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Richard Duncan: The Real Risk Of A Coming Multi-Decade Global Depression
Submitted by Adam Taggart via PeakProsperity.com,
Richard Duncan, author of The Dollar Crisis and The New Depression: The Breakdown Of The Paper Money Economy, isn't mincing words about the risks he sees ahead for the world economy.
Essentially, he sees the past 50 years of economic prosperity fueled by globalization and easy credit in serious danger of being unwound, as the doomed monetary policies currently being pursued by the word's central banks result in a massive multi-decade depression that spans the globe.
The first version of The Dollar Crisis, the hardback, came out in 2003, so I wrote it in 2002. And at that time, the dollar against gold was $300. So the dollar has lost more than 75% of its value since The Dollar Crisis was written, and I don’t think it’s going to stop here. I expect it to continue to lose value over the years and decades ahead.
But what we’re seeing is that the real theme of The Dollar Crisis was that the post-Bretton Woods international monetary system was fundamentally flawed because it couldn’t prevent trade imbalances between countries. And the US had developed an enormous trade deficit with the rest of the world and this blew the trade surplus countries like Japan and China into bubbles. And then, the dollars boomeranged back into the United States and blew it into a bubble, as well. I didn’t know when the housing bubble was going to pop in the US but I knew it would. And I wrote in The Dollar Crisis that when it did, we would have a severe global economic recession/depression that would involve a systemic banking sector crisis in the United States and necessitate trillion-dollar budget deficits and unorthodox monetary policy to prevent a Great Depression from occurring.
And so that’s what we’ve seen. The crisis arrived in 2008 and the government responded with trillion-dollar budget deficits and quantitative easing on a multi-trillion-dollar scale. So they have managed to keep this immense global economic bubble inflated through unprecedented fiscal and monetary stimulus in combination. And so that’s where we are now. We still have a massive global economic bubble that the policymakers have continued to keep inflated. And that’s what they intend to continue to do because they believe – rightly so, I think – that if they allow it to melt down, then it’s going to result in a depression at least as bad as that of the 1930s and 1940s. And they’re going to do everything in their power to prevent that from happening for as long as possible.
I think it’s horribly regrettable that we find ourselves in a position where we are on government life support. We should’ve stayed on the gold standard in 1968. The global economy would be much smaller today than it is, but we wouldn’t now be in this position where we have to rely on money creation on a trillion-dollar scale to keep our global economy from collapsing. But now that we are here, I’m not sure that there are other alternatives other than 1) keeping the thing inflated or 2) allowing a new Great Depression to wipe away globalization. And not just the savings of the American public, but a huge part of the global economy altogether.
This is not going to be a 1921-style two-year recession that we bounce back from after a little bit of pain and unpleasantness. After a 50-year global economic boon involving what is now a $59 trillion expansion of credit in 50 years, this isn’t going to be a one or two-year hard recession. This is going to be a multi-decade global depression and I’m not sure that anyone alive today would live long enough to see the recovery. I mean, it’s like Rome: when Rome fell, there was a recovery, but it was 1,000 years later. This is the kind of depression we're looking at if we allow this $59 trillion credit bubble of ours to implode.
It's hard for Duncan not to see this great economic unwinding as inevitable, but he does hold out some hope that if central banks are going to continue to print (as they very likely will), funneling that new capital into investment in new technologies and infrastructure is our best hope of potentially creating solutions that may enable us to extricate us from this mess. An exposition on this thinking can be read here.
Click the play button below to listen to Chris' interview with Richard Duncan (58m:17s)
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Risk?
None for those who "own" Facebook.
Zuckerberg - this generation's gates- did you see Sawyer interview him some years back? gag - Sawyer: "Ooooh - did you see those eyes, ... see how intense he is?" box of rox (bofem), sitting on Wall Streets java scripted rehash of geocities - hilarious
I don't think Zuckerberg is dumb. But "Wall Street's Java scripted rehash of Geocities"? Probably too kind: it's actually a PHP scripted rehash (of LiveJournal).
I'll take your word for it - just back on the net this year, php was emerging back when i unplgged, never heard of livejournal - used to write cgi programs in C :-) well, then perl ofcourse. As far as zuckerberg... who knows, i was running my head, they say gates could program in the day - and *his* programs didn't need more than 64k memory either!! ;-)
Dunc, the credit quality is so bad it destroys any value of any asset.
The worst damage is the destruction of credit/asset quality. PAIN...
I don't fully understand that. If something has value, is worth keeping, is an example of quality, then don't let it hang around with bad influences such as credit. I guess you could still call it an asset? Really, I just come here to peek in the engine room at times, and to read the humor. There's some pretty hilarious sh*t goes down on this board.
Sure hang onto it if you bought it 50yrs ago at a good price and don't want to cash in on it for some reason.
If you buy anything today though, you will get slaughtered unless you're the first one in the room to yell FIRE!
For example:
Let's say you have 60K and you want to double it. You decide to build a house, then sell it at a profit.
60k in materials etc, etc and the house is built and ready for market.
Based on current values you arrive at 120K as the selling price, therefore doubling the original investment, mission accomplished, everything is awsome!!!
But... Is it a 60K house? Or a 120K house? Oh, it's a 120K house because why? Because somebody "said so" right?
To get some one stupid enough to pay double for materials and workmanship, requires a lower quality of credit to entice said dumbass into paying double for something he could have done himself and acheived the same result.
The reality is the depreciation of the original materials (asset) begins the day it's complete... From 60K, not 120K.
If we have to lower the credit quality even more, then 70K's lookin pretty damn good, cause you got to unload that sombich ASAP or loose your ass...
That's how credit quality destroys asset value.
You hang in there boy.
