-Yang's picture

No hate here.. I love ya!

Tue, 07/05/2011 - 12:27 | 1426730 Hook Line and S...
Hook Line and Sphincter's picture

I'm doing my best to make damn sure you receive 10 million more hate emails within the next year. Most people hate it when you break their funhouse mirrors.

Tue, 07/05/2011 - 12:48 | 1426799 Cognitive Dissonance
Cognitive Dissonance's picture

That's 70,000 years of bad luck and counting. After the first life time who cares?

They won't know who I really am when I reincarnate as Osama 2.0, so can I use you as a forwarding address?

Karma is a bitch when it doesn't go your way. :>)

Tue, 07/05/2011 - 13:53 | 1426970 Hook Line and S...
Hook Line and Sphincter's picture

I've discovered that life is short, and I have a pair of grandiose, swollen balls that rather liked to tempt being kicked! Lately I've taken the tact of using a warped version of Rogerian dialogue (as in Carl Rogers) to slay the beast. My favorite mode is to approach crowds (family, friends, acquaintances, strangers) who are gathered in larger numbers (5 or more, the bigger the better) to give them the sensation of protection. I rarely if ever will inform them of the actual reality verbatim (unless they come to me the following days). What I do now is choose local physical examples and ask questions that I am resolute to never provide the answer in a way that would inflame their defense mechanisms. I post contradictions and feign ignorance. I repeat their comments with different words that bring new semantic meanings. They get to educate moronic me. Even if asked directly, and am tempted to be drawn into vivid revelation, I deny I comprehend the answer. I just say "I'm just asking you, I really don't don't know, I was hoping you'd know"). For example, I ask questions about that orange tree right outside the window. "What fruit would you pick first? Why?" Then sublimely change the subject matter from oranges, to... well... you get it. I have to stay strong and not let them suck me into being plain worded. The wily Janus faced dissonant need to earn their salvation! Examples of questions to ask can be easily discovered in the professions of anybody. Swallowing my ego, and repressing the urge to light myself as the fire of the glorious shining light of emancipation was difficult at first, however it got easier, especially when I realized that I was actually making a difference by not being such a pompous know it all pulsating vein brain intelligence of the universe! 

Also, I go after the kids at get-togethers (ages 20 down to 6 are quite open to understanding the concept of devaluation). I insidiously shame the parents! It's fun, and the kids think I'm cool while the parents remain nothing but amused. I do it indirectly. I'll play games and tear part of a dollar off. I tell the kids if they can figure out why they don't want a torn dollar I'll give them a whole one. Let the wee ones onto such joy and the world opens up in opportunities. 

By the way, I'm ready for those forwarded emails. I have my forwarder set up to immediately send them ORI's way! (as I don't get to reincarnate this time. This is my last stop.)

Tue, 07/05/2011 - 14:15 | 1427207 gmrpeabody
gmrpeabody's picture

Just what is it that you're really trying to say?

Tue, 07/05/2011 - 14:44 | 1427253 Hook Line and S...
Hook Line and Sphincter's picture

hmmmm, perhaps what others haven't.

And why are your fingers so lazy Mr Peabody?

I know you have fiery robust neurons. Pronto! Get those synapses firing and tell us, specifically, with examples what and how you have communicated lately with those who need the knowledge and a slap of perception. Step on up. Lots of members (sitting in underwear only) and lurkers with unclogged eustachian tubes await your response.  ; )

Tue, 07/05/2011 - 16:53 | 1427729 gmrpeabody
gmrpeabody's picture

The clinic tells me that I am paying the price now for abusing my fiery robust neurons during the first 45 years, or so, of my life. I have been advised to wage the eustachian tube war on all except my closet loved ones. (I can count them on one hand)

It seems when every old and worn warrior hangs his sword, there comes a younger and stronger one to carry the fight forward. You seem to fit the part nicely. You and many here at ZH. I read and listen and occasionally cut-n-paste ZH to those few who would listen, and trust heaven to help the rest.

Tue, 07/05/2011 - 19:05 | 1428034 Prometheus418
Prometheus418's picture

Well done- I salute you, sir.

Tue, 07/05/2011 - 12:11 | 1426675 Canuckistan Al
Canuckistan Al's picture

Dear CD: Your earlier post was inspiring. Its been fore front in my mind all day,its if you wrote it directly at me!

Don't sell yourself short. Your contribution to ZH is one of the many reasons I gravitate here daily, and yes, mostly I lurk, since I can share no insights as profound as the contributors here.

I can hardly wait for the upcoming installments. Somedays I just despair and get discouraged as my friends and loved ones look at me like I have three heads and a tin foil hat on each.

I absolutely enjoyed the soulful honesty in your last contrubution to the site and your insightful comments on many articles posted.

