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Martin Armstrong Warns "This Time Is Very Different"
Submitted by Martin Armstrong via ArmstrongEconomics.com,
For years, I have warned that we will face our worst nightmare – the collapse of socialism. In the death throes of this abomination that even the Ten Commandments listed as a serious sin, equal to “thou shalt not kill”, government will become the ugly beast that will devour society to retain power.
Of course, they will never see themselves that way, but they will justify in their minds that stripping us of our freedom, rights, privileges, and immunities, is necessary to maintain socialism for the good of the people.
We are running out of other peoples’ money, as Margaret Thatcher warned.
Karl Marx, who sought to change society by sheer force, set all this in motion. What has taken place is really scary, for indeed they have altered society far more than anyone dares to ponder.
Why is this Sovereign Debt Crisis collapse different from 1931? When the governments of the world defaulted on their debts in 1931, there were no pension funds. Government has exempted itself from all prudent reason for you take the state operated pension funds, like Social Security in the USA, where 100% of the money is in government bonds. They may have no intention of defaulting, but very few government have ever paid off their debts in the end. Then there are states who regulate pension funds requiring more than 80% to be in government bonds.
A Sovereign Debt Default this time around will wipe out socialism, yet the bulk of the people are clueless not merely about the risk, but the ramifications. Younger generations do not save to support their parents for that was government’s job post-Great Depression. Socialism has altered thousands of years of family structure following the ranting of Karl Marx. This has been one giant lab experiment that ended badly in China and Russia and is coming to a local government near you.
So this time it is SUBSTANTIALLY DIFFERENT. Government is now on the hook, which is part of the reason why they are moving to eliminate cash to prevent bank runs and to force society to comply with their demands. This is why we have people like Gordon Brown, who sold Britain’s gold reserves in 1999 making the low, claiming now that eliminating cash will eliminate the boom and bust of the business cycle. Let’s face it, Gordon Brown has NEVER been right when it comes to politics, not even once, and he has been the worst manager of finance that Britain has ever known. He sold the low in gold and now he presumes he can fulfill Marxism by eliminating cash. He postulates ideas that are theory without any support whatsoever. We cannot afford more arrogant people like this in politics who believe they have a right to experiment with society.
This time it is very different. They have wiped out society placing the entire scheme of socialism as a terrible nightmare that will end badly, and they have ruined the social family structure disarming people that for thousands of years was our very means of self-sufficient survival. These clown have set the tone for wiping out the dreams they sold the elderly, all while hunting taxes and causing job creation to implode as the youth has been converted into the lost generation. All this with pretend good intentions. Can you imagine the damage to society if they had actually intended this mess? They have lied to themselves and to the people. We have to crash and burn – that part is inevitable. Only when the economy turns down will we then argue over solutions.
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YOU created this mess with a lifetime of reading the Guardian and thinking that SOCIALISM and BANKERS aren't part of the SAME ECOSYSTEM. Nobody here forgets those who created this mess and their captive socialist states that MADE IT ALL POSSIBLE. No memory lapse. And no cognitive dissonance either for that matter (although he is an excellent contributor).
So what ecosystem are you referring to BEFORE the Guardian was born and before Socialism and Bankers got into cahoots?
And who is the socialist you are referring to in the US ecosystem? Could it be the Fords, the Rockerfellas, the Morgans, the Bushes, the Roosevelts, the Mellons, the Hearsts and the scions of capitalism by any chance?
In which case capitalism and socialism are the same thingie and your words don't mean anything.
You seem to refer to an ecosystem that is a figment of your mind and has NO historical truth.
Make belief and let theory take precedence over FACTS! Denial is the resort of a man who can't face reality.
Libertarians only breed in the basement of Alice in wonderland.
We live in a regime that has created the power base of US capitalism now caught up in the lies of debt gone mad to save its own chimera. But it is a Capitalist exercise and Statism is just the outside wrapping that the Oligarchy puts on it to fool the people by saying : we are doing what it takes in your name !
+5 for exposing socialism for being the destructive madness that it is.
+5 again for exposing the vile Marxist Gordoom Brown for being the most odious person in British politics.
Sorry, but that title goes to Tony Blair.
Losing money I can live with.
Losing lives, I cannot........
Right on. You'll be pleased to know that HRH Tony Blair ceases to be the UN Middle East Envoy in June after eight years in which he achieved nothing, absolutely nothing.
So you mean losing money, lots of money, doesn't cost lives?
I agree. However, governments loosing money always preceeds death via war, and other social engineering experiments.
OT:
Egypt joining eurasian union. Trade with Russia in roubles and pounds. Greece may be next.
