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Guest Post: Ten Minutes After The Titanic Struck The Iceberg
Submitted by Charles Hugh Smith from Of Two Minds
Ten Minutes After the Titanic Struck the Iceberg
We are like passengers on the Titanic ten minutes after its fatal encounter with the iceberg: the idea that the ship will sink is beyond belief.
As we all know, the "unsinkable" Titanic suffered a glancing collision with an iceberg on the night of April 14, 1912. Ten minutes after the iceberg had opened six of the ship's 16 watertight compartments, it was not at all apparent that the mighty vessel had been fatally wounded, as there was no evidence of damage topside. Indeed, some eyewitnesses reported that passengers playfully scattered the ice left on the foredeck by the encounter.
But some rudimentary calculations soon revealed the truth to the officers: the ship was designed to survive four watertight compartments being compromised, and could likely stay afloat if five were opened to the sea, but not if six compartments were flooded. Water would inevitably spill over into adjacent compartments in a domino-like fashion until the ship sank.
We can sympathize with the disbelief of the officers, and with their confused reaction, simultaneously reassuring passengers and attempting to goad them into the lifeboats. With the interior still warm and bright with lights, it seemed far more dangerous to clamber into an open lifeboat and drift off into the cold Atlantic than it did to stay onboard.
As a result, the first lifeboats left the ship only partially full. Only when it became undeniable that the ship was doomed did people attempt to "make other arangements," but by then it was too late.
The tragedy was a cruel mix of human error (entering an ice field at nearly top speed, 23-25 knots), hubris-soaked planning (only enough lifeboats for half the passengers and crew) and design flaws: the high-sulfur iron hull plating did not bend when struck by the ice, it shattered like china.
As noted above, the watertight compartment design was also flawed; indeed, some studies have found that the ship would have stayed afloat an additional six hours had there been no watertight compartments, as water would have sloshed evenly along the entire length of the vessel.
I think this perfectly describes the present. Our financial system seems "unsinkable," yet the reliance on debt and financialization has already doomed it, whether we are willing to believe it or not.
Maybe the illusion that the ship is unsinkable can be maintained for another year or two; the Status Quo's success in masking the ultimate fate of the financial system for the past four years supports the belief that there is literally no limit to the Federal Reserve and Treasury's power to keep the ship afloat, regardless of the cost. In other words, the Fed and Treasury are perceived as "unsinkable."
That illusion has cost trillions of dollars, trillions of dollars of new debt that now burden the taxpayers: $2 trillion added to the Fed balance sheet, $1.2 trillion in secret giveaways to the banking cartel, and $6 trillion in additional Federal debt/spending.
Yet few of us are willing to entertain an exit from the belief system that supports the Status Quo. We are like passengers on the Titanic ten minutes after its fatal encounter with the iceberg: we can't believe this grand ship could sink, so we do nothing while it is still possible to influence our fate.
In my new book Resistance, Revolution, Liberation: A Model for Positive Change, I explain how structural flaws doom the financial system and government finances alike to either default or destruction of the nation’s currency. There are no other end-points.
We could insist on changes to these doomed policies, but we do not; why?
Some of our reluctance can be attributed to disbelief, as the gap between what we know is inevitable--the ship will sink beneath the waves--and what we currently see--a proud, mighty ship, apparently only lightly damaged--is so wide.
But if we delve deeper, we discern how calculations of risk and gain yield faulty assessments of self-interest. While the ship appears structurally sound, it seems risky to clamber into an open lifeboat and drift away into the freezing night, while the supposed gain (saving our life) is questionable: from the warm deck of the ship, it seems that climbing into a small lifeboat would place our life far more at risk than staying on board the mighty ship.
This assessment of self-interest was tragically flawed, and by the time the impossible (sinking) had become the inevitable, it was too late to change the fate we’d selected back when all seemed permanent and secure.
The point of this exercise is to reveal just how illusory our assessment of self-interest and security can be, and how prone we are to making decisions based on the present even when our rational minds are well aware that it is unsustainable.
The financial system of the United States of America is like the Titanic. Hubris led many to declare it financially unsinkable even as its fundamental design was riddled with fatal flaws and the human pilots in charge ran it straight into the ice field at top speed.
We have some time left before the ultimate fate is visible to all. Ten minutes after the collision, the Titanic's passengers had 2 hours and 30 minutes before the "unsinkable" ship sank. How much time we have left is unknown, but the bow of the ship will be visibly settling into the icy water within a year or two--and perhaps much sooner.
