Project Armageddon: Tullett Prebon "Thinks The Unthinkable"

Tyler Durden's picture

When noted English financial firm Tullett Prebon releases a report titled "Thinking the Unthinkable", which just happens to be the last part of its Project Armageddon series, you know it will be good. While the report is UK-centric, and focuses primarily on the particulars of the English economy (thus making it required reading for our British-Isle based readers), the overarching observations are more than applicable in any place that has too much debt, too little cash flows, and not enough growth. So basically every "developed world" country. From the executive summary:"Project Armageddon was established to examine the possibility that both sides’ warnings are correct but that neither side’s prescriptions will work. We conclude that Britain’s debts are unsupportable without sustained economic growth, and that the economy, as currently configured, is aligned against growth. Radical solutions are required if a debt disaster is to be averted. All macroeconomic options have been tried, and have failed. The only remaining options lie in the field of supply-side reform. Unfortunately, public opinion may be inimical to the scale of reform that is required." Bingo: this is precisely the same big picture summary of what ails the US right about now. We eagerly await for someone to undertake the creation of Project Armageddon for the US: we are confident it will not be that much different.

Project Armageddon - The Final Report


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trav7777's picture

Britain is screwed...bitchez

spiral_eyes's picture

"expand the fiscal picture with a new war and everything gets better! world war 2 got us out!"

- krugman

david cameron, barack the kenyan (i mean keynesian), rick perry, sarah palin all nod. they like krugman. 

Bicycle Repairman's picture

Winning WWII got the US out of depression.  Britain was not so lucky.

Bicycle Repairman's picture

I guess we have some Keynesians in the house.

hedgeless_horseman's picture




Sink the Lusitania!

--From England’s point of view, the handwriting on the wall was clear. Unless the United States could be brought into the war as her ally, she soon would have to sue for peace. The challenge was how to push the (American Public) off their position of stubborn neutrality. How that was accomplished is one of the more controversial aspects of the war. It is inconceivable to many that English leaders might have deliberately plotted the destruction of one of their own vessels with American citizens aboard as a means of drawing the United States into the war as an ally. –Let’s take a closer look at this conspiracy theory. Winston Churchill, who was First Lord of the Admiralty at that time, said:


“There are many kinds of maneuvers in war…maneuvers in time, in diplomacy, in mechanics, in psychology; all of which are removed from the battlefield, but react often decisively upon it…The maneuver which brings an ally into the field is as serviceable as that which wins a great battle.”

BaBaBouy's picture


Basically the whole western economic structure is screwed ...

Whatever they have concocted, its NOT WORKING.


Billionaires are pulling in more billions, thats about the whole story.

It cannot continue, and they are not changing course either,

so it will be a disastrous ending...

Dr. Richard Head's picture

Also, the US stated that the ship was only carrying passengers and was not supplying England's war effort.  Turns out the ship was indeed suppling England with ammunition as a diver recently found out -

Simliarly, High School history teachers around the US teach children about the attack on Pearl Harbor as being unprovoked and part of the Japanese imperialistic agenda of taking over the world one country at a time.  Never mind the oil embargo the US placed on Japan at the time.  Let this piece of history be a lesson to all those "Iran sanctions now" crowd.  As Congressman Paul recently noted, we are more likely to go to war with those we place sanctions on.

9/11 conspiracy theories make more sense than the official story, as we now surround Iran on every front.  Couldn't have pulled so many troops around that area without the Muslim terrorist fun.

Oh regional Indian's picture

Thanks Dr. RH. Also, they knew of the Japanese fleet coming in. It was all one massive false-flag event.

Too difficult for most to swallow, that everything they;ve been taught may be wrong. As you will see downstream here, certain sacred cows here on the hedge too.


reader2010's picture

The Japanese state banking model at the time was a threat to the Anglo-Saxon banking cartel's business model. As the result, Japan had to be put under control.  December 7, 1941 was a deliberate setup for the Japs. Go visit US National Archive, and the truth will shock those sheeple. 

Dr. Richard Head's picture

The path to truth is a long and winding one.  It took me a year to understand the gold-standard argument, but once it clicked it made sense and still does.  Up until that point I would say, "Ron Paul looks realy good on some issues, but that gold/silver idea is nuts." 

TruthInSunshine's picture



I am writing the U.S. counterpart analysis to this report, to be titled:

'Project Mayhem:   When CONfidence Runs Out'


It's part of my Break On Through to the Other Side series.

A.W.E.S.O.M.-O 4000's picture

Dude, as long as we don't run out of Soylent Green we'll be fine.


When that happens we're fucked.