Deleveraging will include debt write-offs at gun point.
The Dark Age that comes:
http://verbewarp.blogspot.com.au/2006/07/global-economic-collapse-new-gl...
Part II
http://verbewarp.blogspot.com.au/2006/08/global-economic-collapse-part-i...
As Predicted and shown by Market Charts from February 2007
we are now accelerating towards the event Q4 2015
You mileage will vary
Ho hum
In 2006 all the Major Banks and Finance houses were Bankrupt. And Bankrupt by their own Hands.
The Bailout was intended to refund / refill their accounts with positive funds; this includes QE and the socialism of their losses.
These Banks are still Bankrupt and will always remain Bankrupt and hence these Banks will Bankrupt the World.
Armstrong describes what is coming: Removal of Cash from Society - this protects the Banks and brings in social control through TOTALITARIANISM. IOW the elite know but still want to send the World Bankrupt without Risk.
What comes is them with the GUNS against the unhappy unwashed.
Be warned - it has already started.
Ho hum
What a total crock of shit Martin Armstrong is! The whole notion that the United States is a socialist country is totally ridiculous. The United States is country of government power intertwined with corporate power. Corporate power totally controls things for the corporations and their oligarchic owners. This is call Fascism. The Fascists in their greed and hubris have totally sabotaged the system. They wish they could blame this on Karl Marx. Martin Armstrong is just a shill for the Fascist Oligarchs.
I concur. The U.S. is going towards fascism aka corporatism (term coined by Benito Mussolini), not socialism. This was tried before during Great Depression but failed. This time seems to be indeed different...
I guess mandatory Obamacare and the wide open Free Shit Army border for the illegals doesn't count as Socialism - What a Dumbshit.
Yes, correct, it doesn’t count as socialism. Socialism is not distributing the fiat leftovers of a capitalist system. Socialism is defined by who owns the means of production = if you had socialism there would be no need to tax. The surplus production would be owned by the community/state (depending on the strain of socialism – the anarchist/libertarian socialism or the statist/state-centered socialist). Actually a similar divide you see in proponents of capitalism – some (like the democrats) believe in a regulated form of capitalism and some form of redistribution and some (like the ‘libertarians’ and some republicans) believe in a deregulated and dog-eat-dog form of capitalism. It's capitalism no matter which party you support. Both parties are now just servants of the oligarchy, so their ‘public stated’ political ambitions are irrelevant (ask their masters if you want to know what which ideology they - are made to - serve).
Fucking hell.. haven't you figured yet that fucking fascism IS just socialism by another name.
Socialism is precisely what fucking fascists spout to facilitate fascism
Tell that to all the families of (real) socialists (and other leftists: anarchists, communists, social democrats etc.) who got summarily killed by the fascist during WWII. And tell it to the (few) left-wing survivors who put their own life at stake to fight the fascist (the freedom fighters - at that time named terrorist - of WWII was in Europe almost exclusively made up of left-wingers).
That last sentence is correct if you look at the end state after the war. The allowed all the non-communists to die in rebellions while they sat back and waited for the Red Army.
Socialism: State control of the means and output of production.
Fascism: Corporate and state powers merged to control the means and output of production.
The latter is a refinement of the former which allows for a larger criminal class to plunder society more efficiently. Both require the state (aka centralized government at any level beyond the most local level). So, the solution is obvious. Fortunately, we don't need the state to "secure these rights" of "life, liberty and the persuit of happiness". All this can be accomplished at the most local level with minimal risk of tyranny. When a common defense is needed, the most effective method is an alliance of communities and individuals who understand who the enemy is. Without any leadership to become the next tyrant, this kind of true defense is almost impossible to overcome, with attacks coming from all directions and in random forms that are nearly impossible to adequately anticipate.
If you're able to actually think about it, and read "For A New Liberty" by Murray Rothbard, you'll understand that we really don't need the state for anything and are fools to allow this monstrous parasite to exist at all.
Tino Armstrong is a dink salesman, like he always has been. Pretend like you know what will happen 20 years from now down to the month and you can make a good living. He's better than most newsletter clowns in that he takes the long approach so can hardly be wrong, it'll all happen.
What a crock of shit. When did an oligarchy become socialism?
Right after the Lehman Chapter 11 with TARP bailout of the Too-BIG-FAIL banks, AIG, Fannie & Freddie, GE Capital, et cetera. Privatized profits turned to socialized losses so they could in turn go back to privatized profits with more QE Infinity socialized losses for you when you try to get a job or buy groceries at the inflationary price they just slapped on it overnight.