It's not the global depression I'm worried about,
It's the global war the banksters are about to start in an effort to avoid the depression.
If there is a World War and death is inevitable....a ground zero detonation is preferable.
No way FreeS, why go like that?
Go in full awareness.....JUMP! ;-)
https://aadivaahan.wordpress.com/2011/01/27/wisdom-for-warriors-6/
Risk is SOOOO 20th century...
Maybe just a few more songs for the musical chairs game.
Fuck that. End the song now, and let everyone have a grab at the last chair.
The only reason it hasn't happened yet is because the music player is waiting for the .00001% to get into position.
In short, the best time for ME to stop the music is when THEY don't want it to.
The record player was unplugged March 10th 2008 and the music stopped. Everything you have seen since has been a mirage of an 'economy' that was purposely propped up so that the 0.0001% could ring-fence their toxic waste through FED monetary heroin. Suffice to say that none of the Investment Bankster money whores were expecting the whole system to implode in March of 2008 and that is precisely why they built TBTF and did not bail out Lehman Bros. Moreover, more than a few banksters went down since 2008, and more than a few mega corporations [AIG, Fannie, Freddie, Sallie, et cetera] went down too. Clearly, the Fat Lady sings everytime someone suggests that the fundamentals have been restored, and the music is still playing. In point of fact, the punch bowl has been adulterated, the chiars have been removed, and the party host is on the phone trying to buy more gin [QE4] before the cops close the party down and declare Martial Law.
All you're saying is that TPTB cheated by restarting the music and bringing in another chair.
Well, if one player gets to cheat, then I guess I can grab the chair anytime I want! Fair is fair when everybody cheats!
The final song is gonna be Burnin' Down the House!
EDIT:
If you're going to ask me how I, the lowly commoner, plans to grab the chair, the answer is simple.
Violence, of course!
End the song now, and let everyone have a grab at the last chair.
Yeah. Grab at the last deck chair...on the Titanic.
...the music player is waiting for the .00001% to get into position.
When the currency collapses there will not be any lifeboat for them. The lifeboats have all left long, long ago.
And as for you stopping the music... Your destiny of your impending doom is already written.
We are not facing any problem with the Financial System whatsoever. A problem implies that there might be a solution.
BUT THERE ARE NO SOLUTIONS AND YOU ARE ON A SINKING SHIP WITH ZERO CHANCE OF SURVIVAL. GET IT?
You are facing a PREDICAMENT. There is only an outcome and that outcome is dismal at best and catastrophic at worst.
There is not one damned action that you can take that will leave you insulated and unscathed.
And anyone who is telling you otherwise is strung out on hopium. There are far too many hopium addicts that are strung out on hopium.
Unfortunately that hopium dealer has run out.
And the hopium addict will be jonesing for their next hopium fix which is not going to be forthcoming in the near future. Then they will become disillusioned, angry and motivated.
And they will rise and do damage to the hopium dealer as well as anybody else around them on the path of their own destruction. And if you believe that somehow you are immune to that?
Keep hoping...Yeah...Keep on hoping.
LMAO
Who are you talking to Tom?
I have asked before , but I may have missed your reply.
To those who have ears which will let them hear.
To those who have eyes which will let them see.
I don't think you know who you're talking to. You're talking to someone named WOAR.
I don't believe in hope. I believe in action. I don't care if the Titanic is sinking, and I'm fighting someone for the last floating object in the sea. I kill the other guy, I win to live for a bit longer. I'll be even happier if the other guy just so happens to be a rich douchebag that earned his wealth by starving the poor, poisoning the world, and keeping other people out of the market.
So what if I get stranded in an ocean of radioactive waste, surrounded by a dead civilization?
Everyone dies on a long enough timeline. I just want to die free.
That's what it means to have Zero Hedges, and risk everything for a chance, not for survival, but for freedom.
And I'd like to live crawling the kudzu vines with you in New York, on the ruins of a Bank of America, some day.
Personally I'd like to LIVE free but if I must die free then so be it.
I'll be happy to join you on those vines on the ruins of a Bunk of America...until we run out of food.
:-)
stop doing drugs.
I do not use psychoactive drugs and rarely drink alcohol.
I have used in the past...oh THREE DECADES AGO...but I GREW UP.
Yes. I will have to admit... I had one 12 Ounce can of Coors Light last August and it blitzed me.
But I will not stop using Ibuprofen (AdvilTM) to combat the chronic pain of Lyme Disese.
Fuck you. That is too much to ask.
Maybe you are transferring your own behavior?
Tall Tom - I've been researching Lyme disease online this year past, as I suspect it may be a co-factor in my dad's dementia.
This looks interesting: https://vitalplan.com/blog/late-stage-lyme-disease-treatment
The company's BBB rating: http://www.bbb.org/raleigh-durham/business-reviews/vitamin-supplement-su...
A Google search for "Vital Plan sucks" returned no hits. Every prescription drug I've ever searched for this way always returns at least one forum of people reporting problems and side effects, etc..
Have no personal experience with them. Dad is not open to changing an unhealthy lifestyle, and I don't have a white lab coat with a stethoscope in the pocket, so FML.
Good Luck.
---Hobo
Thank you for your concern. I used prescription drugs for 10 years. I have eaten enough antibiotics, my share, and 100 others lifetime share. I have injected enough vitamin B complex.
It did not work out.
The symptoms are still ever present and relentlessly gnawing.
It may be a cofactor in the onset of dementia.
But pain is definitely a cofactor in the onset of depression.
Be sure to address your father's pain as that will exacerbate his symptoms of dementia. (He will not complain as he will want the dihity of appearing powerful in your eyes. He is your father after all. But it is there.)