BigDuke6's picture

iif u don't mind... your call sign there - where is it from?  i just played someone in a fantasy football league game with the same handle... 

A.W.E.S.O.M.-O 4000's picture

An episode of South Park. The Avatar is from Northrop's Skunk Works.


Also, I'm a Cancer. Turn ons: puppies and sunsets. Turn offs: racism (not really but we all gotta say that).

BigDuke6's picture

aha , nice.

yes racism.  i've never had problems with colour but i am a scummist.

i don't like scumbags of any colour

LawsofPhysics's picture

Don't worry.  If you have a good bike, look how much fun the post-industrial world will become,

MisterMousePotato's picture

Everyone should watch the above video. Off topic, but simply jaw dropping!

Wonder what an orthopedic surgeon would say about it?

Oh regional Indian's picture

Well BR, I would change that to "Participating in" WWII got the US out of the depression. The US did NOT win WWII. Germany or more specifically the Nazi's did.



Vergeltung's picture

an uncommonly stupid statement. nice work.


LawsofPhysics's picture

Depends on whether or not The germans get all the gold in Europe as collateral for terms of a bailout that is impossible for all the other countries to repay.



tip e. canoe's picture

and if so, whether the Germans will kindly look the other way if the gold held 'in custody' under the NY Fed suddenly goes "POOF!"


Oh regional Indian's picture

And what do you know Tip, but the basement of the FRBNY is foreign territory. German Territory?

It is in the minutes of an FOMC meeting, Greenspan asked the question, some one fromt he board answered and it was checked and re-checked amongst them. I even wrote to the Tyler's abou tit then.

it's not that the US holds German gold, Germany holds german gold on US soil.


Oh regional Indian's picture

And by the way, all you junking and sarcastic bozos are thinking like the serfs you are. There is the PR aspect and there is the negotiated aspect of any "victory". All wars have negotiated endings.

And serfs have no clue what is negotiated. And all of you are showing knee-jerk reactionism of serfs. Cognitive dissonance over-whelm.

Think big guys, don't be docile believers in the myth of battlefield heroism (Jessica Lynch anyone) or the Iwo Jima can-do-istic, jingo-istic mind-control. 

Next you will say Churchill was a great leader.



Oh regional Indian's picture

This is all I have if it, the mail I sent them, march 26th 2010, 


A trippy tip from India Friday, March 26, 2010 9:52 PM From:; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; text-align: left; float: left; width: 20px; height: 19px; display: block; zoom: 1; background-position: 0px -563px; background-repeat: no-repeat no-repeat;" title="View contact details" href="">View contact details To:


Greetings from Bangalore,

Long-time unregistered reader here. 
Was reading your FOMC minutes article last week (Dennis someone or the other's analysis of them) and something struck me as really odd. 
Did Greenspan actually say that the basement of the FED or NY FED is foreign land? I sure as heaven read that. 
As you all like to say, WTF? 
Is that common knowledge and am I missing something? Are all FED basements foreign territories? Will that help them at some point when the proverbial poo hits rotating ceiling machine? What contorted legal privileges does that gives the FED/FEDS in case of some trumped up emergency?
Is it German territory perchance?
A simple (HA!) FOI request should sort this one out. Or again, maybe common knowledge. But think for a moment of how twisted legal eagles (especially them that wrote most of the laws anyways) could use that to their benefit.
Spent many years in the USof A (yes, I was part of the brain drain from India, now re-drained back here once the curtain was pulled from before me disbelieving eyes post 9/11 and all that has ensued).
PS: Anyone reading those minutes should be struck by how dumb/childish these guys sound. And yet they are brilliant too, clearly. Or were at any rate. 
tip e. canoe's picture

personally, i think it's silly for anyone to get all riled up about anybody holding anything within U.S. borders considering the preponderance of US military bases all over the map.   but then again, i think it's silly to spend any amount of time and energy arguing over arbitrary lines on a map in the first place.  

the world is whose oyster?

Oh regional Indian's picture

Brilliant operation twist there LOP. 


Oh regional Indian's picture

Get a grip and study your history through the eyes of your present, Vergeltung. Nice sounding handle by the way, it kind of rolls off the tung, if you know what I mean.

Anyways, Just google operation paperclip.

simple, one search and go in with an open mind. The look at CIA, NASA, NSA, FBI and their origins. Oh and while you are at it, ponder the preponderance of germanic whites and Jews in specific, mineral rich or otherwise "riches" laden belts/countries in South and Latin America.

Good luck.

Saem for the twaddle below. Do your home-work, Sleepwalkers.


smore's picture

I finally "flipped the bozo bit" on you, Regional.  Beyond stupid.  Useless.