Whed did an oligarchy becom socialism? When the taxpayer has to pay the bills of the Free Shit Army crossing the red carpet wide open fucking border, dumbass. Obamacare is about as socialistic as it gets, double dumbass.
Obamacare was put in place for the benefit of the private corporate insurances companies, DUMBASS!
No shit, Fuckhead - If you don't think Socialism has its winners and losers, you're not paying attention. The point is, Obamacare is MANDATORY, GOVERNMENT IMPOSED. How is paying for illegal aliens and all the benefits of healtchare, education, food and shelter not socialism? Obviously the Government has its Facist Mega Corporations that are all too glad to make money off of these "programs". There is all sorts of money to be made off of Socialism.
Ahh, Freudian slip or willful admittance of ignorance?
“How is paying for illegal aliens and all the benefits of healtchare, education, food and shelter not socialism?” Well, how is it socialism? Do you know what socialism is? Is it socialism because it’s the state forcing people to participate? So a King forcing his peasants to serve in the army is a socialist?
Whed did an oligarchy become Socialism? When the taxpayer has to pay the bills of the Free Shit Army crossing the red carpet wide open fucking border, dumbass. Obamacare is about as socialistic as it gets, double dumbass.
Obamacare is a giveaway to insurance companies. As a medical insurance policy it's pretty useless.
And who the hell pays for this? Not the willing, or the able, but those who are forced to.
So tell me all about corporate welfare now assclown. I can guarantee you its like mount everest next to a fucking ant hill when you compare it to your so called free shit army. Then fuck off
When we run out of other people's money they turn to people's stuff. Your house, business, cars, perhaps even your freedom(not what you're thinking. ) Yes, perhaps we could even become slaves!!
Thank god they haven't got the guns yet. They're trying hard but this shit is spreading like wildfire. Plenty of people know what's going down.
And the problem with capitalism (and socialism) is that you eventually run out of the cheap energy that makes capitalism possible
karl marx = Mordecai Levi
One could argue capitalism is the only sustainable response when faced with a dwindling resource.
Whoever down voted that comment is a fucking tool.
Capitalism is the only thing that provides for the possibility of inovation that deals with things like dwindling resources.
This is the exact reason why we have a problem with "healthcare" in the US. I bring this up since some comments above have mentioned "Obamacare" in their socialism/fascism rants.
We have shortages (doctors, competition, etc) that are a result of the socialization of medicine (over 50% of ALL HEALTHCARE SPENDING is done by government) and we have cartelized pricing and systems thanks to a far more facsist model. Either way capitalism is nowhere to be found in "Healthcare".
Yes, capitalism is ‘found in healthcare’. The insurance companies, the hospitals, the lawyers etc. are privately owned enterprises = capitalism. That Obama has forced people to participate in the ‘health-care Ponzi Scheme’ is just another example of him serving his corporate masters. Again, nothing socialist about that (apart from the propaganda machine in US calling everything they don’t like ‘socialist/communist’). It’s has nothing to do with the actual political philosophy of socialism (there’re many branches – some of them anarchist = a strong states is not equal socialism).
Oops. Duplicate post.
I don't see the difference between Oligarchy and Socialism. The Nazis called themselves socialists. I think Oligarchs institute socialism, which means having the government tax the people, and then having the government give that many to the corporations the Oligarchs own, which corporations are "supposed to" provide services to the people. But, of course, the corporations, meaning the Oligarchs, skim a lot off the top first. Plus, they hire the supporters of the Oligarchs.
You nailed it. Oligarchy is crony socialism.
You're both wrong. Socialism is defined by who owns the means of production (not who collects and redistribute the taxes - often put on the working man and not the profit).
I stopped at Thatcher's picture...
You run out of other people's money...Really? And just who's money was SHE spending when she was at the helm? It sure as shit wasn't HERS!
Give me a break with Thatcher! She had no problem spending 'other people's money' for the good of herself and her friends.
I am totally sick of hearing that quote like it was some kind of fucking pearl of wisdom!
Trust me. It really is a pearl of wisdom.
Right. How much did she spend on the Falklands War? And she was losiing it until the French gave her the codes to disable the Exocets.
It was quite difficult to find a burial spot for her. No cemetary had a dance floor that large.
Off topic? Short-term bottom in GDX?
No matter how prepared you may be, you are unprepared if they don't have a guillotine.
Liberty is a demand. Tyranny is submission..
"Guillotines don't kill people. People that grift and treason get the guillotine."
US Fedcoat motto: All I wanna do is <bang> <bang> <bang> <bang> and a <cha-ching> and take your money.