Carl Jung said. ""The foundation of all mental illness is the unwillingness to experience legitimate suffering."
At this point I am more than willing.
For the most part Doctors are quacks.
It is actually quite funny to watch them take BP readings, measure gases, and attempt to quantify their practice. They are too reliant upon averages and have little valid modeling to be able to predict outcomes nor understand error analysis.
When the body is injured all functional systems are affected.
Now I know that they have had Calculus as undergrads.
So I give them the following question.
If w(x,y) = x2 + 2xy + y2 ,
and
if x and y are both quantifiable and measurable,
then what is the error in w = (err(w)) ,
if the error in x = err(x) and the error in y = err(y) ?
Most look at me puzzled.
Of course the answer is err(w) = 2(x + y)(err(x) + err(y))
If you are measuring levels of Blood Gases and BP, and if they are in error then one needs to be able to understand that these errors will create an error in the entire system, affecting every organ, even healthy organs.
But the problem is that most cannot even answer the simple question which I propose.
Well if they cannot understand the simple mode, demonstrated by the fact that they cannot correctly answer my simple Math question,l then how can I expect that they can even begin to fathom the complex model of the Human Body?
Pretenders. Quacks. Of course they go through the motions and play the game of charades, measuring phenomena, quantifing data which will not deeply analyze it, as they want the APPEARANCE of professionality and competence. They practice a psudoscience banking on the ignorance of the innumerate and science illiterate..
Good answer, but I don't get the impression that you clicked on the link. In my terseness, I may have given the impression that it was another prescription drug protocol; it is not.
One of my favorite fall-back sayings; "It's not that simple." Adopted at 6 weeks old, and reminded and punished for it since I can remember. Learned only in the last few years that it was a career move on his part, he got a raise and promotion for it. But I digress. Dignity has nothing to do with it, more like the will to power; he's a narcissist - nothing is ever his fault, nothing, ever. Sorry for the overshare, but he is twisted.
Yes. Though Carl had his own issues. See above.
Could not agree more. Here, all of the still practicing health care workers have given up private practice, and are now employees of the hospital. Corporate high priests performing ineffective healing rituals with their eye on the bottom line and their corporate career path I'd trust one to set a broken bone, maybe.
Check out that link - the treatment was developed by an MD who had Lyme himself and found antibiotics weren't working so he looked outside of the AMA's arcana and cured himself. His story http://www.mindbodygreen.com/0-9180/how-a-natural-lyme-disease-treatment...
Best wishes.
Glad to see someone gets it, gold, preping, revolution, none of it is going to save 99% of us. we are obsoleat, consuming resources. The 1% will be ruled by the .01%. Happy trails to you.
Tall Tom, had to log-in to upvote ya. Very prescient. A lot of people strung out on debt, for sure. When reality hits, their suicide vests will kill a lot of innocent people.
You don't need to be a socialist or Marxist to see that all of those trillions went to a few thousand individuals at the expense of the middle class and the poor, soon to be joined by the upper-middle. This was not accidental, nor is it a coincidence that we now have a full-blown police state apparatus to deal with the consequences.
Talked to 2 people today that both have good jobs. One is an engineer and she is a RN. Both told me that terminated cable TV in the last month and have cut back on all extra expenses. Both live modestly but said inflation (hidden) has reduced their standard of living dramatically over the past few years. Both expect the worse.
Talked to a guy last week who retired March 31st. He said he's worried but he figures the whole thing will collapse in the next 5 years and he wants to enjoy a few years anyways before it all comes apart..
People know the big lie
A police state? I don't think so. The police are arming up due to the insane rhetoric put out by the NRA that calls on their terroristic members to arm themselves with these sickening assault weapons. They're just being prudent and taking steps to protect themselves. Just a few weeks ago I heard that the NRA had stopped a ban on cop killer armor piercing bullets. The same bullets that were used to murder scores of children at an elementary school and that so badly weakened the structure of the school so bad that it had to be torn down. It's truly sick what these gun nuts think is constitutional. As a true Ronald Reagan conservative I support gun control just like Ronald Reagan did. The people were screaming for guns to be finally outlawed in this country after Sandy Hook and the nut cases in the NRA thwarted it. It's time we stopped letting these nut jobs get in the way.
So, is the pay pretty good?
fascinating
Come and take it then.
"...ban on cop killer armour piercing bullets..."
"...screaming for guns to be finally outlawed..."
"...stopped letting these nut jobs get in the way..."
Banning, outlawing, stopping the nuts...every one of those requires a use of force from SOMEWHERE.
Naturally, I assume that these 'cops' will enforce those rules?
May I ask if they will use guns?
Hmm...sounds to me like a kind word, and a gun, will get you far more than a kind word alone.
That quote is from Al Capone, by the way. A true gangster and thug, just like the cops.
So if you're telling the truth, no cops belong to the NRA, right?
Pitting one proud group of gun owners against another won't save your sorry unarmed ass!
"...The same bullets that were used to murder scores of children at an elementary school..."
Wow. I guess I didn't realize those children were armored. Because otherwise, any other kind of bullet would've done the same thing.
Moron.
They need some type of Turing test to weed out the bots. They dillute the discussion as designed.
compassionatecon...troll much?
First, the NRA has 4.5 million members, at most. Most of those people are hunters or target shooters, and no NRA leader "calls on" the members to arm themselves with "assault weapons". There are about 108 million gun owners in the US. That means about 103,000,000 individuals owning guns are NOT NRA members. Almost all of those gun-owners acquired their guns legally and use them safely. Less than 1% of those 108 million have used a firearm in the commission of a crime. That 1% are the "gun nuts", not the 99% who own and use firearms safely, sanely, and legally.