Just wanted to "get that out there".

Tue, 07/05/2011 - 12:16 | 1426697 Cognitive Dissonance
Cognitive Dissonance's picture

The world of the ZH comment section is very different from the emails I receive privately. Many people read ZH, but will not comment because of the brutality. And while many people tell me they need to hear the ugly truth, they have also told me they need to hear about how to cope with the isolation and daily emotional assaults. I need to learn as well so I decided to start writing about it.

Thanks for your words of encouragement. 

Tue, 07/05/2011 - 12:28 | 1426734 GeneMarchbanks
GeneMarchbanks's picture

Get a room!

Seriously though, a chat room at least.

I forgot about compliments, remember those?



Tue, 07/05/2011 - 12:29 | 1426740 Canuckistan Al
Canuckistan Al's picture

F the neigh sayers. Keep doing what you do, you give voice to my inner angst. It helps it really helps.

Tue, 07/05/2011 - 12:58 | 1426839 Milestones
Milestones's picture

"Ah, take the cash and let the credit go,

Nor heed the rumble of the distant drum."

Partial quartan from the Rubaiyat of Omar.     Milestones

Tue, 07/05/2011 - 13:07 | 1426895 JW n FL
JW n FL's picture



Everyone who is not feeling the Heat now.. will maybe sometime in the future will begin to feel the heat and thusly find your sharing of information "Priceless"!


It is just a matter of time before everyone! up and down the later is smacked in the face with the fact that America is a Police State.

Tue, 07/05/2011 - 13:32 | 1426925 oldman
oldman's picture


I liked yesterday's piece very much---sensitive in words, though difficult to comprehend but still a refreshing shift from the normal hostility and anger(though funny) in the blogments.

If you have to do something----I'll look for more in the future

Besides, what else would you do?

Tue, 07/05/2011 - 15:24 | 1427432 Cognitive Dissonance
Cognitive Dissonance's picture

No matter what I do I'm sure I'll be in my underwear and my bunny slippers when I do it. :)

Tue, 07/05/2011 - 12:25 | 1426724 ZackAttack
ZackAttack's picture

You guys need some patience. In France, it took 80 years from the time they went fiat under John Law's scheme until heads rolled, but then only 6 years to fix it.  

Tue, 07/05/2011 - 12:26 | 1426727 gatopeich
gatopeich's picture

... stimulus, quantitative easing, bailouts, etc. will buy considerably less time for the Status Quo than the last fix.

Perhaps, but they already suceeded. Bank's exposure to Greek debt has halved since the beginning of the "Greek crisis", and guess who is holding the other half now.

Give'em one more year and they will not only have dumped the whole load on the taxpayers, but they will also be net short on the shite. Sound familiar?

Tue, 07/05/2011 - 12:32 | 1426748 jmcadg
jmcadg's picture

I'll no doubt be ridiculed as an arse licker, but you're well regarded CD by anyone with a brain. Keep fighting the fight.

Tue, 07/05/2011 - 12:38 | 1426758 onlooker
onlooker's picture

""So that I can continue to increase my collection of hate emails. Passing 10,000 as we speak.""

I will give you a feed back of where I think you have been leading us. Let the 10,000 go and understand that there are more than 10,000 that may be gaining good stuff from reading you. The fact that you have kept count disturbs me.

You have an excellent mind that needs to be shared. Approval will not be 100%. Shake it off and rock on.



Tue, 07/05/2011 - 13:00 | 1426857 Cognitive Dissonance
Cognitive Dissonance's picture

It was a joke. Really. I thought the smiley face was the give-away to the joke. :>)

I do not keep track and I don't receive many since they can hate me on-line in the comment section. :>) :>) (double smiley)

Tue, 07/05/2011 - 12:44 | 1426778 SheepDog-One
SheepDog-One's picture

The heroin addict now needs huge injections just to keep from getting sick, well past the point of getting high anymore.

Tue, 07/05/2011 - 12:58 | 1426837 Cognitive Dissonance
Cognitive Dissonance's picture

They are desperately trying to avoid the DTs.

Tue, 07/05/2011 - 13:06 | 1426888 SheepDog-One
SheepDog-One's picture

Full blown Trainspotting plastic tarp and puke bucket cold turkey withdrawals.

Tue, 07/05/2011 - 13:47 | 1427088 Cognitive Dissonance
Cognitive Dissonance's picture

Who told you about the plastic tarp and the puke bucket?

Oh, wait a minute. :)

Tue, 07/05/2011 - 14:00 | 1427134 Panafrican Funk...
Panafrican Funktron Robot's picture

The dead baby crawling on the walls revisited me during a particularly hallucinagenic episode.