Oh regional Indian's picture

Seriously smore....haaaaaaaahhhhhhha! just look at your avaatar.... too funny. Please, please don't pay me any attention. Look at where your mind is, trying to draw attention with a strip-tease. 

Good grief!


zippy_uk's picture

History of WWII:-

1. Started by the Germans

2. Fought by the Russians

3. Lost by us Brits

4. Won by the US

** UPDATE **

US cash left over from winning WWII has now all be spent.. and then some..

SheepDog-One's picture

Actually Krugman is wrong, WW2 never ended, in fact going back to the Revolutionary War we've all just been in a constant state of ongoing war.

Spastica Rex's picture

Eastasia, bitchez. Or is it Eurasia?

smore's picture

The scales are falling from your eyes, Sheepdog.  The Empire Never Ended!

High Plains Drifter's picture

it would appear so....


so then the question is. why?

RockyRacoon's picture

Interesting.  Has anyone treated war like an equity and do some TA on the process over the last 200 years?   Are we in a topping pattern?  Head  and  shoulders?  Throw in Bollinger Bands and stuff to make it look neat!  Better analysts than I will have to tackle that one.

Steroid's picture



WWII has not started yet. What you refer to was the second flare up of WWI.

Surly Bear's picture

I believe I see his point: WWI was setup by the Concert of Europe (1815), and can be summarized by the words 'Keeping the lid on liberty.' I am sure I betray my Jesuit education by triposing everything into economic, political, and social terms....

Shameful's picture

Yeah it's amazing what having the only intact industrial base on the planet will do for exports.  Only way a WW3 could "save" America is if the US was able to use a global decapitation strike and then destroy most of the the production centers for most major goods in the world.  With our string of stunning victories in the past decade I doubt such an operation could be pulled off.  Besides all that would happen even if it did was a rush of capital out of US to rebuild and use the newly reduced wages of newly destroyed world to compete.

On the plus side a WW3 would ensure a brutal currency collapse when price and wage controls fell away, further rewarding those who see the collapse coming.  Maybe even get lucky and the troops would be away fighting and not able to suppress the locals here, got to stay hopeful right?

Bicycle Repairman's picture

"Only way a WW3 could "save" America is if the US was able to use a global decapitation strike and then destroy most of the the production centers for most major goods in the world."

Yes, and I guess that means China.  Ugh.

Shameful's picture

Yes, but also Japan and Germany as other major points of interest.  If anyone thinks the US is capable of going toe to toe with the planet right now, and coming though unscathed is either insane or knows of some kind of super weapon that we serfs have no idea about.  Plus I kinda got to assume if the US did try a major preemptive strike to disable global leadership that at least a few countries would see it coming and using nuclear retaliation, which would of course harm the war fighting capability as well as the post war recovery.

War is not the answer.  Indeed if I had to lay out bets in a major war situation I would expect the US to lose because of the epic bloat in the logistical support structure (Hello no bid contracts!).  We would simply be unable to fight a large scale conflict with the system that is in place.

Smiddywesson's picture

EMPs are super weapons.  One bomb in the upper atmosphere, and whole continents go dark, for decades.  Instant rioting and starvation.

Mitzibitzi's picture

Right, let's just settle that issue right here. An EMP strike will, I grant you, take out all consumer electronics within it's area of effect. But it will not cause what you're suggesting. Military, Police and Govt shit is mostly shielded against EMP.A lot of medical stuff is, too.

And I know at LEAST 100 electronic engineers in my 'aquaintance group' (including myself) that have, literally, millions of transistors, diodes and other semiconductors stored in bog standard basic steel filing cabinets - totally EMP proof if you happen to know the laws of physics!. Not to mention the vacuum tubes that we've been storing for years - a slight aside, here, for those that don't know.. there are some tubes that can replace literally hundreds of transitors in what they can do. They're HUGELY energy inefficient, but they will work if it comes to that.

We engineers, at least in the UK and significant parts of the US, have known for years that the PTB are sooner or later gonna try to fuck us. And we've stitched up the aperture.

tip e. canoe's picture

you talkin about a Faraday cage mitzi?

o2sd's picture

Wouldn't an EMP induce a spike in the power lines (grid)? i.e. magnetic field passing through a wire? If the bulk of the grid went, then there would be very few people with mains power. Pretty sure that any photovoltaics would be fucked as well.

I'm going to assume that the Military, Police and Govt buildings all have diesel generators and plenty of diesel.


SilverRhino's picture

If anyone thinks the US is capable of going toe to toe with the planet right now, and coming though unscathed is either insane or knows of some kind of super weapon that we serfs have no idea about. 

The US most certainly can.  No I am not insane.  Nor will I elaborate.