"The people" were never "screaming for guns to be finally outlawed", and you know that is a misrepresentation of the facts. It's "we" against "these nut jobs"? What "we"? You and the other three worshippers of Bob Avakian? Your troll is obviously an affectation; did you smoke some meth to get you in the mood to use such hilarious language? Or are you doing a thesis for sociology class on the efficacy of provocative language in the furtherance of the Glorious Communist Revolution(tm)?
Long 25 acres of land, chickens, goats, and a heiffer cow?
a heiffer cow....
No need to drag Hillary Clinton into this......
My bad, dawg.
Would be fun to watch her accidently bump into the electric fencing though...
I'd like to see her hooked up to a milking machine.
You Sir have dealt a debilitating blow to my imagination.......
Critical hit!
It's super effective!
A Lunatic has fainted!
I get to clean her tits off first !!!
Someone hand me the mecurochrome ....
you should add rabbits
You don't add rabbits. Rabbits multiply.
Nicely played!
Rabbits are great. They provide a goodly amount of meat for comparatively little space and feed. Plus, you can pull on their ears for fun.
Pluth they're thoft and fluthy......
Rabbit meat has NO _nutrition_ or _protein_. If you subsisted on meat rabbits you would starve to death in short order.
Care to elucidate?
He speaks the truth.
http://www.raising-rabbits.com/rabbit-starvation.html
Aah , rabbit alone. Not quite the same thing.
A nice shoulder of roast lamb in between and no problem then.
Yes rabbit alone. It's not my argument chef, just relaying a bit of nutrition information. To say that rabbit meat has no nutrition or protein is not quite right and I do not share that belief. The simple facts are a diet of nothing but rabbit, tasty as it may be, will unfortunately lead to a state of permanent repose......
Right. Well I've got goats and sheep to go with the rabbit.
I have to say that the odd domestic rabbit that escapes from the city nearby is received gratefully; so much more meat.
Rabbit is delicious alright, and often overlooked as a domestic food source because of their cute and cuddly nature. Us country folk don't let cute and cuddly get in the way of a good dinner.......
I can't think of any one food source that alone provides full balanced nutrition. Please don't say green algae.
O.K.
I'll say a farm :-)
Accordingly, I will alert Elmer Fudd so he can halt his senseless wabbit hunts.
Umm, yeah, on what body of knowledge do you base this claim?
Dupe.
From a survivalist that changed their understanding.
First they blogged this...
http://thewannabehomesteader.com/rethinking-rabbit-meat-as-a-survival-food/
Then they blogged this.
http://thewannabehomesteader.com/rethinking-rabbit-meat-as-a-survival-food/
Actually the phenomena of "Rabbit Starvation" is due to the lack of FATS. FATS are quite different than proteins. It is a stored form of sugar and it is a carbohydrate.
You may want to reconsider your position as Native Americans subsisted on Range Rabbit but also complimented that diet with other fat sources.
Water is good for you but you attempted to live on that alone then you would die in short order.
I like Johnny Duncan much better, especially when combined with Janie Fricke !!!
https://www.youtube.com/watch?v=XRp8PXMVVsw
Kinda interesting video. I like one of the comments said something like "Great song but the video doesn't seem to go with the song". I guess I'm no brighter for repeating it, but it was funny :-) Pretty hot looking young ladies, hopefully they don't get in too much trouble as they age.
Duncan died 10 years ago and fricke is now old. But man did she have a great voice back in the day !!!
I definitely listen to some country... did you actually watch the video you linked? If not, check it out :-)
Lesbian action. No. The video did not go with that song.
Dude, that video was f'd up. Serioiusly, what was that all about?
Muff Divers in love.
Really doesn't have to happen; if the USA had some serious leadership that wasn't an appendage of the parasite class* AND understood basic technology & economics....
For instance: use our rights per article 16 of that specious Cold War sop to Soviet paranoia, the obscure Outer Space Treaty of 1967, and unilaterally withdraw, then announce the USA was going back to the Moon "using national sovereign powers" (treaty prohibits) to recognize the property rights of those who discover, develop processes, mine, etc. it would unleash an economic dynamo similar to the Pacific RR Acts (1862-68). That 'little burst of prosperity' lasted 60 yrs and created Henry Luce's "American Century".
No Balls, No Glory (or money, or pussy, or fame)
*Wall St. K St. Hollywood, the Ghetto, the Barrio
If QE expands over time, you need as much insulation from price inflation as you can get. Own land and all the equipment you need to produce life's essentials.
If everyone pays off the debts it will take a looong time...but folks seldom do. They complain bitterly until the 'authorities' make life just a little easier (read hyperinflation..then poof...debts are gone (sorry but assets go too).
the 99% will experience a worsening depression for the next 1000 years but the top 1% will never suffer as long as the fed exists.
I don't buy the doomsday depression meme based on economics. Maybe from natural disaster or inability of technology to solve resource woes, but not from debt. I refuse to believe some bullshit numbers in a computer that says these guys owe those guys this many digits will bring about the apocalypse. Sure I'm over simplifying a bit, but mankind has survived the rise and fall of economies before. And that was with far less technological advantages then we have now. Not to mention reproduction is on the decline. Bad for the Oligarchs collecting usury. Good for the rest of us as a species.
Weimar Germany had a debt to GDP far greater than the US with far less resources and power. They returned to sustainability and prominence rapidly under Hitler after the debt was repudiated. As of right now the US is self sufficient on food and likely could be on energy if we open up ANWR. If geopolitics forced our hand we could rebuild our manufacturing base in a few years. The only thing that could possibly keep us in a multi-decade depression is continuing to give in to the usury of the banking mafia. I'm no Goldilocks, but this country is not going to end over treasury notes being recognized as junk. And the moment we tell the Chicoms fuck you, there will be more than enough jobs for Americans and the resulting economic activity would be anything but a depression.