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i hope we don't need the jaws of life to get his head out for him, buZZZ_99!
i wonder if our truly brain-dead moronic jarhead will jump another string to spam again, tomorrow?
doesn't he know his posts are a permanent record and i've been tagging his styooopid semperFido trollbot ass for TWO WEEKS?
he can bring 500 toy-boy marines to junk me; it ain't gonna change his leopardSpots, now, is it?
bring a whole platoon of re-con killers. he's still a spammer jumping tyler's strings to "advertise"
junk me 500 times; he's still a shitheaded moronic spammer
don't blame me! i'm not responsible for his spamming here!
is he? now that he finally (!) "understands"?
stay tooned while he and his "family and friends" wind up their third week here; L0L!!!!
slewie to asswipe spammers: use the comment box at the bottom of the page to spam us, ok? doesn't matter who you're pretending to be or how fuking important you think your puke websites are, compared to zH
don't jump tyler's strings to SPAM
not sure about our hero, buzzZ: he doesn't seem to have seen just how much farther down the page his self-referencing link would have been, if he had just used the comment box at the bottom of the page
blunderdog gave it to him also, above
maybe tomorrow he won't pretend he doesn't undertstand me
i can show you recent post where i called him out for this and he just taunted me
maybe he'll "get it" now: post anywhere you want to dialogue as long as it isn't spamming; spamming isn't dialogical, it is fuking marketing; put it in the damned comment box at the bottom of the page
when you're marketing yourself here, non-anonymously, don't pretend you're not marketing
apparently, this is revolutionary!
when i referred him to my posts (google also had a few hundred pages of references and has, for some reason, cited pretty near every outrageous utterance of mine) i thought he might "get" that people can just write things about anything tyler puts up, or other stuff, here
he could write 2, 3, 4, 5 paras abt something and post it here
we're free to speak our minds and ideas here, people; anonymously; this new guy (<3weeks) may have no idea about the traditions here, the values; personally, i'd like to see him drop the links and just blog here with us and i've told him this, before, too
i thought he might be capable of it; i may have been wrong; like Vic told me when i was trying to get thru to ori about this: he just loves & believes in his own site so much, he has to jump the strings to spam it, here
really? hel-lo?
Lesson learned: Never take PMs with you on a boating trip.
thanks, I'm making a scene at the office here laughing so hard
And here I thought all you guys were just kidding about your boating accidents: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/29/BANQ1NSA1S.DTL
I've been saying for sometime the US collapse will come overnight and the headlines will be "US collapses overnight as world dumps dollar unexpectingly". Or something similarly stupid. Yes, it will be a one day event for the sheeple. And many of them will believe it.
I believe so too, it wont be a gradual decline, it will be a sudden rug pull out. They want to make sure no steerage passengers are on any lifeboats with the elite! BTW this story has it a bit wrong, they were bailing out the rich while telling the rest 'all is well', because they didnt want the hoi paloi taking up short space on insufficient lifeboats...they saved the rich first, and for the rest it was sink or swim.
I disagree with you on this. As long as the military insures the uninterupted flow of OIL to all world economies, Bennie and the Jets will be allowed to print to infinity.
Stop the flow of oil and you stop the flow of economic life on this planet.
No its not based upon oil, its a far bigger sweeping plan than that.
Popullution?? Incidently, I answered your question in regard to the Federal Reserve post of a few days ago--or go to my posts. I was the first I made on 6-15-10 Milestones
The iPhone 6?
I hear its gonna have a jet-pack.
Unfort I see the potential of things getting so bad that just living in the US will be the equilvalent of being on the lower deck locked in your room sinking. Rather you own gold or not. For example I live in the country. I have gold guns and ammo. A garden, couple cows etc. I'm 50 miles from a major city. It's never going to work if bad gets ugly.
We, I, need you not to give up. Face the ugly with the rest of us as best you can. I'm counting on there being more of us than them.
This is going to make the dollar RELATIVELY stronger.
The debts that need to repaid are denominated primarily in dollars, That creates demand for them.
http://chart.ly/mfbtxab
There will be a one unbelievable Monday morning.... sooner than we think.
Time to short the White Star Line?
That's 'rayciss'!
Oh no wait... You were talking about "White Stars"... Nevermind... Carry on...
At least the Titanic sinking was an accident.
What is going on now is like being pissed that your bomb blew up.
pods
Yea, great. I'm in the band....
Should have been a life-boat rower.