Pirate skulls and bones
Sticks and stones and weed and bombs
Running when we hit 'em
Lethal poison through their system
The ELIMINATION OF CASH is NOT POLITICALLY VIABLE in the United States..
The recent Trials and Tribulations over "OBAMACARE" PROVE an Important Point Relevant to Our Times:
The TENTH AMENDMENT is Alive and Well.
One could even Say Stronger than Ever in a Fair Reading of the Jurisprudence of the US from Founding to Now.
The recent Cases of Boumediene v. Bush (2008) and ACLU v Clapper (2015), among others clearly Demonstrate there are LIMITS to the POWER of CONGRESS and the PRESIDENT, and those LIMITS will be ENFORCED.
Boumediene v. Bush (2008) leaves No Doubt the US Supreme Court is doing exactly What the Founders intended.
Our Constitution is much stronger than most Americans realize, because it takes a Big Investment of TIME to Study and Grasp both MEANING and APPLICATION.
The BODY POLITIC of the US is Strong as to Our Basic Rights, Our Jurisprudence STRONGLY backs those RIGHTS, and AMERICANS have their GUNS.
"MONETARY" aspects in the TOTALITY are Merely a FUNCTION OF ALL OF THE ABOVE, and thus Likewise SUBJECT TO LIMITS.
TRILLIONS, NOT BILLIONS, Will Be Permanently Lost by Current Rentiers as these LIMITS Manifest themselves.
Markets have their Own Jurisprudence, because as the True Master Says:
"Speculation is as Old as the Hills"
Indeed
I am starting to think that we are getting stuck volleying back and forth in a mental framework of -isms. Communism, fascism, socialism, capitalism... maybe they are all just tools to the clever power managers. They are different types of power but the pyramid is the same and we're on bottom... again. What was that Einstein said about solving problems with the same mind?
Well, Einstein was himself a socialist: "I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals. In such an economy, the means of production are owned by society itself and are utilized in a planned fashion. A planned economy, which adjusts production to the needs of the community, would distribute the work to be done among all those able to work and would guarantee a livelihood to every man, woman, and child. The education of the individual, in addition to promoting his own innate abilities, would attempt to develop in him a sense of responsibility for his fellow-men in place of the glorification of power and success in our present society." Albert Einstein, Why Socialism?, 1949
Einstein was an intelligent man. He was certainly a genius when it came to physics. However, that doesn't mean that he was correct with regards to politics.
I would argue that SS is NOT invested in Government securities and only gold congressional IOUs.
So the situation is actually WORSE than Martin describes.
It's not pensions (socialism for the poor) that will cause the crash. It's the idiotic spending on weapons and corporate bailouts (socialism for the rich), along with student debt and medical expenses (free enterprise for the poor) that will bring the system down.
WRONG. The war machine actually doesn't cost all that much in comparison in terms of dollars AND AND AND that little cottage industry keeps EMPIRE going as we arm every little shit plot of sand so they can continue killing each other until we eventually come and bomb the shit out them ourselves.
No buddy, THE PROBLEM is Medicare/Medicaid and partially SS. The curve has gone parabolic and THE ENTIRE DEFICIT in recent years can be traced to be the sum spent on those programs which are BY DEFINITION unconstitutional and completely socialist.
I am all for eviscerating the DOD and ending the empire but unless WE END SS, Medicare, and Medicaid IT"S OVER. PEriod. End of story. It's arithmetic and she's a bitch with whom you cannot argue.
THE PROBLEM is a coterie of people who believe it is their right to determine what "money" is, and what its value in human capital/labor should be.
4 trillion on afghanistan and iraq, give or take a few hundo billion. Paid for with IOUs from uncle sugar.
So while I agree with you about the clusterfuck of ss and medicaid and now the ACA, I'd frankly rather have that money being wasted on those people than spent killing hundreds of thousands of people, generating significant blowback for decades, and further enriching arms dealers and money lenders.
Why don't you>?
I'm ready, are you? Lock and load....The Lord is my shepherd, I shall not want. He maketh
me to lie down in green pastures. He leadeth me beside the still waters. He restoreth my soul:
He leadeth me in the paths of righteousness for his names sake. Yea, though I walk through the
valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.
Well, when the carrying capacity of the planet gets a little more degraded, then it really doesn't matter which 'ism' you're in, you and everyone else will suffer disease and deformity at an unprecedented level, triggered by a buildup of chemicals, wireless radiation and radiation all caused from either too many wars or too many people or unchecked economic growth.The planet represents more capital than all the financial assets of the world combined. If that environmental capital goes to zero, the economy won't care. Long after the last humans have died off computers will still contain information about companies like Apple that would still have customers to sell to if Apple had spent a lot more effort truly calculating it's assets. This poorly designed global economy could be tweaked But there is no willpower.