Totally agree. All this debt has been constructed to remove wealth from people and transfer it to the wannabe aristos. If the debt blows up it just means they've lost their chief tool for enslaving us.
Only good can come of a debt collapse. This doomsaying is intended to create an atmosphere where their mass looting afterwards seems justified. They don't want any resistance.
All we have to say is no. And give the local cops the boot if they try to act on behalf of the oligarchs and their multi layered system of control freaks.
I think you are right.
Thanks for the illumination.
When they get rid of the over priced military and start looking after their own and being a normal world citizen country the USA will be a whole lot better off.
The use of any past event to predict
Problem is, these cockbites are going to take our bank accounts, brokerage accounts, and 401ks with them.
And this is where the Physical Stackers are wise... The other method is to have just enough mortgage debt to be useful to their system and keep all your earnings in consumables and other commodities. Treat it like the late 70's. Got 20K? Buy a classic Corvette in need of restoration you can flip to a 1% later. Buy a new suit every month. Buy good furniture. Have a property somewhere to store it all and sell shit on craigslist whenever you need to convert to another commodity. Sure it's more work than fiat saving, but you sure as hell get the benefits of avoiding confiscation and retaining value.
They can't take digits you don't have and confiscating physical things from people not in the top tier is to much work. Barter and trade FTW!
"And the moment we tell the Chicoms fuck you, there will be more than enough jobs for Americans and the resulting economic activity would be anything but a depression."
The chicoms own ~1 trillion in treasuries, about 8-10 trillion are held by your mom and dad's pension fund. Do they get told "fuck you" as well?
Just saying.
Squid.
Fuck Mom and Dad as well. That's what they get for planning on a fiat based retirement. If the option is the Boomers retiring comfortably, if only temporarily, along with a hyperinflationary collapse OR a deflationary debt default that allows us to rebuild this thing, I'll take the latter.
There is no easy way out of this and the first to make concessions must be those that were counting on risk free returns on fiat. Such stupidity must be punished.
"but mankind has survived the rise and fall of economies before"
Agreed, but did they have such a large Free Shit Army to contend with?
And Mr Duncan solution is for the gov to end moar money? I stopped listening at that point!
That's exactly the point I turned it off too. Gave the article a "1".
I couldn't believe this guy: he believes government statistics, does not think we're in a depression, keeps insisting the Fed & govs "were forced" to take the destructive actions they did instead of correctly saying they "chose to", AND sees a big "opportunity" for gov to borrow even MOAR. Thought I was listening to Krugman talking to Maria Watserface for a second there.
What a goddamn idiot. No wonder he makes regular appearances on the MSM. My only question is what he's doing here stinking up the Hedge. Tyler, man, you gotta get some SOURCES. Your readers appreciate the continuous info flow, but if it's a choice between more articles or better quality, go for the quality next time, 'K? If I want to waste my time I'll turn on the teevee.
ZH is starting to get depressing to read.
Everything is negative. Maybe it is true but I still see people driving cars and shopping and living.
ZH readers are just ahead of the croud. One day they will cash out on that big.
I still see people driving cars and shopping and living.
You do? Must be nice where you live.
You ought to come visit the vast swaths of ghettos in America.
There is a new chain opening. It is called "Space Available". Those stores are popping up everywhere. Maybe you can get in on the IPO.
Now I see a bunch of unemployed and underemployed angery people.
And they are motivated because of their exclusion.
Yes the TeeVee tells you that everything is fantastic. It is awesome.
The undeerlying insult is that if it is not awesome for you then you are the problem.
Now I will take personal responsibility but that does not mean to the extremes that the EST programmers wanted.
As an example of the extrema...
Yes I am responsible for driving my car legally but when some asshole decides that they want to plow theirs into my ass end that I am responsible for him wrcking my car. I may have put my car on the road, in that position, and at that time, and had stopped to make that left hand turn. Nut it was legal and prudent to do that.
You must understand that he is responsible for being the asshole while driving and not looking at where he was going so that he destroys my property.
Likewise when Bankers and Politicians set up the rigged game in a fashion where they reap rewards from the destruction of others then are the others responsible because they allowed them to do it?
You can take that personal responsibility meme to an extreme to justify any action.
"If she wasn't wearing skimpy clothes and walking alone down the street then I would not have raped her.".
"If they did not leave their Gold Watch on the countertop unattended then I would not have been able to kype it."
So I do not even want to hear that bullshit.
People who do not behave ethically have no place in this world. When they damage me then they will be damaged in an overwhelming response. I have had a bellyful and I am going to fuck up anybody who fucks with me.
I do not care about living at this point. And if I do not value my life then just what is someone else's life worth?
There are far too many people who have reached this point. Being unemplyed and underemployed gives them time to think, plan and ultimately act.
That is why the Guillotines are coming out.
And I thank the elitists for giving me an angry and well motivared army in order to exact retribution.
The Bankers, Government and propagandist will pay for their evil actions. You can be assured.
So this is starting to get depressing? LMAO. You ain't seen nothin' yet.
Let me tell you something.
Your anger isn't going to solve a damn thing. That is what the establishment wants, people like you to justify their armed response.
Ignore them. If it is bad in your area go somewhere where it is better.
I have been through some really bad times in my life and know what it is like to be weak from hunger.
But after awhile you realize there is good out there too.
My mother was telling me during World War Two when she lived in occupied Holland she experienced the worst and the best of humanity. Even as bad as things were they still could laugh at times.