Yes, yes, yes.. things are bad... the debt is bad.. same rant for 4 years.
The truth is, it's bailouts until it breaks - we're several years away from that scenario.
You know no such thing at all to say 'we're several years away from that'. Fact is we're all just on a ride, 4th class steerage passengers wondering why the water is up to our ankles, and while you may think it will stay afloat for quite a long time the officers have already locked the compartment doors behind them.
Yes--many years. Thanks for pointing that out.
We will need to continue to read CHS's Greatest Hit until then...
Not that this change the gist of your story, but few thought the Titanic unsinkable.....Only know this since there was a very recent Yahoo story on it ~ http://www.newser.com/story/143425/5-myths-about-titanic.html
Proof of the stupidity of US citizens: While at my sisterinlaws for brunch yesterday(which turned out to be 3pm because of trying to get all the idiots in the family in one place at one time) I was at the dinner table. On my right was mrs. good2shoes who's always giving me shit because I don't have in her perception a "real" job and mostly work out of my barn. Nevermind I make more than my wife does who has an actual job. She is college educated, was told by her employer 2 months ago that everything was fine then they laid her off last friday. She literally said finding another job won't be a problem "because the unemployment rate just went down again."
Then of course the other sisterinlaw across from me who is an RN proclaims "im in healthcare and have nothing to worry about."
LMAO. By this time im pretty much crosseyed. I learned a long time ago telling them the 'truth' is a waste of time. I ate my food, said thanks, came home and drank beer the rest of the evening. Ron White "You can't fix stupid. Stupid is forever".
The real invisible hand my friend, is evolution.
rsnoble,
your sister in law is mistaken.I'm a physician and vey worried about my job.
There will be plenty of government jobs for physicians...hourly...not productivity/CPT based pay, of course.
That's not so bad. At least you know where you stand with them. I'm sure you probably know people that do see what's happening and know where things are headed, yet they continue living as if nothing will change. Now THAT'S FUCKING FRUSTRATING!
Those are the people that are simply too fucking afraid to rock the boat despite what they see happening because they are usually middle aged, successful, comfortable, and hoping the world lasts another 30 years before the SHTF so they won't have to deal with it.
I know 2 brothers in their mid 50's + (just one example) that lost their jobs last year and neither has a pot to piss in even though they made good money over the years and are highly skilled. One was foreclosed on in Phoenix and is now temporarily living back home with the parents... at 59 years old! These guys have seen what is happening first hand but they still want to believe everything is OK. Their younger, successful brother has loaned them thousands of dollars that he knows he'll never get back. Family... can't live with'em... can't get rid of the fuckers either.
This was a very good piece by CHS! The powerful metaphor and concise language make it much more convincing for non-financial average joes than the usual chart-riddled economic detailing of the problem.
I would have recommended it to people who have not yet realised the extent of our peril, except for one thing: There is no description of the lifeboats! An explanation in a few short sentences of why, when the ship goes down, gold is the raft to cling to would have made this article a much more useful sheeple-rouser.
Totally agree, but gold makes a bad metaphor for a lifeboat, since it sinks faster than the Titanic :-p
Gold isn't the lifeboat, it's just one of the provisions. The lifeboat should be resilience, to use a Chris Martenson word. Be prepared to survive the imminent failings of various social support systems. Start a garden - a big one. Get some tangible assets (including gold, but not limited to). Build a community. Prepare to protect your stuff.
JP Morgan aquired the White Star Line in 1903. At the last minute, he didn't board the Titanic as planned. Who was on board?
There were a number of powerful men who were NOT in favor of the Federal Reserve System. Benjamin Guggenheim, Isa Strauss and John Jacob Astor opposed the formation of a F.R.S. These men were arguably the richest men in the world and stood in the way of the Jesuits' plan. 'These three men were coaxed and encouraged to board the floating palace."
Who Sank the Titanic
http://www.world-mysteries.com/doug_titanic1.htm
Oh, so now it's the Jesuits? Jeez, last week it was the Jews--who knew? I guess everybody gets a turn. When do the paranoid white rednecks roll around?
Admittedly, the Jesuit angle made me a little reluctant to post this article...But, this April 6th article about Father Browne's Titanic photographs got me thinking about the theory again. http://www.foxnews.com/scitech/2012/04/06/unseen-titanic-photos-reveal-life-aboard-doomed-ship/
"Browne’s story is as amazing as his unique photos: He was offered a ticket to ride to New York on the next leg of the Titanic and likely would have drowned had he not been called back to his parish, the spokeswoman said."Also, I think that Charles' analogy that compares our situation to that of the Titanic is one of the best and perhaps it's made even stronger if you consider that the Titanic's sinking may not have been an accident.