A letter from Douglas to Hitler. Too bad humanity missed this chance, and didn’t listen to Douglas. An excerpt, read it all at link:
While it is claimed, and is no doubt sincerely believed that there is some conflict of ideologies between the 'democratic' group of Powers and the Totalitarian group, there is, in fact, no such conflict. All of them proceed equally from the fundamental assumption, which is no doubt believed to be indisputable, that full employment of their populations is the test of success. Their differences are of method only.
http://www.alor.org/Library/Douglas%20CH%20-%20Letter%20to%20Herr%20Hitler.pdf
There is another way - a third way which improves capitalism. It improves Capital, because it changes the nature of Capital. It is social credit theory. Douglas dissected Capitalism and Communism like nobody else, and discovered the root problems. He doesn’t get exposure because his ideas go against the dialectic.
We humans haven’t tried social credit theory yet. Capitalism vs Communism is actually dialectic: Communism was started and funded by Wall Street Bankers. Invisible pyramid control via money power vs State power makes little difference. The idea is to be in control and reside at the top of a pyramid. After all, if your God ordains it, then once must make it so – and be a light unto the world! Tikkun soldiers march on and must guide humanity!
This third way is Social Credit theory, invented by C.H. Douglas. In other words, money and prices are the redistribution method, not political force, not political parties. The distribution just says, hey …this is your increment of production and you get to buy your output evenly. There is no stealing of labor value in prices.
There is no question that a Gap between wages and goods-as-prices exist. There is no question that money enables division of labor, and hence improved productivity. There is no question that machines improve efficiencies.
Nikola Tesla would probably want his horsepower improvements given to man’s labor value, to be a gift to everybody, not just special financial “oligarchs” who end up owning the means of production.
Nothing has changed between 1939 and now.
Preppers and hoarders. You want to go back to a non- money economy where your labor value is reduced? Where you have to hunt, trap, build, and do all of these things with your own hands?
There is no multiplication effect of your output through machines, or through help by your fellow human? In a modern world, your fellow human has improved his skill through division of labor. He is good, very good, at a few things. Money allows humans to trade their outputs, and also allows labor to become good – very good at production.
This great efficiency in production should buy leisure and security. But, it doesn’t. Why? Because our money system is malformed. Those in charge of the money system have no incentive to change, because it derives enormous control and leisure for them.
Here is another quote from Douglas’s letter, a link in my post above. A letter which I’m sure nobody here at ZH is reading or thinking about, because most commentators just want to bitch about things, rather than think. Most of humanity is caught in a hypnotic trance, this trance induced by propaganda since birth. Douglas requires you to snap out of your hypnosis. Wake up! Snap out of it.
The great thinkers of the past understood money better than we do today. We have regressed as a civilization:
Quote:
”This employment policy which is here challenged, is now recognized to be inseparable from the Jewish Financial System.”
This is not me telling you that private credit finance is harvesting humanity, this is a big voice from the past telling you. The Jewish Financial System WON in world war 2. Humanity Lost.
So you're appealing to folks everywhere (besides jews) to keep breathing.
Motherfucker tell me something else we don't know.
If Jews collectively stopped breathing, the world would be a far better place!
As with militant Islam it is a small minority that are the problem.
There are also plenty of Anglos doing the very same.
What may be granted is that the Jews as a group have very disproportionate power, and organization, transnationally, which translates to far more power than the jihadis or anglo-american bankers alone seem to have.
But I'd rather have the rest of them, the majority of Jews, the proverbial regular guy and liberals like Blumenthal and Finkelstein and Beinart and Weiss on my side than make needless enemies of potential and in fact natural allies.
Why don't you?
Blue Horseshoe loves Anacott Steel
Can I rudely interject HERE? I believe Armstrong' spews some truth, but it's all the usual scare tactics. EVERYONE is jumping on the "End of the World Bandwagon" these days. The way I see it is that it doesn't fucking matter what fucking -ISM you want to label it, Capitalism, buddaism(?), socialism, fascism, ism, ism, ism! In the end, it's ALL about taking your meager wealth and giving it to the upper crust elite. Has always been that way, and will always be that way. THE FUCKING GOVERNMENT DOESN'T BAIL OUT BANKS, OR CORPORATIONS, YOU AND I DO!! THE GOVERNMENT DOESN'T PAY FOR FUCKING WARS ALL OVER THE PLANET, WE DO !! THIS BOHEMOTH GOVERNMENT IS A BUNGLING, BUREAUCRATIC, BULLSHITTING FRAUD INFESTED CRONY TO THE WAR MACHINE, THE MEDICAL AND LAW PROFESSIONS, AND FOREMOST ON THAT LIST ARE THE BANKERS, WHOSE INSATIABLE APPETITE FOR MORE WEALTH (SEE CEO SALARIES), HAS FINALLY COME TO THE FUCKING POINT THAT THEY NOW HAVE COMPLETE CONTROL OF THE STOOGES WE CALL OUR REPRESENTATIVES IN WASHINGTON! THEY WILL CHOOSE, AFTER A LOT OF WORTHLESS CAMPAIGNING BY A FEW, THE NEXT PUPPET TO PUT IN THE WHITE WHORE HOUSE. GOVERNMENT DOES NOT PRODUCE ANYTHING EXCEPT DEBT FOR YOU AND ME. wtf.