I believe it.
people like you to justify their armed response.
So you suggest cowering in fear as they continue to subvert our Inalienable Liberties, and seeking excuses to subvert it?
Yeah, Right.
I find that they'd even seek an excuse as REVOLTING.
If they are unwilling to respect the inalienable rights. if they are not willing to live under the RESTRICTIONS which the US Constitution placed upon them, then they are only worthy to be OVERTHROWN.
Rights are not granted by...the Government. Rights are GOD GIVEN. The US Constitution is written TO RESTRICT GOVERNMENT from taking them away.
"Congress shall make NO LAW abridging..."
What do those words mean?
That is not a granting of rights but a RESTRICTION UPON CONGRESS....GOVERNMENT.
DO YOU GET THAT???
People as yourself who cower in fear are that which have allowed this to progress to this point.
You want to seek someone to blame?
Look in the mirror as you have brought this on...YOURSELF. The duality in that statement is both intentional and most definitely applies.
So many of the people in that generation were like that; they somehow found a reason to keep on, and even thrive. My dad is one of those. His parents were divorced at a time people just didn't do that, his brother died at age 9, at times he didn't have shoes, he went through the Great Depression in rural east Texas, then actually flew B29s in WWII. But he never got drunk, he still is a good singer, he read us the Bible and Shakespeare at bedtime, and is still driving himself and my mom to visit us and other relatives. Though today's world is so different from the one he grew up in that it looks to him like a strange faraway planet, he still enjoys sports and goes to his grand-daughter's recitals. At 90...
What can I say? Everything IS negative. 30,000-odd obscenely rich monsters are waging full-scale class war against the rest of mankind. And the monsters are winning. The only part of the earth the meek will be allowed to inherit will be the part starting six feet under the ground.
You can't beat them at their own game, and short of death you can't even quit the game. Anybody who tells you otherwise is selling something.
ZH users are a bunch of negative nancies. I think they're too lazy or incompetent to live their own lives, so they just want to blame someone else for their misery and spend their days whining and crying. Maybe one day they'll discover that even a financial collapse won't fix their lousy attitude towards life.
This is just an ad for Richard Duncan. No real information at all.
A deflationary depression of extraordinary proportion is underway.
http://www.globaldeflationnews.com/inflation-vs-deflation-part-1which-on...
But it's a bubble and bubbles collapse rapidly, not slowly. Could the economic depression last decades? Perhaps. But the stock market collapse will be incredibly quick as this analysis shows...
http://www.globaldeflationnews.com/inflation-vs-deflation-part-1which-on...
Rome collapsed but what about the byzantine empire? That seemed to do just fine for another few hundred years. The analogy isnt a good fit. We already had very heavy inflation the last decade and now deflation is setting in as government cuts subsidies/entitlements. Why do the very rich running the system care if it deflates now or non-repayable debt gets defaulted on? They can buy assets for pennies on the dollar. Obama recently bought a house in Palm Springs for $4 million or so. You think he or his handlers are going to be hurting?
This banking model is old, first by inflation then by deflation. Jefferson figured it out nearly 250 years ago.
Today in Fort Myers news was $42 million cut in subsidies for Lee Hospital system (basically local monopoly). How many cities is that happening in? Short term that is very definatley going to hurt but has to happen. 50% pulling the cart on welfare for super rich and also poor cant be sustained and isnt.
My opinion is the deflation stage will last five years not decades but it doesn't mean its going to be fun. For a little self educatio buy a book How to Master the Art of Selling and business plan software and sell services to the rich. Health insurance has the dough up the ass. $5 billion will be spent on this election. Grab some and help reinvest it while helping your own.
If we wind up as Mexico over time property rental business can still make bank. A fairly wealthy slumlord is better than a $11 an hour job even with deflation - it doesnt come close to owning property, decent healthcare or food.
Moderate habits, take supplements if you hate veggies like me (I do like salad though) and get to the gym a couple times a week to keep your ticker going and help with mental health. A lot of people are allergic to whey protein (gluten specifically) and its in everything as a staple. This causes many digestive issues. Meat and veggies are the best diet. Chicken and romaine is cheap.
Get outside for a walk, fresh air and see some sunshine. None of these are radical changes or cost much but can increase your odds a lot in a bit of happiness in a rotten time. And if you thin up a bit there are lots of lonely chicks that arent just money grubbers anymore so you can go get laid but get vasectomy and keep it safe. I asked this 92 year old woman once what the secret of a happy life was. She said a good sex life was number one. You can't meet chicks sitting here or nerding out on the PC all the time.
You meant wheat protein; not whey protein.
It's not the wheat (for most people). It's the Round-up on the wheat. They spray it with Round-up (97 percent of U.S. wheat) just before harvest, to dry it for harvesting. If you eat conventionally grown wheat, you are gobbling Round-up. Wheat itself is fine (for most people).
Aggressive government borrowing and spending will be very wasteful, unless it is directed to a very specific concrete project. We know that the cash for "green energy" and "biotech" and such will go to the cronies of the party in power. It will be Solyndra x 10000. If you want a big government project, it has to be imperial expansion into outer space.
And if you want to grow the economy, you have to go into space. The Earth if full. Space is empty. We have a whole galaxy to colonize.
Oh, our masters are planning just this---once they've replaced us with robots who can endure alien environments much more easily than humans ever could. We're to be kept around only as long as it takes to develop robots and AIs who can do anything human proles can do and do it 24/7/365 without complaint. The first orders given to the robots will be to exterminate us, as we'll have outlived our usefulness even as slaves.
If anyone conquers the galaxy, it'll be robots, not us.