My theory is that it was the Jewsuits who were at fault --- now we can all agree.
PS: I downarrowed you once again, not because I happen to disagree with you, but because of your incessant and flippant naysaying, as well as for your uncalled-for and gratuitous slam at "paranoid white rednecks". In the mind of the typical blinkered conformist and Establishment defender (i.e., you), ALL honest exposes of the crimes and corruption of that status-qup Establishment are automatically labeled as "paranoid". Really, such hackneyed tripe is beyond tiresome already.
It's certainly far more believable that a captain of 20+ years experience accidentally steered his ship into a huge ice field at full speed. har har
He didnt. there was confusion about the actual maneuver attempted. And it is said that the ship was made with inferior rivets at portions of the bow.
http://en.wikipedia.org/wiki/Sinking_of_the_RMS_Titanic#.22Iceberg.2C_right_ahead.21.22_.2823:39.29
Thanks for the laugh. Any time someone references wiki or snopes, I cannot help but do it.
Some say the reason why the Titanic was sunk (intentionally) was because most of the passengers aboard were against the establishment of the Fed. JPMorgan pulled out at the very last minute because he knew.
missed it by THAT much...
"Would you believe you are surrounded by ... a school of angry tuna?"
There is one more link between the US economy and the Titanic. JP Morgan was involved in both. JP Morgan had a ticket on the Titanic trip, and his shipyard was involved in the building. The ship, according to some experts, used cheap, weak steel.
On that Titanic voyage were wealthy Europeans heading to the US to oppose the recent formation of the Fed. They were having planning meetings on the ship. JP Morgan knew this, and missed the trip.
When disaster struck, and the linkages between JP Morgan and Captain also call the human error argument into question, the wealthy Europeans faced gunpoint when trying to board lifeboats, they perished and took their mission to a salty grave.
That's fucking bullshit...
We all know that if JP Morgan were involved, then he would have come into possession of the "Coeur du Mer" blue diamond that Rose was wearing & that it would never have subsequently been dumped into the sea 80 years later by an old lady...
And everything I know about opera I learned from Bugs and Elmer.
Welcome to my shop, let me cut your mop, let me shave your crop
Daintily, daintily
How about a nice close shave
Teach your whiskers to behave
Lots of lather lots of soap
Please hold still don't be a dope
RABBIT OF SEVILLE
sorry hedgeless I had to let that fly ..pure A DD so i have been told.
Long scrap yards and coffin makers !
Like the passengers on the Titanic once the 'realization' sets in that the ship is going down, we will have a mass panic on our hands. This is when the 'solution' will be offered. The 'solution' will be in the best interest of a select few. If we 'clamor' for it, we are fools jumping from the frying pan into the fire. Digital world currency???
If the fucker is going to sink I wish it would get it over with so we can build a better ship. I'd rather have it happen while I have my health than when I'm old and unable to help my family.
Ships are dictatorships. To hell with ships, captains, and the laws involving the sea. At least on a ship you volunteer to be a part of the government structure as it is. Do we have such an easy opt out?
What we want is a sea of independent little boats and millions of of captains.
Good point. I should have chosen a better wording.
Back in 1912 when the Titanic hit an iceberg, in short order everyone was apprised of the dire situation. There were not enough lifeboats to save everyone, but there were enough to save all the women and children and many of the men. Back in those heroic days Captain and crew went down with the ship of course. Today imagine the U.S. is the Titanic, (not to difficult) and it has struck the iceberg. The Captain and crew are telling everyone things are going to be fine. They tell all the passengers to just have another drink while they fix things up so the voyage can continue. Behind the scenes they quietly gather there rich friends and pile into the lifeboats. There are still many boats left, but instead of saving the woman and children, they loot the cabins of all on board and fill the remaining boats with their ill-gotten gains. As the string of boats rows away from the doomed ship some of the passengers notice and shout "where are you all going?" "Just off to get more Champagne of course" they reply "…carry on!"
Bon Voyage,
This is why the passengers are disarmed upon embarkation.
Not much point asking if they needed more ice to chill that champagne.
The U.S. financial system wasn't that bad until it started to be "redesigned" in the 90s. Under Clinton and Bush all the controls were removed. This was pretty much the same thing as removing all the bulkheads from the luxury liner SS United States.