See relevent portions of PROTOCOL No. 10 if you want to know how they choose our presidents:
WE NAME PRESIDENTS
11. In the near future we shall establish the responsibility of presidents.
12. By that time we shall be in a position to disregard forms in carrying through matters for which our impersonal puppet will be responsible. What do we care if the ranks of those striving for power should be thinned, if there should arise a deadlock from the impossibility of finding presidents, a deadlock which will finally disorganize the country? ...
13. In order that our scheme may produce this result we shall arrange elections in favor of such presidents as have in their past some dark, undiscovered stain, some "Panama" or other - then they will be trustworthy agents for the accomplishment of our plans out of fear of revelations and from the natural desire of everyone who has attained power, namely, the retention of the privileges, advantages and honor connected with the office of president. The chamber of deputies will provide cover for, will protect, will elect presidents, but we shall take from it the right to propose new, or make changes in existing laws, for this right will be given by us to the responsible president, a puppet in our hands. Naturally, the authority of the presidents will then become a target for every possible form of attack, but we shall provide him with a means of self-defense in the right of an appeal to the people, for the decision of the people over the heads of their representatives, that is to say, an appeal to that some blind slave of ours - the majority of the mob. Independently of this we shall invest the president with the right of declaring a state of war. We shall justify this last right on the ground that the president as chief of the whole army of the country must have it at his disposal, in case of need for the defense of the new republican constitution, the right to defend which will belong to him as the responsible representative of this constitution.
You know why everyone is jumping on the bandwagon?
They may not have all the right answers or theories, but our way of life will end.
The problem is, most people do not know how to survive without .gov.
In urban areas the situuation will be much worse.
At a least a century ago people in small communities knew how to feed, clothe and shelter themselves with what was around them. Yes many did not survive or live as long, but they managed and have for millenia. We are the most ignorant generation when it comes to basics as we 'buy' everything needed. When the companies providing go broke because people can't 'buy', how are they going to continue?
Well said.
A LONG TIME AGO ... back in the Early Days of Nouriel Roubini's Blog in '08 ... I gave the warning at that time ...
It is an Act Of Madness for the Central Banks to have backed the Global Derivatives Market. The Central Banks do NOT have the capacity to backstop a major failure of Global Derivatives. Nevertheless, Greenspan, Bernanke and Yellen have plunged into the role of "would-be heroes" by trying to save the world. ALL THAT THEY HAVE DONE is to recklessly commit the entire economy of the USA to shore up a Crooked and Unstable System - that CANNOT be saved.
I hope that Average Americans On Main Street go after the Fed with pitchforks - when this global derivatives scheme collapses. It will go down!!!
I miss the dinosaur days of Roubini's blog. Much better commentary...mostly on topic insteal of the trolling, CT, right-left stuff here.
Interesting. I recall sending info of the impending financial crash to people before it happened. To the point that one guy actually called me out on it at a party...said okay, but so what? what can we do about it.
But when I just checked my sent file there seems to be pretty much nothing from that time period...just some stuff from after it happened with mostly dead links.