Speaking of Robots, I saw a vid yesterday of an iron mine in Australia with a fleet of driverless Caterpillar mine haul trucks. All run by computers and GPS. The mine superintendent and Cat people were talking it all up as the greatest thing since sliced bread, while I sat there and thought about the number of good-paying jobs that will be lost to these robotic setups.
In a consumerism economy, the consumers have to have income in order to consume, and for the wheels of industry to turn. No jobs -> no income -> no consumption -> no demand for goods -> no need for factories.... Will the government put everyone on the dole so they can spend and live?
Henry Ford, when he set up his production line to produce Model Ts, paid his workers double the going rate. When he was criticised by business leaders for his high-wage policy, he replied to the effect: "How do expect the public to pay for all the goods that modern factories can produce if they are not paid enough to afford those goods?" Unfortunately, Ford's wisdom has been lost, and businesses now rush to reduce labor costs and maximize profits, forgetting that there must be a prosperous work force to keep the economy going.
Mr.Duncan's confidence in the ability of government to allocate spending to productive endevors is naive. If it got the green light to do what he suggests we would see google with a trillion dollars which it would spend on more government and then a bunch of crap. The money would only corrupt and be directed to more malinvestment. The government cannot do what he suggest because the very nature of government forbids it. Another trillion would go to ge where Jeffery Imelt would spend (no problem with spending I'm sure) on what????What has ge done in the past 20 years that would make it worthy of such monstrous gifts? Sorry but these are very bad and dangerous ideas Mr. Duncan.
"Mr.Duncan's confidence in the ability of government to allocate spending to productive endevors is naive." That's a WAY nicer way for saying it than I was going to....
Mr. Duncan is suffering from an exteme case of cranial rectal inversion.
The government should... the governement could....., the governement can....sheeese this guy should have a Canadian passport. Government is what caused all this. There is no good government or bad government, there is just government and its ROTTEN by nature. So the state is just "magically" gonig to remove its collect head out of its ass all-of-a-sudden?
America, and the world, became great/rich because governments were small realtive the private sector. Making government bigger than it already is is the solution?
I think Mr. Duncan should see a doctor.
Squid
Duncan gives you insight to the way central bankers think.
So moneting debt continues. Zeroing out debt. What a game.
This is Richard Duncan. Thanks to Zero Hedge for publishing Chris Martenson’s interview with me.
There is one important point I would like to add to this discussion: Quantitative Easing Is Debt Cancelation. The central banks don’t want the public to understand this. But it is true. QE has already cancelled trillions of dollars of government debt. It is impossible to understand the true state of the global economy, central bank strategy or the policy options available to us until this fact is understood.
I have recently made a Macro Watch video explaining this in considerable detail. Click on the following link to watch that video:
http://www.richardduncaneconomics.com/qe-is-debt-cancellation-free-video/
Thank you for coming to see us Mr. Duncan. Have a seat, Dr. R. Marijuana will be with you shortly.
As the leading expert in these types of cases, Dr. Marijuana's prescriptions may be very confusing and overwhelming but rest assured they do lead to a stronger constitution. We are always here to offer support, free of charge.
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(dug the interview, Renfield and lasvegasperson missed the idea that we're gonna spend it any way, may as well spend it on amazing projects that bring the boys back home for good : ) And exceed our Paris commitments by a country mile !!! American Woman; Sisters Unite!
(lists of projects/tasks ~fairly~ fully completely in the 40 Point Plan movie including NECA corporate charter) 40
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Deflating this bitch has a huge price tag. The bill is coming due. We are going to have to BOARrow to pay it. Best we spend it wisely Bitchez...
There is a long standing rule at Fight Club.
If this is your first visit then you have to fight.
It is a farce that you can make the assertion that the Government Debt has been cancelled when the ledger entries for that debt, the NOTES, still exist.
A Federal Reserve Note is a NOTE. It is a promise to pay a good or a service at some near term future or distant future.
Yes QE destroys that promise through the erosion of the VALUE, the PURCHASING POWER, of that Promissory Note. But it does not retire Government Debt. It allows that the Government will be not held to its current and future liabilities.
There is a COST for this type of Debt Issuance. There are NO FREE LUNCHES.
The issuance of that NOTE happened because somebody initiated a debt...like the US Government??? As long as the banking system is capitalized, as long as banks have assets upon the balance sheets in US Dollars, that debt still exists. It has not been retired.
As FED Chief Marriner Eccles testified to Congress back in 1941...There will NEVER BE A NORMALIZTION of Monetary Policy. Without any Debt then there will be NO MONEY.
Who am I to believe? You? Or Marriner Eccles?
When you speak about this great Debt Cancellation then you are speaking of a great destruction of the Currency Supply. That is not happening as the Currency Supply Growth is exploding.
Well creating currency it not an act of destroying it....And as the Currency is a representaion of DEBT, a LEGAL AND BINDING NOTE then a greater amount of Debt is being incurred...It is the issuance of even more debt. Issuing debt doesnot cancel debt. That is absolutely contradictory.
The issuance of debt cannot be equated to its retirement.
Only payment in full upon the notes issued can be considered a payment in full. You cannot borrow your way to prosperity. I am really sorry. I do not know where you got your hopium but it seems as if you are on a good one.
You had best do a better job. This crowd will not buy it.
Tall Tom,
This is my first visit. Thanks for the welcome. I'm honored to spill some blood here at Zero Hedge.
Tell me, have you watched the video I provided above? QE Is Debt Cancellation. In it, you will find a lot of supporting evidence, including the Fed's balance sheet and "Profit & Loss" statement. The video is 30 minutes long and pretty comprehensive. You should watch it before you throw the first punch.