Tue, 07/05/2011 - 13:03 | 1426870 JW n FL
JW n FL's picture

"We the People" will rise up and Take Back our Freedoms that were Stolen! /


Have a Political View? Share this view on Twitter or Blog? **YOU!** are a Terrorist PER Homeland Security See Link(s) and Official Report(s).


"We the People" will demand that everyone is treated the same, thusly a flat tax with no loop holes and / or subsidies for the top 1% of the top 1%!!


I am just kidding.. Fat Lazy Americans are to fucking stupid to effect any real change.



Tue, 07/05/2011 - 13:10 | 1426908 SheepDog-One
SheepDog-One's picture

Yea I wish it were true, but the american sheeple wont even put their foot down and say NO to the TSA tyranny of getting their wife and kids strip searched SS style and then put thru full body cancer inducing scanners. Stand up? I dont think its in but maybe 1% of americans.

Tue, 07/05/2011 - 13:41 | 1427061 JW n FL
JW n FL's picture

I am willing to Stand for / with My Fellow Brothers to try to stave off the attack on "We the Peoples" Constitutional Rights! Oops! I used a Key Phrase! I am now a person of interest to the FBI and all other idiots!


Do YOU! Believe in the Holy Bible? You are on the FED's watch List!

Do YOU! Believe in Gold over Paper? You are on the FED's watch List!

Do YOU! Exercise you 1st Amendment Rights? You are on the FED's watch List!

That is actually a double.. Mention the Constitution while exercising my 1st Amendment Rights!

That is Correct! Bring up the Constitution in America to Law Enforcement! and You are providing Law Enforcement with Probable Cause to Search / Harass / Stalk YOU!! FACT!!!


According to the Committee to Stop FBI Repression, the 14 activists’ personal belongings—including cell phones, papers and computers—are still under FBI confiscation. The federal law that criminalizes aid and comfort to a terrorist organization was upheld by the Supreme Court in June. “The court ruled 6-3… that the government may prohibit all forms of aid to designated terrorist groups, even if the support consists of training and advice about entirely peaceful and legal activities.” (Emphasis ours)

This means that no longer can Charlie Rose interview on PBS a member of Hamas (as he did this year). No longer can American peace activists, such as former President Jimmy Carter, send messages to Hamas urging compromise and reconciliation. Nor can an American Christian in the Mideast attempt to evangelize or even talk to a member of Hamas. It is now criminal to reason with a large number of the earth’s inhabitants who desperately need Christian faith and reason.

After the Supreme Court ruling, the Jewish Anti-Defamation League heralded the decision as a victory against terrorism. Actually, ADL was elated because it opened bolder possibilities for itself, as Israel’s PR representative, to broaden the definition of terrorism to include those who ideologically oppose America’s “ally in the war on terror.” Because moral and verbal opposition to Israel can be more damaging than financial or military contributions, ADL wants to make criticism of the Jewish state an act of sedition, punishable as a speech crime.

ADL, as well as its sister Jewish attack group, the Southern Poverty Law Center, offers multiple “anti-hate” programs to police and FBI. It schools them in ADL’s definitions and ideological responses to “hate criminals” and “domestic terrorists.” ADL has already described millions of anti-Obama critics as paranoid “conspirators.” (See, ADL Blasts 'Paranoid' Right: Are Millions of Anti-Obama Protestors 'Conspirators?') In its MIAC directive to Missouri State Police, ADL and SPLC described millions more as “potential domestic terrorists.” (See, Alex Jones’ “Secret State Police Report: Ron Paul, Bob Barr, Chuck Baldwin, Libertarians are Terrorists”) Just this month, SPLC smeared 18 Christian/conservative leadership organizations as hard-core “hate groups.” (See, SPLC Attacks 18 "Hateful" Christian Groups) How long will it be before the FBI considers “home-grown” terrorists as including Christian conservative “haters” – even criminalizing those who communicate with them?

Tue, 07/05/2011 - 19:13 | 1428051 Prometheus418
Prometheus418's picture

Hey JW-

I don't necessarily disagree with you, but could you cool it with the cut-and-paste?  I suspect most if not all of us have got your point, and it'd be worthwhile to get a little new material.  If nothing else, a little rephrasing to keep things fresh might be nice.

Tue, 07/05/2011 - 14:13 | 1427167 Bastiat
Bastiat's picture

Yeah, I got scanned once--really before I could think about it. Next time they can fondle my nuts--I'm not getting microwaved again. 

What's the appropriate etiquette: "Was it good for you too?"

Wed, 07/06/2011 - 04:49 | 1428885 Hobbleknee
Hobbleknee's picture

Appropriate etiquette is to take names and press charges for sexual assault.

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