One old sent mail I actually copied and pasted some text:
Quote and link:
The right solution would have been to punish the banks that created these dangerous schemes in the first place by forcing them to take the losses on their illiquid and/or impaired asset; or to bring such asset on balance sheet and take the capital charges or liquidity charges required to do that. Forcing the banks to sell the asset and take the losses would have helped to create secondary markets for these illiquid assets; thus, while losses would have occurred this would have reliquified a frozen market. The super-conduit scheme, instead, is a shell game to prevent the losses to be recognized and, as a by product, it will keep the SIVs asset off the market for a long time and thus avoid the losses to be recognized and the secondary market for such assets to be created and made liquid. But the Fed, instead of letting the market mechanism work, first flooded the banks with liquidity to allow them to have enough liquid assets to deal will roll-off of liabilities and then allowed banks – in an arbitrary regulatory forbearance - to relend such funds to their off-balance sheet affiliates. So the banks avoided the capital charges, avoided the liquidity crunch and got a nice bailout in exchange for their reckless behavior. But since the size of the bailout funds is not sufficient to dispose of all the SIVs liabilities that are being rolled off the current super-conduit scheme can work only if the Fed will provide enough liquidity that banks and creditors can put into this new shell game. Otherwise, as discussed above, the scheme does not add up and does not work. And with lots of SIVs debt coming due in November – for the relatively more thinly capitalized Citigroup but also for other U.S. banks – the urgency of creating this super-conduit becomes clear.So the argument that there was has been no bailout of the financial system and of reckless lenders and investors is naïve. The Fed was forced to cut the Fed Funds rate by 50bps and effectively providing banks and the financial system with a significant explicit subsidy; it already bent important bank regulations to let banks to try to rescue their dangerous SIVs schemes, thus effectively bailing out banks; it started accepting a wider range of collateral than usually admissible in its open market operations; Countrywide was literally rescued by being allowed to borrow $50 billion from a public home mortgage company; and it will be now effectively forced to provide more liquidity to the financial system – regardless of its official statements to the contrary – to allow this super-conduit scheme to fly.
http://www.rgemonitor.com/blog/roubini/220816/
This is not true : "govt borrows 5 trillion, spends it the helicopter method, writes it off gets another 5 trillion, minimum living wage is where we are headed, at a greatly lessened population."
QE by the banks is not government borrowing and spending. Deficit spending is the government increasing the money supply. Government has enabled banks via QE, not private debtors via hellicopter money.
In a credit money system, exogenous money needs to be spent. Why? Because private banks don't produce enough credit to cover their usury. Exogenous means outside of banking system. and endogenous means inside of banking system. The private credit banking system needs exogenous money or it cycles into depression...this is a built in feature of the system. Debt/Inflation then Depression, rinse repeat.
It's a choice. During depressions go bankrupt, and then give up your home, your business, your IP, or anything of value, to thus cancel the debts. When governments spend directly, by Helicopter, then that exogenous money then goes on to pay down private debts. On its path it can be a good thing, say like building railroads or clean water, etc.
In a balance sheet recession like the one the western world is in, private debts were induced with bubble economics. The debt eventually wants to be paid, and it will be paid with more future money than what was created in the past. There is not enough money in the supply to pay for this scheme. It is fraud.
Government goes along with the fraud because they are captured. When people go with pitch forks to Congress, then they might do a real helicopter drop.
A helicopter drop has not been done yet. There has been no real direct spending by Govt, otherwise we would now be out of our balance sheet recession.
It is ok to be ignorant. This stuff is not taught in college, because you are not supposed to know. The system wants us all to be good little sheeple, work hard, and pay your debts, then die a pauper.
Of course it would be best to just exit the debt system and flush it.
you people are fucking tripping......
And during the Great Depression of the 1930's the US was on the gold standard...that worked well didn't it? It wasn't until the dust from the Dust Bowl darkened Washington, DC that the ruling class noticed the thin gritty people in the soup lines were getting restive that we got what to save our dessicated asses? A desparate form of socialism. This is no longer a market economy where socialism can make any differences, it's a super controlled credit economy and "socialism" is being neatly used to divide and distract.
Fill your basement floor safe with Eagles then sit back and laugh.
As expected the author's confused about socialism, capitalism as well as being willfully ignorant about true role of power elites, and their “free” markets always run by dictatorship of global banking system.
It is strange that those who call themselves libertarian or conservatives, preserving natural order of things as long as supported by their ideologies or material wealth, are so much infatuated with social individualism that is creation of liberal political thought concocted to create concept of pure individual freedom within restrictive society as a oxymoron, contradiction in terms. There is no such thing. The conservatives were always collectivists, socialists for their own, subscribing to common sets of only “true” values, calling it natural with no tolerance to individual freedom to disagree with their assertions.
Now we see, financial oligarchs, worshipers of individual economic freedoms act like a flock of sheep following central banking leaders without thought or hesitation into 1984 type of totalitarian collective reality as long as paper profits grow.
What we need is balance between individual and society, which would support the individual capabilities, opportunities and rights not absolutely but within the context of society as a whole.
For brief comparative analysis of “real” socialism and “real” capitalism i.e. systems that actually were implemented under these names regardless of their academic definition I found at:
https://contrarianopinion.wordpress.com/2015/01/06/pools-and-propaganda-...