You will see, the government is paying interest to itself on the bonds the Fed bought through QE. The Treasury pays interest to the Fed (on those QE bonds) and the Fed then gives all that money right back to the Treasury. That means that debt costs the government nothing. It has effectively been cancelled.
Last year, the Fed gave the US government $97 billion, reducing the US budget deficiit by about 20%. Since 2008, the Fed has given the government $500 billion.
The Bank of England, the Bank of Japan and, now, the European Central Bank are all up to the same trick, cancelling government debt. And, they are not going to stop.
This has important implications. I believe everyone should understand what is going on. Check out my video.
I watched the first two minutes and 40 seconds, at which point you displayed this overview:
You sound like a well educated man, so presumably you are familiar with the somewhat esoteric, and highly technical expression "circle jerk". Well, that is precisely what you have described, and for anyone to imagine that this is, in any meaningful sense, "debt cancellation", boggles the mind.
This is a more honest representation of the clever process in which you apparently hold great faith:
Welcome to ZH Mr. Duncan, nice informative video there on QE debt cancellation.
Thanks for the weekend read.
There are very, very few people around today that would or could survive a 1930's-style depression. Spinoff violence and chaos would overwhelm society. And no, your little home-built survival garrison in the hinterlands would not be safe.
It wouldn't be long before anyone who had anything would have company.
There have been many isolated "uprisings" in our past that might inform us about what to expect during social unrest and public angst. Unlike those people, we are far, far more violent than they were. We are also well armed.
Imagine the WATTS riots or the Bouns Army's (and the violence used to break it up) hardship-inspired demanding march..all over the place. Then, add the hood rat wars of the nineties in for just a little additional "flavor". And that might only be the appetizer...
Barter?
How about "Cap an' Take".
Horde gold or other commodities?
Forget it.
Either what you need costs what you have, or else you'll lose it another way.
No one should discuss this subject cavalierlly; a global depression would change us in ways we can't even fathom.
m
I can see two possible ways out of the current global situation, neither of them being what anyone really wants and FAR from the ideals prevalent over the last few centuries, or even millennia; BUT in line with the dire, prophetic expectations which have formed an undercurrent for millennia. Anyhow:
1) Total and swift economic collapse, so disruptive that the old answer of, "Let's have another war." is not possible ... in which case local populations will be on their own to survive or perish, with or without a Mad Max scenario. Obviously extant tribes in the Amazon, or other remote regions, will fare best.
2) F..kyoushima takes "care" of everything regardless.
I have a kind of Douglas Adams, "Hitch-hikers Guide to the Galaxy" attitude/humour whilst still bewailing what s going on and doing my little bit to oppose/stop it though, like King Canute, I know that no one mortal can stop the tide of destructive human folly.
So nice knowing you all during these cursed interesting times and I hope, like me, you've had some fun and meaningful experiences whilst it lasted.
BTW Peak Cheap Oil has actually happened, so there is no longer the compact energy base to support the "moar of the same" which prevailed for about seventy years.
No "recovery" is possible absent the cheap source of energy and chemical products, e.g. plastics, which once allowed an apparent exponential growth of everything on this finite planet.
This Industrial form of civilization was originally powered by felling forests to produce charcoal to smelt iron ore, in Britain some 400 years ago, but switched to coal around 1750 until very deep mines became uneconomic at about the same time that N Sea oil (and gas) was discovered, but that is now falling apart and the rump of the British/Anglo Empire, i.e. the Washington Empire of Chaos is in deep shit, along with every government which buys into "economic growth".
These petey schiff max keiser mike malloney types have been WRONG for 4 +years now or muchc longer. Whys is this not the same diatribe?
You need a loud dose of "free range" Jim Willey, a bottle of rum and time to reflect.
Well you know, in a world of illusiory boom there is an equal and opposite illusiory bust.
When you believe one thing you must believe the other. Except neither are true.
We have all the technology, people, knowledge and resources we have ever had, they have just been badly distributed due to corrupt banking and Government.
Get rid of the interference of the Government and we can all get on with getting on. Without the government the bankers have nowhere to hide and the crony capitalist system collapses.
The solution is before us. However it cannot happen whilst the people believe the government myth and are busy trying to benefit themselves through its power at the detriment of others. Until we give up that philosophy and find balance we will continue to endure the pain whilst taking the plunder. It was never a good idea.
There is no bust if you consider all fiat worthless only by refusing to allow this paper wealth to collapse (not real) do you trap yourself. Forever building bigger bubbles of illusion to justify the value.
Now who holds the most paper wealth ... the illusionary wealth ... for these are the ones that have the most to lose and the illusionary power at the same time.
Well to foresee the outcome, one has to ask are there con men or competent professionals running the show? And we know the answer to that question!...
Game changer no more fudges and fixes by the elites etc.
Got a feeling this epoch we must go through to evolve as a species and yes billions may die. The real point of contention will be that on a fully populated planet (we are there) there is no future expansion only the utilisation of existing resources.
Implies it will be far worse for the few than the majority as it can only go 2 ways tyranny by the few to retain all the resources they have or evolution the few are brought under control by the majority limiting their greed on resources.
You no longer have the expansion option.
As for an elite thinking they can rule this way forever as those resources you gather at the top increase so the bottom has a dwindling share. There comes a point where the only soution will be to revolt THIS IS THE SYSTEM THAT IS NOW FAILING ONCE MORE after being continued with the use of fiat. Not allowing the credit bubble to build up to begin with would have brought the end sooner and even sooner still remaining on the gold standard.
Do whatever you want economically if the inherent failed economic system remains then the fix you apply fails shortly after.
MR. PEAK OIL AND VERY BORING...
He has been singing the same GW/peak oil blah blah blah..
Central banks cannot print "new capital".