This mess was put into motion as soon as the first credit dollar was issued with interest.
pods
+1 each for Dr. engali and Mr. pods!
The system was set to sink in 1913 with the birth of the federal reserve. The final nail in the coffin was cutting the link from gold in 1971. All growth after that was an illusion.
Actually, I think we're more like 10 seconds from the Hindenburg disaster; when the spark hits it will be all over very, very, quickly. A lifeboat didn't do much good 150 feet in the air.
http://vegasxau.blogspot.com
Hubris sank the Titanic - an iceburg was simply the mechanism - and hubris is what will sink the US ship of state. The mechanism may already be in sight, or it may not, but it is there. And I'm pretty sure that there is not the time nor the will to change course.
Nice Fred,
I am not in the first lifeboat but I do have my lifevest on and am off the ship.
http://www.secretnews-compact.com/index.php?option=com_content&view=article&id=658:fear-of-tyranny-is-now-treated-as-a-psychiatric-disorder-in-the-west&catid=1:latest-news&Itemid=50
the problem is in the thinking.. ie they Govt can create new revenue.. without spending Obama has just not been creative. For instance Obama talked about fast trains .. When the Dems had full control how many did they build (none). He could have developed a consortium of interested parties and issued licences on yearly basis (ie made money). maybe giving some short term tax credits to get the project going. Same with the new efficient energy grid. Rather than the Govt build it why not work with Apple / Google and develop a grop (that is cashed up) to develop it again giving them special licences.. ie so they make the big capital investment knowing they have time to profit before competition comes in (like what was done with post office / telephone lines / power companies originally).. ie the US has a huge market if the Govt was creative they could create revenue without spending money..
The problem is simply Obama did not want to take any risk. So he spent money on non income earning activity (ie cash fro clunckers) free money to upgrade your car ..popular but waist of money that was borrowed and needs to be paid back..
If the Titanic is the American Economy. The Iceberg is the Fed
The first passengers quietly into the Lifeboats are the Central Bankers, Followed by their minions.
The rest of the passengers are asked to remain calm and watch Dancing with the Stars while Captain Bernank uses his tools to repair the Ship.
JPMorgue aka the FED crashed the Titanic in 1912 just like they're crashing this ponzi fraud economic ship 100 yrs later.
http://www.truthistreason.net/did-jp-morgan-sink-the-titantic
Don't worry, the FED can print the appropriate amount of lifeboats.
The S&P will crash and sink to depths unknown. Yet, my heart will go on.
it takes courage and humility to believe the truth - that guarantees that americans will not understand the truth or act upon it....
Apparently, you do not know the Americans that I know. Apparently, you also do not know the majority of ZH'ers who are both Americans and doing all they can to act upon the truth. What the hell do you think this webpage is about after all?
i hate Celine Dion more than Ben Bernanke
Now that is a serious hate-on.
There's gotta be a bundle of PM's down there with that boat!
all i can do is stack PM's and pray for the muppetry to end. this theatre of fuckery has to end at some point.... im no economist, i just love bars of shiny metal, but correct me if im wrong.... hasnt japan been in this helicopter scenario for quite some time now? i know nothing, shame on me.
This is a valid concern. Japan has been at this for decades and still has a hearbeat, somewhat. However, I believe this was due the ability to hide the problem/kick the can by working in the FX markets, and the ability to roll over debt internally (for a large part, anyway). Not to mention until recently they were net exporters, IIRC. All that has changed for them now that there is no FX safe haven left, their population will likely lose the taste for acquiring more government debt, and their economy falls further into trade deficit territory. Only option left is to throw the printer lever into Ludicrous Speed.
In keeping with the article theme, I figure Japan is chilling somewhere near the leading edge of the Titanic's bow, while the U.S.A is doing shots somewhere amidships or near the stern listening to the band rocking out some Mozart. PARTY ON, WAYNE!
The world's coming to an end!!! Buy my book, save yourselves, and make me rich beyond belief so that I can tell you the same thing in 10 years and make another $10million!
The Federal Reserve is impotent....(yesss, I said impotent, NOT important!) ...they keep screwing the people over and over again and it still can't produce a vibrant economy!
The fed has become the Jezabelle of the banking cartel.
Time to dump the fed...buy physical gold and silver!
Not sure if you got the memo, but the FED wasn't designed to produce a vibrant economy...