An honest and interesting discussion on origin of money within human society and its derivative namely financial system and its “products” can be found at:
https://contrarianopinion.wordpress.com/2015/04/14/plutus-and-the-myth-o...
For those still infatuated with “free” markets, benchmarks and indices I suggest fresh look at financial propaganda of deceit at:
https://contrarianopinion.wordpress.com/2015/01/29/invisible-hand-and-other-paranoid-delusions/
For those believing that economy is rational science and economic conditions are result of laws or rules of economy I suggest interesting read on wage economy at:
https://contrarianopinion.wordpress.com/2015/01/28/slaves-of-wage/
And for those who after years of being bombarded by propaganda about Marxism and K. Marx from both sides of political divide, want to separate facts from political fiction I suggest very interesting and comprehensive read on politically motivated myths and misconception about Marx and his writings.
https://contrarianopinion.wordpress.com/2015/03/02/subversive-ideas-of-karl-marx-lessons-unlearned/
One would better read: https://mises.org/library/mystery-banking
in PDF.
In one weekend you will learn that democrats and neocons are the same kind of fascism.
Margaret fucking Thatcher as poster girl for "capitalism" after what this filthy hag did to the Britlander working class (ever heard of the miners' epic strike?) and the brutal treatment of the nationalist people of Northern Ireland, Bobby Sands etc.. This cunt along with Pinochet were two of the worst pieces of garbage from the compost heap of the 70s that spawned the entire neo con neo cohen disease that has plundered the entire planet for the zero 1% psychopaths that own US.
Get fucking real!
One of the problems in Northern Ireland is that two groups of people were forced to live together. Protestants and catholics.
The EU wants to do the same thing but then on a very much larger scale.
In berlin now live a lot of Portugese, Polish, Italian, Greek, ectera,.....
Now the British live together with people from pakistan, poland, bulgaria, Nigeria, People from Barcelona, etcera, etcera.
Ever heard of "the rivers of blood "?
http://en.wikipedia.org/wiki/Rivers_of_Blood_speech
labour... thanks.
Translation - she hated unions
While the medieval King might have afforded his citizens at least some honor and protection... the modern day government is nothing more than a bunch of thugs... In southern italy people would pay the mafia protection money long before they'd pay government taxes and who can blame them... the two things are basically the same... I'd probably trust the mafia before i trust the socialist / fascist thugs.
Why is the "red man" pointing a gun at the "blue man" with his bag full of paper?
ill advised social safety nets that become cots are a major problem.
But private central banks issuing the public currency as a loan at interest, fractional reserve checkbook $ creation, and oversized above the law commercial banks are a much bigger problem.
By orders of magnitude.
While Americans point fingers at each other..."you commie bastard"..."you capitistic bastard"...
America's enemies quietly accumulate gold, getting ready for the financial meltdown. Your daughters will look good in those skimpy little slave outfits.
But I do see a light at the end of the tunnel. Blow the dust off your Bibles. Read the last book in it.
I didn't down vote you. However, I find myself optimistic, but for different reasons than you. it's time to blow the dust off the 30-round magazines, not the bible.
More and more people are recognizing that there's no solution for centralized government (aka: the state), except one. It must be allowed to self-destruct, and we should help it do so as quickly as possible to minimize the damage it will do to society. All the while, as many people as possible need to be educated about the fact that we don't need government beyond, maybe, the most local level to "secure these rights" of "life, liberty and the pursuit of happiness". On rare occasions, and only for the duration of the need, communities may form loose alliances to address a common enemy aggressor, with no centralized command or leader which could become the next tyrant.
The collapse will be extremely painful, but its unavoidable, and most of the people in North America are likely to perish, especially in urban areas, because of what the state has done to weaken society. The most damaging of its crimes against society was the confiscation and destruction of the people's medium of exchange. Without good money that has intrinsic market value, beyond "confidence" in a criminal gang writ large, supply chains will collapse for nearly everything. Central government will not be able to deny responsibility for this, if they stand sufficiently accused by enough people who are aware. If enough understand that centralized government is entirely to blame for ALL of the misery that society is about to experience, and the pain will NOT be due to the loss of the state, then society will be able to eventually prosper beyond our wildest dreams today, free from the monstrous central government parasites at all levels.
Spread the word to as many as you can, so enough will understand. Then we can stop the plan for "continuity of government" and keep that parasitic criminal class from rising out of its ashes to again victimize us and our progeny.
They did and do intend this shit to happen.
They did and do intend this shit to happen.
Here's my warning: reading Martin Armstrong can be dangerous to your sanity and perception of reality.
God is about to cash in on The American Curse >>> http://wp.me/p4OZ4v-3z