However, the FED is impotent, it's just because it ultimately falls prey to resource constraints...
pick, pick....used to have a wife like you...lolll
fed mandate: employment and inflation...most would think that these 2 together would resemble a 'vibrant econ...
Old news to most here, I'd think, but even so, a bit too limited in scope. It's not just the US economy--it's the GLOBAL economy, because the US dollar has been the money that makes the entire world go 'round for decades.
Thing is, this CAN all be fixed overnight by floating a new currency. It might start a few wars, but c'est la vie.
Eggs and omelettes and such.
Calling all Paulie Krishnas!
http://www.kickstarter.com/projects/1339254269/ron-paul-road-to-revolution?ref=category
If your holding physical PM's 4 more years of "The Socialist" president would be bullish on your holdings right?
The value of gold/silver/platinum/whatever isn't going to be affected by the name of the guy who sits in the Oval Office.
Money is way more important than Presidents.
Doods, if it wasn't on Mike Wallace and Sixty Minutes, it just didn't happen according to Ameritards.
Death of a Great Farce
Listen, the abosolute consolidated corporate myth media are prattling about the Great Farce, Mike Wallace.
Odd, I recall all the stories spiked over the years at 60 Minutes, yet I don't recall anyone ever resigning because they couldn't, or refused, to get the real story out to the citizenry?
Had Wallace ever exhibited an ounce of integrity, he would have done so --- yet instead the American public watched various propaganda shows, and not the real deal which they too often spiked at CBS, and now the douchetards are prattling about Wallace, the Great Farce.
Of chourse he bred true, and of course his spawn is over at FoxFiction, the company which won two extremely expensive court cases stating that it was legal for FoxFiction to fictionalize the news, and legal for them to fire anyone who didn't agree with them.
Seemed to have worked for 60 Minutes, after all.....
utterly titanic re: management of perceptions {MOPE}, sarge; thxz!
As J.P. Morgan stood in front of the gang plank and at that point, changed his mind to take the voyage. Luck? Hunch? Fate?
Normalcy bias kills.
Titanic 1912 =1523 dead
MV Wilhelm Gustloff 1945 = 9400 dead
and the band played on...
I work at a public university (ie government school) where I walk back into my office and 3 coworkers were laughing at the idea of a gold standard (I believe in competing hard and even soft currencies btw) and how crazy people were to talk down fiat. These fools love their fiat apparently and must not see how currency value has been lost throughout the years. This is what happens when you have absolute diehard Democrats (in this case) amongst us. There is nothing anyone can do to help these ignorant people because they are brainwashed by their absolute allegiance to their party line and have near zero understanding of monetary and fiscal issues. I nearly threw up in my mouth. These people will not learn anything until they have suffered their most painful demise begging their own government for food and water within their FEMA camps. In the meantime (the last 10 minutes), I am preparing for and hoping that I am able to leaving this place and country in time before utter collapse and attempted civil war which the government will suppress with the DHS's new order for 450 million hollow point bullets. Also, what many patriots prepping for kinetic war may be missing the possibility that the government would stage the use of chemical or biological weapon via some "widespread disease" in order to help achieve their goals toward Agenda 21's depopulation. And while I support and hope the best for all the preppers and those patriots of liberty who may not be able to leave or are stuck behind because of mistiming not only capital controls but population control as well, I hope people can also see that you cannot win this war within their rules. In this case perhaps the only option that remains is to vote with your feet and walk away to allow this place to collapse upon itself in total ruin. Perhaps only that reset is the only way most of these people must suffer their well deserved consequences from which they may actually learn their lesson.
"Where does beef COME from??" "In the back of the supermarket"
This kind of talk has been going on since the 1920's...... and gold standard? HA, HAHAHAAHHAMUAHAHAHHAHA MUAHAHAHAHHAHAH, in your gold bug dreams (just like in the 1920's and plenty of other years).
You say we are not going back on a gold standard, and I agree with you.
But I would respond to you by saying that we never left the gold standard, and we have been on a world gold standard since King Tut days.
In places like India, Iran, Belarus, Zimbabwe, you can believe in any random government (what is government but a sick joke anyway?) government promises all you want, but only those individuals with gold will preserve their wealth and avoid the loss of capital/wealth of currency debasement (India), severe currency debasement (Belarus), and totaly currency collapse (Zimbabwe)
So in conclusion I say to you: We are on a gold standard, sir.
In other words, the Fed and Treasury are perceived as "unsinkable."
Perfect analogy, thanks Charles!